Key Points From Livestream With COO Austin Kimm (October 2018)

Oct 15, 2018
19:10
2 min reading

Choise.com team

Livestreams with Crypterium’s top-ranking officials have become a long-standing tradition. Yesterday, we held another livestream with Crypterium’s COO Austin Kimm. If you have missed it, take a look at the highlights.

When will the App go live, and in which regions first?

This was probably one of the most common questions. For starters, the App is already live. It currently allows for traditional crypto-to-crypto transactions, and it is expected to permit test crypto to bank accounts payments starting next week. This option will allow you to pay bills or send money from your crypto account to the recipient’s bank account through Crypterium App.

The order in which our solutions are rolled out depends on Crypterium’s partnerships. We intend to have the non-card solution available in Asia within 2 months. The card solution within Europe will go live in about the same time, maybe a bit longer since it is not 100% in our control.

Crypterium is also engaging with a partner who is specifically looking at Brazil but as of now, our solutions are not launching there yet. We will soon be focused on Brazil and Mexico; other South American markets are coming up soon after that.

Will the NFC solution go live by H2?

It will be live at some point in 2018, but keep in mind it is heavily dependent on partnerships. All of our business plans are set to be live around this time. There are currently no barriers which will prevent us from achieving this goal.

What about VISA/Mastercard attitude towards crypto?

First of all, Visa and Mastercard are not against crypto. However, major card companies are careful to not be directly connected to crypto due to KYC and anti money laundering implications involved. With that said, they are open to indirect partnerships via third parties.

Crypterium is constantly working on setting up such indirect partnerships. By being responsible for all the crypto transactions and paying our partners and merchants in fiat, we remove the direct link between Visa/Mastercard and crypto. This is the kind of partnership major card companies are open to. They do have numerous requirements for us to meet but we are positive we are going to succeed in cooperating with them.

What about Crypterium’s E-Money license?

Obtaining an E-Money license is one of Crypterium’s top priorities right now. An E-Money license will not only allow us to cut costs and reduce risks, but it will also boost our credibility when moving into new markets.

The UK feels like a natural place to obtain the E-Money license for Crypterium; however, certain political events (Brexit in particular) have led to extra risks regarding the recognition of a UK-issued license across Europe. We are currently applying for an E-Money license in Ireland, but it will take some time as it is a complicated process?—?in fact, it took Facebook a whole 2 years to receive theirs.

Will Crypterium provide FDIC insurance?

It is something that we would definitely like to produce. There is no exact timetable, but we are likely to offer a service like that through a third-party provider.

What about Crypterium’s anti-theft/anti-fraud protection?

It is a critical element for any company in this business. We have a dedicated team to deal with any form of attack. During the ICO, Crypterium repelled 3,000 to 4,000 attacks, either from bots or from people that were not even trying to steal money but to attack a different system, a successful app or a website just for fun. We have 24/7 security policy. Moreover, the testing of our App also included the security part.

What determines the current CRPT price?

CRPT price is directly attributed to the price of the market as a whole. We currently float around the ICO price of 0.0001 BTC. We firmly believe the driver will be the launch of our services, the subsequent burning of CRPT, and supply/demand.

We are moving forward. We did a 2M transaction test on the assumption of 600,000 users, using our application in a 2-minute window. Out of 2M transactions, we received 23 errors, which is a 99.999% success rate. Our system is running beautifully. This also included security tests.