In-Depth Review

  • Crypterium

  • Revolutionary digital cryptobank with credit token and open platform

About Crypterium

Crypterium aims to develop an open platform digital cryptobank, capable of providing a user-friendly, global banking experience using the power of blockchain technology. Users will not only be able to store, spend, exchange, and borrow against practically any cryptocurrency, they will also benefit from crypto-fiat exchange services allowing them to spend their cryptocurrencies easily in real world purchases and transactions, with fast and efficient bid-offer matching, all via a mobile application that facilitates cashless and contactless payments at NFC-fitted POS terminals, and is also capable of processing QR payment codes. Among the multitude of features promised by Crypterium are: cryptocurrency exchange, fiat currency transactions, unrestricted international transfers, utility payments, loans, and more.

In terms of offering, Crypterium falls into the category of full banking solutions, along the lines of Change Bank and Bankera. In terms of providing easy access to real world purchases (with under the hood optimized crypto to fiat exchange), Crypterium contends against solutions such as TenX, Shift Card, or UTRUST. In contrast with these, however, Crypterium appears to be entirely undeveloped as of yet, despite stating that they have raised about $8m in two rounds already, for the development of “contactless payment technologies” (in 2013, along with $1m round A) and a “universal tool for daily payments” (in 2015, along with an $7m round B). The company does not have a banking license and will require, according to their own whitepaper, 7,000 BTC to produce one. Furthermore, they will require 1,500 BTC in order to transition from a wallet with fiat settlements to a mobile bank (according to its stated financial objectives). The company is raising funds via ICO in order to support its research and development efforts and commercial operations until such time that it is cash-flow positive.

 

Crypterium’s CRPT tokens are supposed to provide holders with special benefits and rewards, both for owning CRPT and for user activity on the banking platform. Crypterium will charge a 0.5% transaction fee on all payments made on the platform, use these fees to buy back CRPT tokens from the open market, and burn them, thus continuously reducing supply, increasing the market value of remaining tokens, and decreasing the amount of tokens bought back for the same amount in fees.  Crypterium will also charge fees from merchants accepting payments on the platform, currently estimated at 0.49% but liable to change, from which 0.15% will be used to buy back CRPT tokens and distribute them back to platform users, in accordance with the amount of tokens they hold (via inclusion in one of four distinct ‘loyalty’ groups) and proportionate to their share of transactions (within their group).

 

Furthermore, while the number of daily/monthly payment, transfer, or withdrawal operations on the platform per user will in general be limited, holders of 10,000 or more CRPT tokens will benefit from reduced limitations, albeit in accordance with the length of time for which they hold on to their tokens. Inbound operations (updating wallets, deposits, etc.) will never be limited.  In addition, from the beginning of Crypterium’s 2nd fiscal year and provided that the value of CRPT is at least $10, transaction fees for token holders will be reduced by half (from 0.5% to 0.25%). Token holders will also receive discounts on non-free platform features, as well as reduced interest on loans. Token holding merchants will be entitled to fee discounts as well. The influence of such fee discounts on the buyback mechanism is left unaddressed.

 

Also, it appears that loans on the platform will be facilitated using a different token called CRPT:CRED. The platform will employ KYC and risk assessment based on previous loans to determine a loan applicant’s conditions and interest rates, and issue a smart contract based CRPT:CRED loan, which the borrower will then be able to convert to any fiat currency via the platform’s internal exchange. The borrower will later repay the loan (with interest) by buying CRPT:CRED tokens, also via the exchange.

 

All in all, it is very difficult to make sense of the company’s convoluted business and token models, which seem to be deliberately obfuscated in the whitepaper. As mentioned, the platform is as of yet undeveloped, and technological or implementational considerations are not addressed.

 

Team

Crypterium's team seems to be very solid. Comprised of strong characters in key roles, albeit not globally famous, the team Crypterium has assembled looks to be well put, along with high profiled advisers such as Keith Teare and Elie Galem. Some of the information is taken from the company's website.
Steven Polyak
Managing Director, Co-founder

Highly experienced investment banker with main focus of interest on USA and Russia capital markets. On the Chair of the Board of Directors for Sinteza Agro LLC, Managing Director at ALOR INVEST and Managing Partner at Blackmont LLP.

LinkedIn

Austin Kimm
IR Director, Co-founder

Financial services CEO and international strategist for established and start-up companies. Managing Director at Kimm Advisory Services, ex CEO at Workleu.ru, ex CEO at Renaissance Insurance.

LinkedIn

Gleb Markov
COO, Co-founder
Fintech, banking & cryptocurrency professional with over 10 year’s experience.General Manager/Founder at PayQR International Ltd / Financial and Inforamtion Technologies, General Manager/Founder at OOO Tehnologii.

LinkedIn

Vladimir Gorbunov
CCO, Co-founder
Entrepreneur with more than 10 successful new ventures, with particular focus on simplifying real-world issues through technology. Ex-CEO at Workle.

LinkedIn

Pavel Rasputin
CMO
Professional with more than 10 years of experience in marketing — from B2B for one of the biggest Russian software developing companies SKB Kontur to international B2C in Aviasales and Jetradar.com.
Head of Marketing SEA at Aviasales / Jetrader, Head of Publishing, South-East Asia at Mail.Ru Group.

LinkedIn

 

Nick Evdokimov
Strategy Director
Launched Giga Watt, Paragon, Tokenstars and a lot of other successful ICOs.

LinkedIn

#
Dimitriy Fomin
CTO, Head of Security & QA
CTO, Head of Security & QA Blockchain & smart contracts developer, fintech experienced.

LinkedIn

Crowdsale Details

Token Sale Dates

The early sale will begin on October 31st, 2017 and will last one day.
The Bonus sale wil begin at November 1st, 2017 and will last until November 27th, 2017.
The regular, no bonus sale will begin at November 28th, 2017 and will last all the way until January 13th, 2018.
Overall the token sale will last 75 days with the possibility of an automatic early completion in pursuing the final goals.

Pricing Structure

During the early sale, there will be bonuses depending on the amount of CRPT tokens purchased. The bonuses range from +20% to +33%.
During the bonus sale, there will be bonuses depending on how close to the launch date the tokens were purchased. The bonuses range from +3% to +20%.

1 CRPT = 0.0001 BTC.

Min/Max Cap

500 BTC/14,500 BTC

Total Supply

300,000,000 CRPT.

70% of the tokens will be distributed to the community through the sale. 15% will go to reserve funding, 9% to the founders and team, 3% to advisers and 3% will go to the ‘bounty campaign’.AII unsold and unallocated tokens will bе destroyed and additional release оf tokens will not be possible.

Token Rights

Project Highlights

Technical White Paper
Location
Blockchain
Project Code
Coming soon.....

Most Read Reviews