As many people know, one of the main problems of cryptocurrencies is their limited usability.
Although more and more businesses are adopting the option of digital currency payments, the number of places that accept them is still relatively low.
However, a startup could solve that problem by giving cryptocurrencies a usability almost identical to that of credit and debit cards.
We are talking about Crypterium, the first mobile crypto bank in the world, which plans to partner with Visa and MasterCard to make cryptocurrency cards that charge your virtual wallet in less than a second.
Crypterium basically will turn your coins and tokens into money that you can spend with the same ease as cash.
Marc O’Brien, CEO of Visa in the UK and Ireland between 2008 and 2014, was appointed by the startup for the same position. According to PR Newswire, during O’Brien's time as CEO of Visa, the business of the multinational financial services were from $250 to $600 million USD, with market share of debit card payments increasing to 97%.
In an interview with Business Insider, O’Brien explained how Crypterium's cards will work:
“That card will be attached to a wallet that we’ve created and every time the consumer makes a transaction we will receive a request for that transaction in our systems, we will check the bitcoin or ether account and provided that they’ve got sufficient balance we will execute a trade and mark their bitcoin balance for a trade and approve the transaction,” said O’Brien.
If everything goes as planned, Crypterium would also shorten the time it takes to exchange cryptocurrencies into bank accounts, which in some cases can take up to a week.
“What Crypterium will do is make that whole process seamless and give an opportunity for a consumer to actually use their cryptocurrency to pay for everyday items,” added O’Brien in the same interview with Business Insider.
With Crypterium the users will be able to shop around the world and pay with digital coins and tokens at any NFC terminal or via scanning the QR codes. Likewise, consumers will have the option to make purchases in online stores, pay their bills, or just send money anywhere, in just seconds, in a reliably way, and at a very low cost.
Crypterium was incorporated in Estonia in 2017, reportedly raising $52 million USD through an initial coin offering (ICO) at the end of last year. Today the startup has offices in London and Moscow, and they are considering opening more in New York, Singapore and Miami.
According to O’Brien, the company plans to release their first products in the fall.
By Alejandro Cortés
Source: Business Insider