Following a busy week at Web Summit — Europe’s largest tech-focused event — Crypterium COO and Co-founder Austin Kimm took a few minutes to explain the status of the Crypterium Card, as well as to provide an overview of the company’s wide range of services.
At Web Summit, Austin and other members of the Crypterium crew met with potential partners that could support the company’s development. Apart from high-level networking, Austin shook hands with at least 20 industry influencers. Not surprisingly, everyone recognized that Crypterium is well ahead of the game as a crypto-bank. Not only has our token increased by nearly 500% in the last four months, but more amazing things are on the horizon.
We aim for perfect, not good
The launch of the first Crypterium Card was overwhelmingly successful. Lots of people ordered, loaded, and used the card in over 150 countries, but it wasn’t the perfect solution.
As we were working with the card, we concluded that there were ways we could do things much better. The card we issued didn’t have an immediate upload of the funds during top-up. In some cases, it could take a few days for users to receive funds on their cards.
Also, the card did not have NFC or virtual card capability. We understand a virtual card is vital due to the lengthy delivery period.
Once we saw how many people were requiring to use the card and knowing how much better we could make it, we decided to put it on hold. The issuance of new cards has taken a bit longer than expected, but we are now pleased to say that today, the new cards are available.
First of all, we are focusing on the issuance of the new card to our 10,000+ existing cardholders. Every single cardholder will be given a virtual card inside their mobile phone in the coming days.
Once the virtual card is activated, we will transfer the balance of the old card onto the virtual card, which can be easily seen inside of your wallet. Then we will be issuing the new plastic cards to replace the old cards at no cost to our current cardholders. The new card and the new service will be radically better than the previous one, with equally competitive limits, but with improved speed and service. Gone are the days of waiting 2 or 3 days for your funds to be available. Once you load your new card, it will show in the system in minutes.
It has always been our vision to provide a global one-stop shop for crypto. We want to provide our users with instant access to these services and are thinking about what is next for our users.
We’re ahead in many ways
Right now, you can download the application and quickly get started by sending, receiving, buying, exchanging and cashing out cryptocurrencies. All these functions are very simple compared to some of the alternatives out there.
Apart from adding the virtual cards, we will be adding IBAN numbers inside of the application to add yet another way for you to transfer your funds with ultimate ease. While this function is still months away, we have already found the right partners to make it work.
At the same time, we are exploring B2B solutions, such as a button that will be integrated to websites, allowing visitors to buy crypto with just a click. Savings accounts are also coming very soon.
We also want to add fiat currency capability. To do so, we need an e-money license. Crypterium is already going through the licensing process in the UK and exploring partners that can help us expand the reach of our service globally.
Lately, we’ve received plenty of complaints because of problems related to transactions. Sometimes our services might appear slow, but it isn’t due to our IT system. At times, we face a barrage of attacks on our systems, and that requires us to focus on protecting funds first. Of course, we are trying to automate as much as possible security procedures. But there are times when an attack is so significant, you have to switch off the automation and handle transactions manually for some time.
All of our funds are in custody with BitGo. If someone were to break into our system, the most they could do is cause a hassle. But that’s about it. So far, our team has done a great protecting us from multiple attacks, and intends to keep doing so.
Crypterium remains a very new company, and sometimes that means certain adjustments are needed in order to become great. It’s part of growing up. But we keep moving forward on innovations with our users in mind.