Crypterium’s team is always happy to talk to its community. Last week, we organized an “Ask me Anything” session with Crypterium co-founder Vladimir Gorbunov and received a lot of questions from our supporters showing a great interest in our project. Here’s the first part of the AMA about CRPT token perspectives and new partnerships.
Crypterium: Striking Partnerships Across the World
Will there be more announcements coming with partnerships?
We’re in talks with dozens of global financial institutions that will allow us to launch crypto-fiat payment solutions around the world. We have lots of meetings to strike the most effective partnerships, and our offices in London and Singapore give us access to financial leaders both in Europe and in Asia.
Where will the app be launched this summer?
What we can say for sure is that the app’s full functionality will be available to the European Union citizens. As soon as the app is released, they will be able to enjoy crypto-fiat payments at any of the 42 million contactless payment terminals. We are working with other regions, too: right now, we are actively searching for partners in Asia. Soon, our team will be joined by a well-known professional with a proven track record in establishing payment solutions, particularly for Union Pay, AliPay and WeChat across Asia, Middle East and Africa. We are also looking to open an office in the USA, where we are currently looking for partners.
What do you think about partnering with cryptographic currencies, like Litecoin, that don’t have their own settlement methods? Can you play an intermediary role in the field of encryption currency settlement through those partnerships?
Thanks for the idea! We are open to any new partnerships and will think of the ways we could partner with Litecoin. Meanwhile, we’re adding LTC to our app, so that our users could pay with LTC for a cup of coffee in the nearest Starbucks once the full-fledged version of the app is launched.
CRPT: Fuel for the Best Payment Solution
Could you give details of how the ~100 million supply was calculated?
The technical limitation of the number of tokens that we could issue was 300 million, but we only issued 99,983,677 tokens before we reached the hardcap. The number of issued tokens accurately reflects the amount of money received, considering the number of tokens sold with bonuses and the increase in the price of Bitcoin that happened at the end of last year.
As specified in our white paper, 70% of this amount (69,988,574) went to those who bought tokens during the ICO, and the other 30%?—?29,995,103?—?were reserved for the project’s needs. The rest of the issued tokens was burned. No more tokens will ever be added. Now you can only buy CRPT on HitBTC, one of the Top 10 cryptocurrency exchanges by trading volume.
Are the CRPT tokens belonging to the team members locked?
Yes, they are locked for a 10 months period since the end of the token sale. I know for sure our team is super excited about the prospects of the app that we’re building, and we have no intention to sell our tokens even when the lock up period is over. On the contrary, some of our team members are currently buying more CRPT while the price is relatively low.
Can we use CRPT tokens for purchases, or only for the gas?
Of course, you can. Choose any of the currencies that are available in our app and make the payment.
Can a new exchange be official by the end of Q2?
We are in contact with several major exchanges. At least two of Top-10 exchanges are ready to list CRPT as soon as we’re ready. And I’d say we’ll see another listing by the end of the summer. It’s important to note that listing our token is not a priority for us now. We’re focused on building our product and strategic partnerships with financial institutions across the globe.
How will the business be sustained during bearish periods in the crypto markets?
More and more people?—?miners, blockchain specialists etc.?—?are starting to earn their living solely in cryptocurrency. Currently, to pay for everyday needs they have to exchange their crypto for fiat in advance. We’re going to offer them a much more convenient option: to pay in a restaurant or at the supermarket using their coins and tokens just like fiat money. This solution might be even more popular during bearish periods, because not many crypto holders want to convert their holdings into fiat when the prices are down.
How long will it take to burn all the CRPT tokens?
Every time someone makes a payment using Crypterium app, an equivalent of 0.5% of the value of the transaction in CRPT is taken from the user’s account and burned as fuel. The “burning process” is regulated by our smart-contract, and conducted at the current exchange rate.
Now, if the demand for CRPT grows while the supply reduces, the price will most probably follow the laws of economics and go up. That means that each subsequent transaction will require a smaller number of CRPT tokens to be burned.
Let me give you an example. If you make a $100 purchase today, when CRPT is worth $0.5, you’d burn 1 token. But if the CRPT price increases, let’s say to $2, you’d only need to burn 0.25 CRPT for the same transaction. Simply put, the token-burning rate will be constantly decreasing. Think of it as an asymptote graph.