The crypterium ICO is under way with a 15% bonus currently available, their website is already displaying sales of over $10 million so it looks sure to sell out quickly.

What is Crypterium?

https://goo.gl/z7BQXm
The new platform plans to launch the 'JP Morgan' of cryptocurrency banks. They hope to provide crypto currency banking to every day people and aid in helping to take cryptocurrency mainstream.
There's currently around 3 million crypto users, whilst this number is impressive it's estimated that the market will grow quickly over the next few years which shows the need for a reliable banking service in the market.
The new cryptobank will be available for download in the android and IOS marketplaces to provide users with an easy to use app.
They state in their whitepaper that they'll provide instant processing for both cryptocurrency and fiat transactions.
Many of the current crypto debit card available charge high fees and can have low limits. With cryptoerium there will be no transaction limits and the commission charge will be low and will allow users to pay with cryptocurrency for fiat based products using standard payment terminals.

The rise of cryptocurrency

Cryptocurrency has been around for nearly a decade now, this year has seen it's biggest rise so far. Bitcoin still dominates the market with 1 single coin approaching a price of $8,000. However 2017 has seen the introcution of many new alt coins with there now being around 1,000 different coins available.

How big is the market?

The cashless payments market is becoming so popular that people are starting to believe that using cash for transactions may become impossible in the near future.
Mobile payments are expected to reach $3.8 trillion by the year 2020.
Cryptocurrencies have a chance to start to gain a larger share of this market. Cryptocurrency offers many advantages over the available methods of exchanging fiat currency, international transfers have high fees and can often be slow process, using cryptocurrency these transactions can be made almost instantly with a much lower cost.
However, many of the users of cryptocurrency are still using it solely as an investment. Crypterium state in their whitepaper that they believe that in order for crypto to gain adoption as a payment processor it needs to be made simpler and more similar to how they use fiat.

Mobile payments

Crypterium plan to take advantage of the pre existing 42 million contactless payment terminals that already exist throughout the world.
However instead of using them with fiat currency you'll be able to spend your crypto with your smartphone.
The new system will allow retailers to receive fiat currency despite the user paying with crypto, the transaction will still be basically instant and will offer a cheaper commission rate than any bank currently offers.

Advantages of a blockchain based bank

A blockchain based bank will have many advantages over traditional banks with just some of these listed below:

• Worldwide solution with no artificial country boundaries.

• Faster and cheaper with transaction fees as low as 0.5%.

• Cheaper and easier for making international transfers and payments.

• Unrestricted transfer amounts.

• Fast withdrawal and transfer of funds.

• A decentralized network backed by smart contracts to verify all transactions.

• Lower currency conversion rates.

How does it work?

All members will need to do to start using the bank is download their app, load their account and then they'll be able to make purchases using the app as if they were using fiat currency.
The app will allow payment in a variety of cryptocurrencies by using the POS terminals in shops, the terminals will view the app as a traditional plastic card.
Currently it's difficult for users to make payments with crypto with it being too slow and often with high fees, the new project hopes to change that by making it much simpler for users.

The CRPT Token and fees

The new token will be the core behind payments on the platform. No transaction can be made without CRPT. The CRPT will only be available for sale during the ICO, after that they'll be listed on an exchange.
Every time a payment is made using the app a 0.5% fee will be charged which will be taken from the token holders account and burnt as fuel for the transaction.
The platforms software will search cryptocurrency exchanges for the best rate for the transaction which should make up for the small fee.

Loyalty program

The new platform aims to reward it's token holders with a loyalty program. They'll be charging merchants a 0.5-1% fee on all transactions.
0.15% of the funds that the platform raises from this fee will then be divided among token holders, users holding a higher amount of tokens will receive a larger fee. This should offer an incentive for token holders to spend using the app.

Crypto Wallet

Your currencies will be stored in your wallet which uses smart contracts, meaning you won't need to move you money on to the Crypterium platform, the software that the new bank uses will automatically deduct funds from your wallet and update your balance when you make a purchase.

Services available for the initial launch

• Buy and sell multiple popular cryptocurrencies.
• Allows for international transfers to any other wallet without any restrictions.
• Automatic exchanging between different cryptocurrencies for purchases.
• Direct payments available for bills.
• Automatic direct debits can be set up.
• Transaction data history which can be sorted by a number of categories.
• Fiat currency transactions.
• Multi-currency transactions, use a variety of crypto in 1 purchase.
• Photo payments, you'll be able to simply take a picture of a bill or invoice and the team will make payment for you.
• QR payments.

Features planned for the future

• Traditional banking services once the platform has got a banking license.
• P2P crypto and fiat transfers.
• Interest rates available on deposits.
• Banking statements.
• Salary accounts.

Cryptobank for businesses

The new platform will also target small businesses and have their own QR payments system implemented. The bulk of transactions through the bank will initially be made by using current infrastructure that's already in place for fiat transactions. However they also plan to target small businesses who still don't have a payments system set up.
Installing the new system will be simple for businesses, all they'll need to do is download a separate app, the app will produce QR codes that can be used for their customers to make purchases.
The new payment system will offer businesses many advantages, such as much lower transaction fees, conversion between different cryptocurrencies and faster payment processing.
There will also be a similar app available for online businesses, with Crypterium hoping that can quickly gain a large chunk of the market.

Open platform

The new crypto bank doesn't believe in creating a banking monopoly like the banking monopolies for fiat currency. Instead they'll be offering a open platform that allows other companies to build their own products using the platforms API.
Many of the popular features that the bank uses will be available through the API, such as wallets, exchanges, loyalty programs and more.

Key Team members

The team behind the project seems to have a fair amount of experience, it states in their whitepaper that combined they've previously raised over $50 million into fintech projects.
Two of the Co Founders also have experience in the payments industry after founding PayQR which was a contactless payment platform. Their app quickly became one of the leading apps in the Google Play store and won a number of awards.

• Steven Polyak, Managing Director and Co-Founder: An investment banker with more than 10 years experience in capital markets.

• Austin Kimm, IR Director and Co-Founder: He previously managed Renaissance Insurance Group Russia which is a company with over 3000 employees and nearly $1 billion in annual insurance premium.

• Gleb Markov, COO and Co-Founder: A certified fintech expert with 7 years of experience in the industry.

• Vladimir Gorbunov, CCO and Co-Founder: Previously founded 5 companies with a total capitalization of over $150 million.

• Keith Teare, advisor: He's previously set up many successful companies in the past, including being one of the Co-Founders of Tech Crunch.

• Roger Crook, advisor: CEO of Capital Springboard, Singapores most popular P2P invoice financing platform. He was previously the CEO of DHL.

Crypterium ICO Details

• Price: 0.0001 bitcoin per token.
• Token name: CRPT
• Sale dates: 31st of October until 12th of January.
• Soft cap: $3 million
• 1% additional bonus by using my link: https://goo.gl/z7BQXm

Reasons I'll be investing in the ICO

• The new bank plans to offer a wide range of different cryptocurrencies rather than just offering Bitcoin like many of the currency options do.
• The fees that they plan to charge are very low which should attract users to use the bank often.
• They're planning to target Asian businesses with their own software. I'm an ex-pat in the Philippines myself and most businesses still only accept cash. By offering a low cost solution I think it should quickly gain adoption which will in turn promote cryptocurrency in general.
• The team behind the project seems to be very impressive with a history of already creating successful companies in the industry. The team behind the ICO is the main thing I normally I look at, it's easy to come up with a nice idea but putting it into practise is much harder.
  They also have businessesmen who've ran global companies acting as their advisors, you don't see that with many of the current ICOs on offer.

Conclusion

There's no doubt that if cryptocurrency is to go mainstream then crypto banks will play a large part in the future. The platform offers very low transaction fees compared to fiat options and makes the exchanging of crypto for payments much simpler.
The team behind the project looks very strong and some of the advisors have been founders and CEOs of huge companies, I doubt they'd want their name associated with the project if they didn't believe in it.
The token sale has so far been selling fast and may reach the hard cap before the 75 day sale so it's best to invest early.
Signing up with my link below will give you an extra 1% bonus on top of any other bonuses on token purchases:
https://goo.gl/z7BQXm