The idea behind Crypterium is premised on a decentralized banking platform geared towards establishing the first ever cryptocurrency bank. The goal of the Crypterium team was to bring a fresh project to the market, one that would provide unique solutions to the community. This decentralized banking platform innovation attracted significant attention, with the project issuing its ICO in 2017 and raising $51 million after surpassing their set target by over 10%.

By and large, the founders of this platform are confident that it will be one of the future’s big players in the shaping of the crypto economy. According to their official website, the primary objective is and will remain to provide a fully integrated administration that features the interests of the blockchain community.

Still with me?

Let’s now understand what exactly Crypterium deals in.

Crypterium Token Sales

After the Crypterium ICO, the token sale began in October 2017 and rolled all the way to January 2018.

During the sale, 1 CRPT was priced at 0.0001 BTC with a total market supply of 300 million tokens. Today, the coin trades at $0.08937 or 0.00027 BTC.

The best thing about the token is that they accepted payments in BTC, ETH, and fiat currencies.

Crypterium Products and Services

The platform is focused on providing services similar to banks to the crypto community. The related products and services include:

Crypto Acquisition

Crypterium aims to provide customized solutions for every circle of retail exchange for its customer base; the solutions include real-time cryptocurrency and fiat settlements among other forms of integration.

Crypto Bank

The platform will offer a range of financial services such as cashback programs, crypto payments, a numerous other payment means, including Android Pay, Apple Pay, QR, NFC, and other forms of banking functions.

Credit Token Exchange

Crypterium offers a well-diversified trading platform with numerous assets listed therein; additionally, it also offers a localized integration with the existing credit scoring systems.

Open API Platform

This is the last product offered by Crypterium; it is an application store for retail crypto programming and solutions. As you would expect, it will have its own decentralized server model and integrations.

Also, Crypterium is expected to improve operations of the existing banking system by increasing efficiency, which increases the accuracy of transactions. This further means that the rising cases of banking fraud will be reduced significantly.

The crypto economy is at the verge of taking off, and when it does, Crypterium seeks to position itself as one of the core players.

How Crypterium Tokens Work

Crypterium runs two tokens:

• CRPT
• CRED

The platform’s main token is CRPT while the sub-token is CRED.

The CRPT tokens were available for purchase with their ICO issuance.

Let’s delve a bit more into these two tokens…

CRPT Token

The deal with CRPT holders is simple: every payment made on the crypto bank includes transaction fees. Currently, the platform charges a 0.5% fee. Part of this fee is used to buy back tokens from exchanges, creating constant demand.

Moreover, 30% of all transaction fees go to compensating the most active users and CRPT token holders. This system reflects the decentralized banking platform innovation Crypterium uses to reward participation. Users with more tokens are seen as more active and can reach higher dividend levels.

Token holder levels include Platinum members, who hold over 25,000 tokens, and Silver members, who hold just 1 token. Platinum holders can receive up to 50% of the transaction fee cut, while Silver members get up to 10%.

CRED Tokens

These are sub-tokens of the Crypterium coin. They allow clients to enjoy interest interactions and a great banking experience on the Crypterium blockchain.

Crypterium uses smart contracts to create a credit currency advance called CRPT: CRED. These smart contracts assess a customer’s FICO score, which determines the interest rate, collateral, and more. In many ways, this works like conventional banks.

The platform guarantees liquidity by using its funding to reduce instability and adjust interest rates.

When the advance period ends, borrowers must repay using CRPT: CRED, including interest, by purchasing tokens on an exchange.

After repayment, the borrower completes their credit cycle and becomes eligible for reassessment for future loans.

CRED is the platform’s main sub-token with secured liquidity. Analysts say holders can earn higher returns compared to market rates due to its demand. These tokens are also usable by various financial institutions.

Is Crypterium Legit?

If you’ve been a keen follower of the blockchain projects, then you’ll realize that this question is almost always inevitable. This is perhaps due to the rising cases of fraud associated with crypto assets.

So, is Crypterium a scam or is it legit?

To be perfectly honest, there have been concerns about the platform relating to the receiving of dividends by a shareholder, following through with outlined plans on their white paper, and so on. However, I cannot for sure confirm or deny any of these allegations as I haven’t gotten any substantiated proof of the allegations or evidence that they aren’t true.

That notwithstanding, you can never be too careful with online ventures; whether a project is championed by the most trusted individuals or not, you should exercise caution at all times.

Conclusion

Even with the concerns being raised online, Crypterium offers one of the most innovative products of all times; many players in the banking industry are also warming up to the idea even as the Internet Of Things sweeps across the world.

Finally, it’s a bit early to gauge whether or not Crypterium will achieve everything it outlined to the community; however, their commitment to decentralized banking platform innovation shows promise. We’ll be sure to update this post as soon as we have any new developments.

We hope you got some value from this Crypterium review and, as usual, we’ll be happy to hear from you regarding all that has been talked about in this post.