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Crypterium: Is it the Future of Banking?

Complete Flexibility With Your Banking

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The emergence of contactless payment systems has revolutionized the way we pay for things. It could be a tap of your debit or credit card, opening up Apple or Android pay, or even tapping your smart watch against a payment screen. Either way, we are moving towards an interaction-free, instant payment environment with total control and total automation.

So it Could Be the Same With Crypto!

Crypterium are aiming to bring this automated world to cryptocurrency. The idea is that they will “replace your bank”. So, through integrating your multisig or smart contract wallet with their payment system, you can then pay instantly via NFC, QR, Apple Pay or AndroidPay. You get a card too, so you have the option of using your phone or not – just like it currently is with fiat.

This is where it gets interesting though. Obviously, using blockchain tech to pay guarantees security, and Crypterium guarantee liquidity. But the commissions will be considerably lower than banks offer, and you will have considerably more freedom, with no limits, no extra cross-border transaction fees and total flexibility over whether you pay in crypto or fiat. They are also planning to build in PayPal, Alipay and the like, so that everything is in one place.

The Extras

On top of the flexible payment system, Crypterium will also be offering loans. These will be based on a wider data-set analysis for approval than a bank uses, and again all data will be secured on the blockchain. No matter what country you’re in, the chances to get hold of one of these loans is an option. Of course, bank loan systems are locked into specific countries.

How Are They Doing?

Very well indeed. Financial IT rank them as one of the most promising Fintech companies, they have already secured integration with all major payment platforms, meaning that users will be able to pay using Crypterium at an estimated 42 million establishments, and their token sale ended on the 6th January, having raised $51.6 million; 10% more than their stated goal of $47 million. Tokens will be linked to loyalty, acting like a kind of interest for repeated usage.

Is it the Future?

There are two big “ifs” here.

  1. Can Crypterium fulfil their impressive list of stated aims? One function that they envisage is being able to pay for restaurant bills from your table without the interaction with a waiter. This has never been done before. While other payment systems are in place, and they are effectively piggybacking, this is something new. The loans system will also take considerable development.
  2. Will the popularity of crypto hold? The predictions they have made boldly state that cryptobanks will have a revenue of $500 billion by 2025, and that there will be 200 million clients. This is pure speculation though.

One thing is for sure though; if crypto does continue to barge its way into the mainstream, and it holds its popuarity, Crypterium are ideally positioned to completely change the world of banking, and make an absolute fortune in the process.

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