Have you missed the livestream with Crypterium COO Austin Kimm? Don't panic. As we typically do, we've prepared the keypoints so that you get to find out all what he said in a short 5-min read.
In this particular livestream session, Austin goes deep on the Crypterium Card. He explains where this product is standing right now and what are the next steps for the first and only global crypto card. Let's get to it!
We've been working for a very long time to put a card out into the market. After trying to develop a solution with Visa, we changed our tactics and decided to create the first global crypto card.
To do so, we relied on UnionPay, the only solution that offers worldwide coverage. While it took us a little longer than we initially estimated to launch the card, we have made it. This week we have issued over 1,000 cards already.
What really sets the Crypterium Card apart from other players in the market is its global essence. I have a Coinbase Card, which is a UK-based payment card and it's quite cool. Really, it isn’t a bad card at all. But you have to be a UK citizen to get it. Our card isn’t a UK card or a EU card or a US card. It is a global card. To date, we’ve issued the Crypterium Card to over 75 different countries. No other card can be issued to as many countries.
Yesterday, I used my card for the first time. I went to a local supermarket, which has an ATM outside. I put my card in and I withdrew 20 pounds from my card. It was very exciting and I could have done that in Turkey, Chile, Brazil or anywhere really.
Once we have fully distributed the initial batch of 5,000 cards, we will check how people are using the cards and make sure all flows work correctly. Then we will move to a second run of cards, probably between 15,000 to 20,000 cards.
True. We’re issuing the cards with no branding on them. But there is a good reason for that. Getting a branded card isn’t a fast process. It takes up to six months for UnionPay to approve the design and we just did not want to wait any longer. In fact, we have sent our design to Union Pay about three months ago. The next batch of cards will most likely be branded, including the logo and yellow color — we really want it to stand out every time you open your wallet.
We have also been working on improving the ordering process. People can go onto cards.crypterium.com and find every detail about this innovative solution. To get the card, you simply have to download the Crypterium App, go to the ‘Card’ section, fill in some personal data and upload documents. Overall it takes under 5 minutes to complete.
Unlike Visa or MasterCard, Union Pay does not have a geographical split in countries or regions. They have China and non-China, whereas Visa or MasterCard have the UK, Central Europe, Eastern Europe, etc.
In China, they are very much into QR code payments rather than NFC. And that’s precisely why we’re still working on a Visa/MasterCard solution. We estimate that such a solution would be ready by the fourth quarter 2019. And that card will certainly include NFC technology.
The cards are issued from the Philippines, which makes them really private. All the information is going back to the Philippines, a jurisdiction that doesn’t share records with other nations.
We have recently enabled payouts to MasterCard. If you want to cash out your cryptocurrencies to a bank card, then you can do so from the Crypterium App. This service works with any MasterCard in the world and takes only minutes for your funds to arrive.
Before the end of June, we are launching the long-awaited ‘buy crypto’ feature. There are companies out there that allow you to purchase cryptocurrencies (i.e. Changelly). The thing is… if you're not in the crypto world, it's a little bit complicated to follow the process and the fees tend to be quite high. With Crypterium, you’ll be able to buy cryptocurrencies directly from the app, using any payment card and getting the best available exchange rate.
In the upcoming weeks, we will introduce a rewards program associated with our card. The more you use the card, the more rewards you get. A tier-based reward program will also be rolled out based on your CRPT token ownership.
We have not spent a lot of money in market efforts lately as not all services were ready. Now that the cards are being issued, and the rest of Crypterium App services are finally available, we’ll start focusing on marketing activities to reach a wider audience.
The referral program and the addition of other tokens will certainly play a big role in helping us expand our user base. For instance, we have already added USD Coin to the Crypterium Wallet. In this case, stablecoin users come to the app and find out about all the different things they can do with their favorite cryptocurrency.
Crypterium is one of the most promising fintech companies, according to KPMG and H2Ventures. We are building a mobile app that meets the banking needs of the digital assets era.
Our goal is clear: with Crypterium, whatever you can do with traditional money you will able to do with digital assets. This idea is supported, among others, by the co-founder of TechCrunch Keith Teare and over 400,000 registered users, and the number is growing by day.
The team is led by former General Manager of Visa Central & Eastern Europe Steven Parker, and C-level executives from global financial institutions, like Renaissance Insurance, London Derivatives Exchange, American Express etc.
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