Every day I am holding crypto is a day that I regret relying on traditional banking. This thought has been bouncing around in my skull for the last few weeks as I deal with some business banking issues that I will soon share with you (hint: traditional banks fail again...). With cryptocurrency I feel empowered and with traditional banking I feel taken advantage of. Do you ever feel like your bank is ripping you off and you can't do anything about it? Even though there are some current attempts to improve traditional banking (see my recent article about the Fed's Same Day ACH payments), I would love to fully abandon the traditional banking system for a complete cryptocurrency banking solution. That day may be upon us!
While I still believe that it will be hard to go full cryptocurrency and replace your bank right now, I do think it will be possible soon, especially if the folks over at Crypterium have anything to say about. Crypterium is a sort of one-stop-shop for crypto banking. They have the traditional side of the banking platform similar to some of their competitors like TenX, where you can get a crypto ATM card for use just about anywhere that accepts Visa or Mastercard. They integrate with services like PayPal, Gyft, WeChat, Alipay, PayTM, ApplePay, SamsungPay, AndroidPay, QR code scanning, but its the features that go beyond this that really make the platform interesting. The features are great looking and after reading over the whitepaper, it looks like a very solid project.
Beyond what other crypto banking applications are doing, Crypterium also will be incorporating POS integration for merchants to be able to seamlessly accept cryptocurrency and fiat payments in one package. While some companies are only serving the consumer side, Crypterium will cater to both consumers and merchants. Here are some of the POS integrations bullet points from their website:
- Merchants receive ﬁat money even if payment is made in cryptocurrency
- Ready-to-use solutions for e-commerce platforms and site builders
- Commissions are lower than card acquirement — only 0.5%
- In-built exchange, marketing platform and solutions for automatic loyalty programs
- Integrations with main POS software: R-keeper, Inpass, Cegid, Amber 18 uniques solution for every sphere of retail trade and services:
- SMB, street-retail, HoReCa, e-commerce, transport sphere, vending, parking and others
I think having an out-of-the-box solution for merchants that pays out in fiat no matter if it was paid in crypto is the key here and will make it very approachable for small business owners. The merchants do have to pay a fee (which is how Crypterium makes profit), but if they make it as simple as it looks then people should have no problem with a standard fee.
Lend Me Some CRED
The final piece to this great projects puzzle is the lending platform. Crypterium will allow you to take out a bank loan called a "CRED" (Crypterium Credit Currency Loan). You can turn this CRED loan into the cryptocurrency of your choice right from the platform. Of course, like a traditional bank loan, after the specified amount of time, you must repay the loan as well as the interest on the loan using the CRED sub token. Here are some bullet points from their website:
- The first subtoken of its kind with secured liquidity
- Owners of credit subtokens receive income much higher than the average market
- Decentralized storage of the reputation of borrowers in smart contracts
- Opportunity to use CRED by other cryptobanks
"With every customer payment made via the Crypterium Cryptobank , a small transaction charge of 0.5% will be applied to that user payment which in turn will automatically be used to purchase CRPT from the open market and subsequently burned – as a result a constant demand for tokens is expected."
I also found this Medium article they posted earlier this month a great quick overview: https://medium.com/@crypterium_io/crypterium-faq-2c3d0d1167a9
Free Tokens, ICO, & Launch
When I came across this project I saw they were giving away 25 free tokens if you made an initial deposit BEFORE they launch their ICO. The minimum is only $15 worth of any crypto or they even take fiat through your Visa/Mastercard. As you can see from this screen shot, I already invested about $50 worth of Bitcoin that I will buy tokens with when the ICO starts on October 31st. You can use my link to sign up - https://tokensale.crypterium.io - and also get your FREE 25 tokens when you make that minimum deposit. If you use my referral link I don't get any more free tokens because I already deposited the minimum amount, but it is always nice to have your support! Don't sleep on this though, the free token offer ends October 31st!