The Crypterium ICO has so far raised $32 million, or 69% of its hard cap. With 17 days until its token sale ends, investors appear to be backing the blockchain startup’s attempt at establishing a crypto-bank.
The company hopes to bridge the gap between the crypto world and those parts of the traditional economy that have been so far slow to adapt to it.
Payment for any Item or Service with Crypto
The platform is hoping to allow each user to exploit a cryptocurrency of his or her choice to power payments for almost any item or service in any environment.
Payments will be made using a bank card, a virtual card, NFC and QR technology, or with a mobile app. The native token is CRPT, and the 0.5% fee for each transaction will be burnt – a measure designed to ensure price appreciation over time for the token itself.
While members of the crypto economy are wondering when or if companies like Amazon and e-Bay will accept cryptocurrencies, Crypterium features as one of an extremely large number of blockchain startups that are attempting to render the question irrelevant.
Competition within the crypto banking space has become one of the most competitive among ICO startups, representing 10% of all ICOs out there, according to some estimates.
The risks associated with the space are just as high in a market which retailers have so far largely shunned due to the highly volatile nature of cryptocurrency pricing.
As a result, players like Crypterium appear now to be focused on finding solutions which align with retailers’ continued preference for payment in traditional fiat.