Crypterium- Age of new banking system based on blockchain

6 min readJan 5, 2018

To move cryptocurrencies out from the early adopters and investment speculators and into mainstream everyday users, cryptocurrencies will require cryptobanking services. Only once a person can use cryptocurrency in the same way that they can use any other currency, will all of the benefits of cryptocurrency, such as lower transaction costs, speed of payment, removal of national boundaries and so on, become real. There are already 3m daily users of cryptocurrencies, a number that is expected to exceed 200m by 20256. The demand exists now and will grow at an annual CAGR of ~70% for the foreseeable future.

The potential to satisfy this disconnect is perhaps the most exciting banking development of the past 100 years and the prize for those that are successful is a place on the global banking landscape at a rate of growth and worldwide presence that could never be matched by any traditional banking development plan.

The Crypterium Cryptobank will be a first step in satisfying this demand. It will be made available for download via the IOS or android marketplace and be ready-to-use on mobile devices immediately. Unlike conventional mobile banks that take weeks to process and issue cards, the Crypterium Cryptobank provides an instant processing engine for both fiat and Crypto based currency transactions while enabling inter-changeability between the two. With Crypterium’s digital bank customers will finally be able to use cryptocurrencies to pay for fiat based goods without transaction limits and with low commission on any of the world’s existing 42 million payment terminals and many internet stores and payment points. Crypterium’s technology platform is based on algorithms that allow for the most efficient bid-offer matching across natural peer-to-peer flow as well as third party Crypto-exchanges. This will be quickly followed by a range of complimentary banking services from simple Peer to Peer payments to Cryptocurrency backed lending.Crypterium can provide the banking needs of the Cryptocurrency era.

Over the past 5 years, the team at Crypterium has been building the platform upon which its cryptobanking services will be launched. Then next stage in our development will be the release of the cryptobank payment platform that in turn will require its own cryptocurrency, CRPT, to feed the transactional process. This platform is currently in beta testing phase and subject to further debugging, will be ready for release at the end of Q1 early Q2 2018. This Whitepaper highlights the key stages of Crypterium’s product roll-out cycle and how the CRPT token is a key part in that development plan.

In advance of their use within the Crypterium cryptocurrency bank, Crypterium is offering for sale the CRPT token. Crypterium will sell up to 210 000 000 CRPT tokens at the initial market value of 0.0001 Bitcoin per CRPT.

New Cryptoeconomy

Crypterium will take full advantage of this global contactless phenomenon, but instead of using it for traditional payment cards using fiat currencies, we will use it for cryptocurrencies through personal smart phones. We can skip generations of dedicated development by some of the biggest companies in the world, and adapt that technology to the Cryptocurrency era within months, not decades.

A New Blockchain Bank

With the advent of any new market changing technology, the old world order often struggles to adapt to the new world realities. It will be no different for the current banking giants who even today can not agree whether or not cryptocurrencies are their future or a passing phase. Whilst they decide, new dedicated blockchain based Cryptobanks will take their place in the Cryptoeconomy. The following table provides just a few examples of the advantages of a new blockchain bank compared to any leading traditional bank.

CrypteriumSX (Smart eXchange)

Crypterium’s technology platform is based on algorithms that ensure the most efficient bid-offer matching across natural peer-to-peer flow as well as third party crypto-exchanges. All historical transactions are stored in a dedicated data-warehouse that continuously analyses the data to enhance risk management and identify predictive behaviours, and in turn enable Crypterium to optimize the cryptocurrency exchange process and better educate the customer on possible payment strategies, for example, it may highlight different payment mixes depending on the current token valuations. In other words everything possible is done to ensure that the customer gets the best deal.

Cryptowallet

Crypto asset and currencies are contained in digital smart contract wallets. Using currently available smart contract wallet technology, there is no need for customers to move money out of their wallets and into Crypterium, Crypterium will simply debit the appropriate amount from the wallets in the predefined manner as identified by the payment protocols, and displays the remaining balances to the customer within the Crypterium mobile banking App.

In this way, the customer will be able to see all their Crypto assets in one place, whilst at the same time being able to spend them in practically any order or mix of their desire, even if the assets are in different wallets, in the secure knowledge that Crypterium has no access to such assets unless the smart contract triggering payment takes place. Maximum freedom with ultimate security.

Cryptobank Functionality

Standard everyday services will include:

− Buy and sell BTC, ETH, XRP, LTC, Dash, XEM, NEO, MIOTA, XMR and many other cryptocurrencies and tokens

− International transfers to any blockchain wallet’s bank account, including bank cards, without limits or restrictions (other than those applied for anti-money-laundering purposes)

− Conversion and exchange between Crypto assets

− Direct payment for services such as telephone, utilities, penalties, loans, taxes, internet, etc.

− Automatic direct debit payments

− Transaction history data (including sorting services such as filters and payment categories)

− Fiat currency transactions

− multi-currency transactions (write-off multiple currencies simultaneously)

− Photo-payments — simply take a photo of the invoice and send to Crypterium and we’ll do the rest (this may incur additional charges)

− QR payments for Crypterium infrastructure users

− Traditional banking services (following the acquisition of a banking licence) that will enable classical banking services to co-exist with cryptocurrency services

− Peer to peer crypto and fiat currency transfer

− Interest earning crypto deposits

− Banking statements

− Salary accounts

CRYPTERIUM ICO TOKEN SALE

Crypterium is offering to potential users of its Crytpobank platform to right to pre purchase its own CRPT tokens through an ICO event that commences on the 31st October 2017.The CRPT token is based on the decentralised Ethereum market standard smart contract ERC20 token. Formed within the blockchain and subject to automatic execution upon the occurrence of pre defined criteria and events and subject to certain conditions, CRPT tokens are valid indefinitely and are the property of their respective holders.Crypterium is registered under the laws of the European Union, with its head office located in Tallinn, Estonia. It is subject to a market best practice audit in accordance with European regulations thereby ensuring total transparency and absolute accountability of all Crypterium activities including the publishing of full company statements.

Distribution

>70% : Total ICO distribution to the community together with the option (valid for 1 day after the ICO) for our ICO partners to acquire up to $1m at the initial offering price

>15% : Deferred addition funding

>9% : Reserved for the founders and management of the ICO

>3% : Reserved for ICO partner advisers

>3% : Reserved for marketing campaign team