Read what you might have missed or watch the Livestream on our YouTube channel.
Steven Parker, joined by COO Austin Kimm, went online on December 19 and addressed our beloved Crypterium community one more time. Spoiler: This won’t be the last time our representatives making live streams this year. Steven and Austin talked about Marc leaving, NFC Partnerships, Issues with KYC, listing on top exchanges and future plans.
Marc O'Brien joined Crypterium in the early days and led us to a very solid position in the crypto market. Later on, he took an opportunity and decided to do something very different from cryptocurrencies and payments in general. We parted on very positive terms and he left in a progressive way. Steven was appointed almost on the second day as Marc left so the transition was planned and nothing really changed. Crypterium’s vision, roadmap and plans to implement the first-ever cryptobank stays.
Crypterium is actively working on the NFC partnerships, our desire is to provide the best payment solution in the market. Our potential partner had a very long relationship with Visa but unfortunately, they have changed their mind and decided to stop their card issuing programs. We are now on a quest of finding alternatives and we learned our lesson - never rely on 1 partner. Right now, we are in talks with 7 different companies and 3 card providers. Unfortunately, nothing major will happen till mid-January because of the Christmas break in many countries. However, we will launch a solution very soon. It’s not clear yet will it be NFC or a physical card first because we are in talks with both kind of companies. Overall, both solutions will surely be provided to benefit all our users.
Regarding our KYC process, we are switching from one KYC provider - Sum & Substance - to the services of Jumio, one of the biggest companies offering such services, CoinBase and Kraken are among their clients. We already have a whole set of improvements and within 2-3 weeks Crypterium will make a transition to a market leader.
Everyone in the crypto community understands what going on right now in the market. This situation led to the change of attitude from exchanges, now they are more talkative, and they are willing to list solid coins with big communities. However, we did comprehensive research and found out that listing on a falling market is not the best solution, it might even trigger a negative effect on our token.
Crypterium is already on 3 exchanges and will be on more in near future. However, because of a overall negative atmosphere, we might not list our coins anywhere right now. It's not good or sensible timing in any sense. At the same time, we did a lot of research and paperwork and have 10 exchanges lined up we can list on.
Crypterium will start active user acquisition next year. We will be focusing on referral and affiliate programmes for our users. We will also try to create several viral contests for the same reasons. Partnerships will be important as well as it is a good source for customer acquisition. Surely, Crypterium will continue to rely on more standard models as well - ads, influencer marketing, customer engagement, etc.
It's in our interest to keep the token price up, but we can't control it now. When CRPT token falls in price, I’m just as hurt as any other token holder. But we need to keep in mind that the whole crypto market is not stable. For example, Bitcoin Cash gained around 35% today (19 Dec 2018) but overall it lost more than 50% this month. Crypto market is very far away from stability and all the tokens are following these major trends.
Everything is based upon sentiment. For instance, why is Uber worth $40 billion? Because people believe this company is successful even though it loses a fortune every year. We need to get some of the good news stories about the alliances and partnerships which we’re building. Hopefully, they'll be a positive impact but there's no guarantee because if the market falls, unfortunately, everything follows it.
Surely, we do have some capital encrypted too but capital is not our biggest question as taken owners as we have sufficient funds to deliver the plans and meet expectations for the foreseeable future. However, as we grow bigger we may go back to the marketplace and venture capital funds to ask for more capital as we effectively are a financial services startup.
Capital is not an issue for us but if we want to become a revolute equivalent for the crypto space or even something more fundamentally better it's unlikely that we will do that within the existing capital constraints. Like any well-run company, we will go to the marketplace to research more available funds.
Currently, Crypterium is working on a short-term and a long-term objectives. First of all, we are fixing KYC issues and planning on launching new services like global card solution. Additionally, we are working on partnerships (one of our potential partners has a user base of over 1 million people) and referral/affiliate programmes. Besides, we will seriously enhance our bank transfer services, we will go beyond Europe and cover the whole world in the near future.
In terms of other smaller services, we are busy on improving our exchange services and creating new designs. We will be one of the first companies to launch the NFC solution in different regions. Nobody has perfected NFC solution yet and we are trying to deliver it on a global market.
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