With cryptocurrencies exploding in popularity among investors due to exceptional gains in recent years, and the difficulties in converting them to fiat currencies to fully realize those gains, Crypterium has emerged as a bridge between the cryptocurrency and fiat worlds. Crypterium will create its own Cryptobank app, which will allow for quick and cheap conversion between cryptocurrencies and fiat currencies.
With blockchain at the very early stage of its development and potentially revolutionizing the economy, its user-unfriendliness thus far has been a deterrent for most investors and internet users. Eyeing what is potentially a market in the trillions of dollars, Crypterium aims to build an infrastructure allowing ordinary people to manage their cryptocurrencies with ease and to spend them with virtual cards. As one of the first companies attempting to make cryptocurrencies mainstream and given its team’s marketing knowledge and experience, Crypterium will likely be able to capture a significant portion of this largely untapped market.
Central to the Crypterium platform is the Cryptobank app that will allow users to manage and view their cryptocurrency holdings, and frictionlessly convert them to fiat currencies. The Cryptobank app will be available to Android and iOS users, and will allow users to quickly and easily set up their own account. The Cryptobank app will even allow users to obtain loans based on their credit score and transaction history. The CRED subtoken will be used for the issuance of loans within the platform, and it too will easily be convertible to fiat currencies.
The token that will be necessary to use the Cryptobank platform and that will serve as the fuel for the ecosystem is the CRPT token, which is ERC20 compatible and runs on top of the Ethereum blockchain. Each time a user spends using the Cryptobank platform, an equivalent of 0.5 percent of the transaction of CRPT is burned, thus continually reducing the supply of tokens over time. The continual burning of CRPT tokens and their usefulness within the Crypterium ecosystem will drive up their value over time. Moreover, token holders and users of the platform will receive 30 percent of the transactional income each month through the Monthly Loyalty Fund (MLF). Initially, the supply of CRPT will be no more than 300 million.
The initial coin offering (ICO) of Crypterium ends January 18, 2018, and during this time investors will be able to purchase CRPT tokens at a discount, with greater bonuses available depending on how early they are bought. Thus far, Crypterium has raised over $30 million, which will enable the project to develop and market the platform to fulfill the goals in its roadmap.
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