Austin Kimm, co-founder of the Crypterium cryptobank, shared his views on replacing the traditional banking and payment systems with crypto-related solutions in his interview for TechRepublic. We’ll go over the highlights of the interview in this article; make sure to follow the link and watch the full video.
Magic behind the scenes
Austin compares Crypterium’s solutions to that of Apple Pay or Google Pay (in that one is effectively attaching a virtual card to the service in order to make payments) but with an added layer of background crypto transactions. Simply put, Crypterium bridges the gap between cryptocurrencies and fiat-based businesses through buying and selling crypto “behind the scenes”. As a result, you can pay with your preferred currency anywhere in the world: all you need to do is press a button in the app, and Crypterium will do all the heavy lifting for you.
Austin also emphasizes the fact that unlike traditional banks, Crypterium doesn’t touch its clients’ money in any shape or form other than providing the assistance for payments like the one described above. With Crypterium, you are in full control of your own funds, and you can effortlessly spend your cryptocurrency due to the technological wonders happening behind the scenes.
Great potential in the face of great challenges
Austin believes that the biggest challenge the whole crypto industry is currently facing is volatility. There are around 1500 active tokens, each with its own valuation; obviously, this may discourage vendors from dealing with cryptocurrency in general, let alone offering multiple payment options in crypto.
Once again, Crypterium’s state-of-the-art technology comes to save the day. Its servers can already deal with thousands, potentially even millions of transactions per second, meaning that the problem of high volatility can be overcome through the sheer volume and speed of operations. Additionally, Crypterium employs the “master wallet” technology to do transactions in batches rather than individually, minimizing the costs and effectively letting the customers forget about transaction fees.
Everything is going to be money
This is exactly how Austin Kimm sees the not-so-distant future. Everything is going to be money: fiat currencies, cryptocurrencies, airmiles, game bonuses. Austin envisions a bright future for loyalty programs aided by blockchain technologies and is determined to help building that future through Crypterium’s solutions.
Crypterium has already taken the first steps towards turning loyalty rewards into fully-fledged cryptocurrencies. Very soon, cryptocurrencies will be an essential part of our day-to-day lives. Stay tuned!