FinTech venture Crypterium makes bold crypto claim in challenge to banks

Former UK CEO of Visa and current Crypterium CEO Marc O’Brien says that his FinTech startup has created a user-friendly platform that will attract billions of new people into using crypto.

The blockchain-based firm claims it “challenges classic banks by introducing its new feature that allows anybody to transfer crypto using just the recipient’s phone number”. All other apps and platforms allow users to use crypto through complicated wallet addresses.

Scalability issue

The scalability issue has been saved because its platform can process up to one million transactions per second. The startup also mentions that most other blockchain apps are not user-friendly because “tech-savvy people have created them for other tech-savvy people, and those solutions are still confusing for both businesses and consumers who are not as computer literate”.

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“We’re on our way to the 21st century’s ‘Netscape moment’ – the day when a California startup’s eye-popping market debut illuminated the world wide web for millions of people otherwise only vaguely familiar with its potential and promise,” says O’Brien.

He adds that Crypterium “makes buying, selling and spending of cryptocurrency in everyday life as easy as possible, and that’s what will bring the next billions of people to using crypto”.

Solving key issues

The firm says it is working to solve two fundamental problems crypto users face currently. The first issue they face is when trying to transfer coins to each other because of the highly complicated wallet addresses which look something like this: 0xc5b133a52145990313915612bd732f059330287f. The second issue is that all crypto transactions usually take quite a while. “Ethereum can take minutes and Bitcoin can take up to hours. When the blockchain networks are overloaded, transactions may take days,” according to Crypterium.

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With Crypterium, there is no need to copy the recipient’s wallet and will only need to know their phone number. “They will get money even if they don’t have any crypto wallets,” the firm says.

“Once the transaction is processed, recipients get an SMS with a link to get their crypto with some very clear instructions on what they can do with it. For example, they can use their newly acquired Bitcoin to replenish their mobile phones.”

Seconds to complete transactions

As all transfers are transmitted off-chain, transactions take only seconds to complete. It further explains that when a user decides to spend crypto externally, money is withdrawn from the sender’s wallet from within Crypterium and while not spent, transactions are written in the system making the transfer faster than any other method or system.

“We have analysed the most popular crypto wallets in the market, and none of them offers anything like it, though it sounds so exciting,” O’Brien concludes.