15 October 2018, 22:10
2 min reading
As the world’s first and biggest cryptobank, Crypterium has a goal of bridging the gap between cryptocurrencies and their use in everyday life. We want to let you shop in the nearest supermarket with your coins and tokens. And we want to make sure that while paying you get the best exchange rate possible. Here’s
As the world’s first and biggest cryptobank, Crypterium has a goal of bridging the gap between cryptocurrencies and their use in everyday life. We want to let you shop in the nearest supermarket with your coins and tokens. And we want to make sure that while paying you get the best exchange rate possible. Here’s where our ambitious plans of integrating with the most popular exchanges come from, as well as our brand new Crypterium Smart Exchange technology.
Behind the scenes
Your payments with Crypterium look super easy and take seconds. You come to a shop, you tap your smartphone against the payment terminal or scan a QR code, and that’s it?—?the payment is done.
But there’s a complex process behind the scene. Just as we’re initiating a fiat transaction from our bank account that’s going to get you the purchase, we’re simultaneously writing off the same amount in cryptocurrency from your wallet, selling it on the exchange and sending the fiat that we get to our bank account.
To maximize the efficiency of those operations, we’ve built a new generation technology?—?Crypterium SX?—?that guarantees the best exchange rates for us and our customers.
How we get you the best deal
Crypterium SX ensures the most efficient bid-offer matching across natural peer-to-peer flow, as well as third party crypto-exchanges.
Our algorithms will be analyzing order books of the most popular crypto exchanges in real time predicting how our order could influence the market, and which exchange is optimal in each case for making the transaction.
All historical transactions are stored in a dedicated data-warehouses that continuously analyze data to enhance risk management, identify predictive behaviors, and enable Crypterium to optimize the cryptocurrency exchange process and better educate the customer on possible payment strategies. For example, the app may highlight different payment mixes depending on the current cryptocurrency valuations.
And you will always see in real time not only the amount of cryptocurrency you are going to spend, but also the value of your crypto funds in your preferred fiat currency.
Kraken is in, more is to come
Founded in 2011, San Francisco-based Kraken is consistently rated the best and most secure Bitcoin exchange by independent news media. It is the largest Bitcoin exchange in euro volume and liquidity and also trading Canadian dollars, US dollars, British pounds and Japanese yen.
So we chose Kraken as the first exchange to be integrated with Crypterium SX. The technical part is complete: our servers can already derive the going rates from Kraken, as well as send and receive transaction requests. This is a crucial step towards the creation of a fully-fledged crypto-fiat payment system, and we are absolutely delighted to tell you about it.
Integration with at least 10 more exchanges is planned for the nearest future, so stay tuned.