Cryptocurrencies and cash, advertising campaigns, technical and geographic limitations (or lack thereof)?—?this week, Crypterium’s co-founder Vladimir Gorbunov had all sorts of inquiries to respond to in the second part of our “Ask Me Anything” article series.
Your questions are a great inspiration for us as they show the high social demand for our services. In this installment of the AMA, we’re going to talk about Crypterium’s product and the planned marketing activities.
No geographic boundaries
Russia will allow crypto payments during FIFA World Cup 2018. Are you going to provide any services?
Our payment solutions will be available all over the world, not only in Russia. And we see events like FIFA as a huge opportunity for promoting our product and engaging new users. When thousands (if not millions) of people travel to new countries each with their own currency, it’s so much easier to pay with crypto. We’re looking forward to welcoming an influx of new users thanks to FIFA in particular and other international events in general.
With the news about conquering Europe and 500 million people being able to use Crypterium to purchase products using the app (and then you also mention Asia as a next target), what about me and others residing in the United States?
We really want to make it to the US market as soon as possible, and we’re actively looking for a local partner bank. We have a few options and are constantly in negotiations.
All I can say is we’re working hard to get to every region where our users are located. Right now, we’ve already got some plans for Brazil, Australia and Asia. We’ll keep you informed with every step we make toward the finance without boundaries.
How will the partnership with World Capacity Builders work? Which cities, timing and people (customers) will be involved?
WCB has a network of partners around the globe that can help us build our product. These partners are card issuers and payment service providers around the globe and will significantly reduce our time to market.
No Technical Limitations
Is the Crypterium app still scheduled to be fully released by the end of second quarter?
We are implementing new functions continuously. We’ll roll out the first crypto/fiat payment solutions by the end of Q2, but for us that’s just the beginning of a long road. We’ll be developing our app and adding new features all the time, creating a next-generation payment infrastructure and expanding the number of in-app payment options.
Will we be able to store or purchase other tokens or coins besides BTC, ETH and CRPT in the Crypterium App?
We’ll gradually add all the most popular coins and tokens, starting with XRP, LTC, Dash, XEM, NEO, MIOTA and XMR.
Will people be able to spend USDT with the app?
Sure. USDT is a cryptocurrency, so it will be available just like any other popular coin.
What technical limits are the 1000 transactions per second imposed by?
That’s not technical limits, that’s the result of our first server infrastructure assessments. They have shown that we can already process 1000 transactions per second, and this number is constantly growing. Technically, there are pretty much no limits to our further development, as our server architecture allows us to increase it even further in the future?—?up to 1 million transactions per minute.
We can make transactions with a higher speed that the popular blockchains allow because our transaction accounts are working on an offchain solution and aren’t directly tied to the blockchain. They boast a much higher transaction speed.
Austin Kimm mentioned sending money from one country to another using Crypterium, just like Western Union Money Transfer. When will this function be available? Will it require a fee in CRPT tokens? Can the receiver get money without opening a bank account?
The Crypterium app will be a more convenient solution than Western Union. It will allow you to make money transfers using just the recipient’s phone number, which will be used to create a Crypterium account and get them the money almost immediately. You will be able to transfer funds in any of the cryptocurrencies available within the Crypterium app, and the recipient will be able to spend it in a currency of his or her choice.
Our solution will be cheaper. We are first and foremost a digital bank, which means we can operate at lower costs compared to infrastructural giants like Western Union.
This is of course for the cases when the recipient wants money on their account and not cash specifically. In case the recipient needs cash, we might try partnering with companies like Western Union at some point. Then you’ll get the chance to transfer money in your preferred cryptocurrency and let the recipient get the cash at a Western Union office. Anyway, we are working on possible digital solutions to let our clients receive payments in cash.
Engaging a wider audience
How are you going to promote Crypterium App to a broader audience under the current stringent advertising regulations?
We aren’t going to promote an ICO or a cryptocurrency. What we are going to promote is a working product that you can compare to a mobile bank but with better functionality. Today, we can’t say for sure that the new advertising regulation isn’t going to affect us, but we believe that our ads will be given the green light.
Also, we have a top-notch PR team working for us, and they are actively preparing a marketing campaign for the launch of our product.
What are your plans on marketing to the greater community?—?people who don’t currently own any cryptocurrencies? How will you try to bring them on board?
We can see that the number of people owning cryptocurrencies is actively growing. And we are primarily focused on solving their problem of spending crypto in everyday life.
Once we’ve accomplished that, we can move forward to more complex tasks, like engaging a wider audience into crypto payments. We’ll use classic marketing tactics and general media to popularize our app.
Meanwhile, we’ll provide people with the most convenient way of buying crypto with fiat money. No more complicated buy/sell orders on crypto exchanges: our user-friendly app will give you the chance to buy any of the most popular coins and tokens as easily as paying regular bills.