"Crypterium, in the long-term, will provide all the functions that you expect from a bank. But in the short term, when we launch, what we will enable customers to do is effectively use the cryptocurrencies as though it was an everyday fiat currency that you can use in the real world. They do this through the mobile phone, the smartphone. What happens, in practice, is the customer will download our digital bank. Let’s just call it an application for simple terminology. They download our app. They would attach the cryptocurrency either to the digital wallet that is available inside the app, or after we’ve launched, they will also be able to attach any other sort of crypto wallet that they currently have their assets in. They then use our application when they are approaching, let’s say a Visa terminal, or a MasterCard terminal, or UnionPay, or any of these payment terminals that has an NFC capability.So, a near field communication capability. What I mean by that is simply where you just touch the phone to the terminal, and the terminal will read the data from the phone, and the payment goes through. Now for the customer, that payment would be in the cryptocurrency of their choice, and for the retailer, it would be in the fiat currency of their choice. In a practical example, you go to Starbucks, Starbucks charges you an exorbitant amount for a coffee. You pay five dollars. They charge you five dollars, it pops up on the payment terminal. You open our application on the phone, you put the phone to the terminal, and the terminal, the phone will say, “Do you want to pay five dollars worth of Bitcoin, or Ethereum, or Dash,” or any of the other cryptocurrency that they might have in their wallet.The customer says “Pay,” and then that’s it. The retailer receives five dollars, the customer has just spent five dollars worth of cryptocurrency. That’s probably the simplest way to understand how it can work."Austin Kimm, Co-Founder, IR Director #Crypterium
"Crypterium, in the long-term, will provide all the functions that you expect from a bank. But in the short term, when we launch, what we will enable customers to do is effectively use the cryptocurrencies as though it was an everyday fiat currency that you can use in the real world. They do this through the mobile phone, the smartphone. What happens, in practice, is the customer will download our digital bank. Let’s just call it an application for simple terminology. They download our app. They would attach the cryptocurrency either to the digital wallet that is available inside the app, or after we’ve launched, they will also be able to attach any other sort of crypto wallet that they currently have their assets in. They then use our application when they are approaching, let’s say a Visa terminal, or a MasterCard terminal, or UnionPay, or any of these payment terminals that has an NFC capability.
So, a near field communication capability. What I mean by that is simply where you just touch the phone to the terminal, and the terminal will read the data from the phone, and the payment goes through. Now for the customer, that payment would be in the cryptocurrency of their choice, and for the retailer, it would be in the fiat currency of their choice. In a practical example, you go to Starbucks, Starbucks charges you an exorbitant amount for a coffee. You pay five dollars. They charge you five dollars, it pops up on the payment terminal. You open our application on the phone, you put the phone to the terminal, and the terminal, the phone will say, “Do you want to pay five dollars worth of Bitcoin, or Ethereum, or Dash,” or any of the other cryptocurrency that they might have in their wallet.
The customer says “Pay,” and then that’s it. The retailer receives five dollars, the customer has just spent five dollars worth of cryptocurrency. That’s probably the simplest way to understand how it can work."
Austin Kimm, Co-Founder, IR Director #Crypterium
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