Crypterium Aims to Create Bridge between Cryptocurrency and Traditional Financial System
It is safe to say that this is the age of cryptocurrency. Bitcoin value has risen up to around $7,200 to $7,500 and other coins are looking promising as well. More and more people are starting to use cryptocurrency for online financial transaction, trading and even crowdfunding. But even if many fields have started adopting cryptocurrency, why haven’t we seen it on the street more often?
One of the reasons is clearly because there is no clear banking system for cryptocurrency and that is exactly what Crypterium wants to address. Crypterium will provide cryptobanking service that will be able to make cryptocurrency more mainstream, hence adding its value since it becomes more easily accessible.
The Future of Cryptocurrency Banking
The cryptobanking system that Crypterium wants to create is not a mere digital wallet. It is not only something that can be used to store digital coins or transfer the cryptocoins from one user to another. Just like the traditional banking system, it will be able to cater credit and lending solution.
Actually, credit and lending with cryptocurrency is not exactly a new thing. Some other coin developers have tried to create the system and it is highly possible thanks to blockchain. However, those cryptocurrency lending solutions are not really applicable. This is because blockchain can only provide security, but the lending itself doesn’t have big incentives for the lenders. This is what Crypterium wants to change.
The reason why the previous cryptocurrency credit and lending projects are not really attractive is because cryptocurrency doesn’t generate interest. On the other hand, fiat currency is able to generate interest for the lenders and this is why people still stays with traditional lending institutions, even when the fact is cryptocurrency can more benefit and transparency.
Crypterium will create the system that enables cryptocurrency to generate interest just like fiat currency. Since the loan system will be based on blockchain, credit and lending can be easily done despite of geographical boundaries.
Bringing Cryptocurrency to Mainstream Market
Crypterium also will bridge the gap between cryptocurrency and the traditional financial system by bringing cryptocurrency to the street. Actually, there are many offline merchants that receive cryptocurrency payment via contactless payment like NFC or mobile payment. Crypterium will take this to a new level by presenting a more user friendly technology.
Crypterium will create a system in which the users can pay in simply any cryptocurrency and the merchants will receive the payment in fiat money of their own choice. It will bring cryptocurrency transaction to more than 42 million stores worldwide. The users don’t have to exchange their coins because it is the system that will do it in a matter of minutes.
Of course payments with CRPT, the Crypterium coin will offer more benefits. The transaction cost will be lower and the transaction time also will be significantly faster. Furthermore, 0.5% of the CRPT in every transaction will be automatically burnt. This system will ensure the demand for the tokens will be constant and the value of the tokens will be increased day by day
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