Estonia based startup Crypterium has introduced its long-awaited cryptocurrency prepaid card, that would purportedly be used globally.
At the outset, the financial technology firm listed its CRPT tokens on the HitBTC exchange in March end. Also, the company appointed Ex CEO from Visa Marc O’Brien, as Crypterium CEO.
The move comes after the announcement of Coinbase cryptocurrency Visa Debit card which was earlier accessible by the UK customers and now the company has expanded its geographical reach to 6 more European countries i.e., Italy, Ireland, Netherlands, Spain, France, and Germany. However, Coinbase card is not reachable globally in comparison to Crypterium.
Reportedly, Crypterium wanted to make the adoption of cryptocurrency easy and fast so that people can access their digital assets worldwide, and in doing so the company believes that cryptocurrency cards are the legitimate options for the crypto friendly community. With the launch of the card, it can be easier for the users to spend the digital assets from wherever they belong to. The website indicates that the Crypterium bitcoin card can be ordered online through its app and receive within 3 business days. Allegedly, Crypterium app has approx. 500,000 users in the U.S. and U.K. The people who are interested in the service are required to submit POF (proof of identity) — passport, national ID or driver’s license — and POR (proof of residence) like utility bill, bank or credit card statement.
As the Crypterium Wallet is available via company’s app this makes it easier for the users to manage, store, and purchase a selection of cryptocurrencies– which is as of now including Bitcoin, Ethereum, Litecoin, and Crypterium’s CRPT token. On the company’s website, a very clear comparison is displayed between its competitors to understand the feasibility of the global service provider.
To test the payment service and credibility of the Crypterium card, 1st the service made available to the 5,000 Estonian customers who pre-ordered the cards. The clients recognized it’s reliability as a payment option.
Crypterium, an organization that offers to convert cryptocurrencies into fiat proposes through its fully loaded payment service card that is linked with its app and providing a bank like functionality which is here to make people’s life easier. Users can see their spending analysis and money (both fiat and crypto) transfers which are user-friendly and akin to other prepaid wallet apps.
Just like a conventional plastic prepaid card the Crypterium card can be deployed online and offline by brick and mortar retailers. The means and the opportunity which wasn’t available to the customers earlier due to the shortage of less no. of merchants who were accepting cryptocurrencies in exchange for their services. Now, with this facility, anyone around the world can accept the payment through the cryptocurrency prepaid card without having any issues.
Steven Parker, Crypterium CEO expressed his perspective by mentioning the fact, “earlier in the real world the acceptance of cryptocurrency in exchange of any service was limited and this can be considered one of the major barriers towards its less adoption rate. Also, the solutions which were proposed to supersede the problem were limited to the specific countries or retailers and that is why it was difficult to spend the crypto assets freely and as per the consumer’s interest.
He further says that cryptocurrencies are designed to be borderless and global and so is the Crypterium card that lives up to this borderless, global ideal. He claims that the Crypterium card has the potential “to take off as fast as NFC (Near-field-Communication).”
One of the representatives of Crypterium, Matias Lapuschin mentioned about the cooperation for the payment service with a card processor- the Chinese financial services corporation Union Pay (CUP), because it is the only firm available that facilitates global exposure and unlike Visa and MasterCard which is as of now supporting UK, Central Europe, and US regions. Ostensibly, for UnionPay, it’s either China or non-China and this one of the opportunities for Crypterium to cater rest of the market which is left behind by other payment processors.
The data on the website shows that the Crypterium Card is obtainable across the globe in any country. The card comes with a spending limit of up to $10,000 per day or $60,000 per month which is quite good. With the latest app users are also allowed to check the real-time exchange rates because Crypterium has organized the integration with the top 10 cryptocurrency exchanges. The facility helps the customers to first compare and then transact as per their judgment on the best possible available rates.