Crypterium ICO Review: The Advent Of Cryptobanking

By
Fernando Sanchez
-
Crypterium Ico Review: The Advent Of Cryptobanking
Crypterium Ico Review: The Advent Of Cryptobanking
INVESTORS3
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Traditionally, banks and other financial institutions have had a prominent presence
on the High Street. Along with a number of staple stores and food outlets, a
wandering visitor would be certain to find a branch of their banking institution right there,
next to their favorite cafe, perhaps.

But the High Street is slowly and steadily becoming more and more sparsely
populated. Internet banking and shopping have taken hold over the last decade, which
means that physical outlets for retail and banking entities will likely become obsolete in
the very near future.

Banking in particular has undergone a marked revolution. Gone are the days when
your local branch was the focal point of financial activity in the area. Now, you
can bank through your laptop or smartphone.

Equally, the technology that powers that online banking is about to move even
further into the future. Blockchain technology might soon become the de facto
engine that drives digital banking, specially cryptobanking. And with a potential
loot of 10 trillion dollars, the cryptobanking revolution is just a matter of time.

Crypterium intends to become the pioneering ICO that enables cryptobanking using
blockchain as its technological base.

This piece is an analysis of the facts available about the Crypterium ICO. It
should not be read as offering advice or a recommendation. While ICOs have quickly
become a popular tool for funding projects and start-ups, they can also be very
high-risk for token purchasers.

Additionally, ICOs currently have an unclear legal and financial status. Token
buyers may find that their purchase does not offer them any security or equity
because the ICO is closer to a crowdfunding initiative than a traditional IPO. As
such, any investor who plans to buy tokens during any ICO needs to obtain all
relevant independent advice and carry out their own appropriate due diligence.

Crypterium: Enabling cryptobanking through the blockchain

Digital, cashless transactions grew by as much as 11.2% from 2014 to 2015, and the
trend will only continue as the world moves to a completely digital banking
ecosystem.

This fact, along with the unstoppable rise of cryptocurrencies, provide the perfect
environment for the proliferation of cryptobanking.

Crypterium intends to become the first ICO to provide dedicated banking facilities
for cryptocurrency users worldwide, via the Crypterium Cryptobank. Essentially a
mobile app, the Cryptobank is intended to become a mobile banking platform for
cryptocurrency-based transactions.

Crypterium in figures & quick facts

  • Token Name – CRPT
  • ICO Start Date – October 31, 2017
  • ICO End Date – January 12, 2018
  • Token worth – 1 CRPT = 0.0001 BTC
  • Hardcap – $47m

Note that no tokens will be issued after the end of the ICO.

The Crypterium token

As with any other ICO, the company will issue its own currency, the Crypterium
token (CRPT). Crypterium describes it as an ‘Utility token. This product is not a
digital currency, security, commodity, or any other kind of financial instrument
and has not been registered under the Securities Act, the securities laws
of any state of the United States or the securities laws of any other country,
including the securities laws of any jurisdiction in which a potential token holder
is a resident.’

Additionally, Crypterium describes CRPT as the ‘core of all transactions made
through its platform.’ Only CRPT token holders will be able to access and use the
Cryptobank.

Once created, the CRPT token will be distributed as follows:

  • Contributors – 70%
  • Founders and team – 9%
  • Advisors – 3%
  • Bounty – 3%
  • Reserve fund – 15%

The team

Crypterium’s website presents a core team of 15 people, plus nine advisors.

The core team includes staff from the financial world (investment bankers, etc.),
software architects, media and blockchain architects, and a few other related
categories.

The advisory board includes several blockchain professionals and some more experts
from the financial services industry.

Overall, the team appears solid and well balanced, with the right set of skills to
suit this ICO’s objective.

Learn more about Crypterium’s team here.

Social Media presence and digital footprint

A strong presence on Social Media is usually a good indicator of a company’s
popularity, though it is not the only factor that determines success.

Here’s the numbers for Crypterium at the time of writing (December 2017).

  • Twitter – 4,627 followers
  • Facebook – 26,750 followers
  • Medium – 1.8k followers
  • LinkedIn – 1,090 followers
  • Telegram – 15,921 followers

These numbers are rather impressive for a start-up ICO. One can elicit that there
is a strong following base for Crypterium’s value proposition, so this bodes well
for the future. Initially at least, Crypterium appears to be moving in the right
direction.

Competition

The idea of a cryptobank is not new. There are other ICOs out there that provide
similar services. Datarius and Bankera spring to mind, for example.

Each of these ICOs intend to become the ‘next big thing’ in the cryptobanking
world. There are many traditional banks constantly competing for business with each
other. This may also occur with cryptobanks, so we’ll have to wait and see.

Website quality & layout

An ICO’s website is the first port of call for any potential investors, and if the
site isn’t appealing enough, they will move on and forget about your proposition,
no matter how good or viable it may be. It is therefore imperative to design a good
website, to make a strong and lasting first impression.

Crypterium’s website is secure and well designed, with good color schemes and
plenty of information on offer. It does have a number of grammatical issues
however, which somewhat detracts from its overall value. Proofreading would be a
good solution here. The website offers translation into other languages such a Japanese, Spanish, German, and a few others, which is a rather nice touch.

The site does have a rather neat feature that I have not yet seen across any other
ICO site. Every now and again, you get a little pop-up window on the bottom left
corner saying that ‘such person from (insert geographical location) has bought x
amount of CRPT with BTC, or Ethereum, or whatever. It’s similar to the ‘Three rooms
booked in the last 24 hours’ type messages on hotel booking sites, for instance,
but still, it’s quite neat and rather unique.

Overall, the Crypterium site is pleasing to navigate and use.

Whitepaper

A well laid out, informative, comprehensive Whitepaper is a must for any ICO, if
they are to be taken seriously. Documentation is sometimes treated as an
afterthought, leaving many companies open to some criticism.

Crypterium’s Whitepaper clocks up at 35 pages, a fair number. It does have a header
and a footer, missing from a lot of other Whitepapers.

The paper clearly explains what Crypterium’s value proposition is, and how it
intends to achieve everything. The paper includes a number of graphics and
schematics that complement the text nicely.

Crypterium’s Whitepaper is certainly suitable for its purpose.

Conclusion

One of the main show stoppers for mass adoption of cryptocurrencies is that people
cannot yet use them in a ‘normal’ way, i.e., the way they have been using money all
their lives. For many, cryptocurrencies remain somewhat of a ‘computer thing’ to be
feared.

Crypterium’s proposition may just help remove that fear by enabling people to bank
with their cryptocurrencies in much the same way they do with fiat money.

Competition in this particular area is heating up though, so we’ll have to revisit
Crypterium in the near future to see how it measures up against its competitors.

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