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Built Like a Bank, but for Crypto

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When investing, your capital is at risk.

Crypto platform Crypterium has made a splash on Seedrs. The campaign is already over 260% funded, with more than €2.6 million raised from over 2,000 investors – and more joining every day.

What’s the hype about? Crypterium believes that crypto is about to go mainstream, but the barriers to entry are still high, especially for new users. So, they built a digital wallet and card that allows anyone to effortlessly manage cryptocurrencies, just as easily as they would fiat money. 

We sat down with co-founder George Krasukhin to find out more.

When did you first come up with the idea for Crypterium?

Back in 2017 we were working on a major payments application using QR codes whilst elsewhere cryptocurrency was starting to make some noise. One of our team members asked the question; ‘wouldn’t it be good if you could actually spend cryptocurrency’ which then naturally led to us to ask…what would it take to do just that?

What were you doing prior to founding the company and how did your experience prepare you for it?

Prior to founding Crypterium, I had done quite a lot of consulting, but my core skills were always in setting up and running insurance companies. I set up, for example, one of Russia’s largest life and pensions insurance companies, Renaissance Insurance. Setting up a company like that, from foundations upwards, in a completely new market, gives you a complete spectrum of all things required to make a successful company launch. People worry about cryptocurrency regulation for example, but whatever is thrown at us couldn’t be more difficult than the regulation thrown at a new insurance company in Russia.

What does Crypterium do that other players in the market don’t?

Development in cryptocurrency comes in waves. The first wave was its creation and early development. The second wave was the boom of new projects between 2016 and 2018. Then there was a lull as the world worked out what to do with this new concept. We are now in the third wave, the general acceptance that this is something that is going to change the world and how we understand money, and this is reflected in the prices for many cryptocurrencies. 

We are focused on the next wave, the general adoption of cryptocurrency by everyday people. Whilst many individuals will jump in, for most it will be their trusted business partners that will drive change. Companies that previously offered a loyalty point, will now provide a loyalty cryptocurrency. Banks that only had traditional money will now offer crypto solutions. Retailers will start to offer pay by crypto. Our focus is to build a best-in-class, direct-to-customer app, then offer this entire solution to businesses so that they can do the same for their customers. Within just a few weeks Crypterium can provide an entire suite of cryptocurrency services to almost any company to offer to their own clients under their own brand. We believe we are the only company in Europe that can do this.

Crypto is growing in popularity, what does Crypterium offer to customers to facilitate a seamless transition to digital finance?

The recent recovery of cryptocurrency prices has renewed interest in digital assets. A growing number of people are betting on this decentralized approach to finances. However, the lack of quality services has been weighing on the adoption of cryptocurrencies. Until recently, people had to jump from one service to another to perform different tasks. For instance, if you wanted to buy crypto, you had to open an account with a particular service. For exchanging crypto, you needed an account with a cryptocurrency exchange. Crypterium addresses this problem by offering an all-in-one, highly intuitive platform where users can manage their digital assets in a headache-free manner anytime, anywhere. Whether it’s buying, exchanging, selling, spending, or earning interest.

What has your growth as a company looked like so far? 

Crypterium kicked off in 2017 with the introduction of Crypterium Wallet. While the mobile app looked a lot more primitive in terms of features, the community embraced this solution for it’s all-in-one approach and capacity to bridge traditional and digital finances. In 2018, the development of Crypterium Wallet accelerated, and the company was able to reach new markets with innovative crypto-fiat solutions. 

The following year was characterized by the launch of multiple parallel services such as Crypterium Card and direct payment card payouts. Crypterium Card became the world’s first global crypto payment card. In 2020, the company reinforced its value proposition with new features that enabled users to profit from their assets without risks. Crypto savings accounts are a solid alternative to the standard, low-interest accounts offered by regular banks. We also managed to develop a white-label solution that enables businesses to implement a branded wallet using our infrastructure. Despite the significant challenges the world faced in 2020, Crypterium saw an explosive 10X growth in monthly profits with a turnover of €150.000.000*.

How do you plan to reach every third smartphone in the next seven years?

The key is our B2B solution which can be installed on almost any App very quickly and relatively cheaply through a simple SDK integration, giving full access to services in less than a month. Perhaps the customer will not be aware that they are using Crypterium solutions, as they will be working with the brand of their favourite payments app, or retailer, but we will be hidden behind the scenes doing all the heavy lifting. As far as we know, we are the only company in Europe that can do this.

What can we expect next from Crypterium in the way of product developments, new features, or partnerships?

I would categorise it into 3 groups. First is a geographic expansion with a strong focus on North and South America. For example, we aim to have a new Visa card available for all Americans before the start of Q4. 

Second is the advancement of our existing set of products. We now have an amazing AI prediction tool that if followed every day, could earn traders huge upside. but wouldn’t it be even better if there was an automatic trading fund that traded for you? This is the type of enhancement that will be a natural progression of what we already do, but which can add huge benefits. 

Finally is our expansion of the B2B solution. Every new integration is a new partnership, and every new partnership has the potential to introduce hundreds of thousands of potential users to our solutions. We have already signed over 20 B2B partners and continue to sign a new partner every week. With a successful capital raise that will only get faster.

What will this crowdfunding round allow you to accomplish?

This fundraising is expected to support medium-term expansion plans of Crypterium in multiple regions and boost user acquisition efforts. The funds will help us achieve critical goals to take Cypterium to an entirely new level. Among these goals, I can highlight a broader corporate customer base for acquiring services, new user-level features, company registration in new regions, the launch of Crypterium Card VISA in the United States, fee reduction across all Crypterium Wallet services, further development of B2B services, among many other areas.

What’s one thing you would say to beginners looking to enter the world of crypto?

If you want to make a quick buck be prepared to make a quick loss. But, if you want to be part of the future of the money, sit back for a while and let it take its course. Cryptocurrencies and blockchain have the potential to change the way the world understands and uses money and this type of change does not always follow a smooth path. Expect ups and down, but in the long run, the benefits and growing call for change will see a positive end result.

What’s one thing you learned early on that was crucial to running a startup?

That you have to be flexible. Go in with a firm idea of what it is you will deliver, what will make you different, but be ready to change from day one if the world heads in a different direction. 

When you’re not working, what do you enjoy doing?

I have a massive garden that takes all my spare time. I’m not sure that the word enjoy is the right one, but the end result gives me great pleasure.

To join over 2,000 investors in Crypterium, visit the campaign now.

*Based on unaudited management accounts.

Michaela Salomon

Michaela Salomon

Campaign Support Team

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.seedrs.com/learn/blog/crypterium-built-like-a-bank-but-for-crypto

AI

Inland Real Estate Investment Corp. Chooses Alternative Investment Exchange as Its Digital Platform Provider

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Alternative Investment Exchange (AIX), the platform that aims to  make it easier to purchase, own, and sell alternative investments, has revealed that Inland Real Estate Investment Corporation chose the AIX platform as one of its electronic platform providers in order to onboard new funds and enhance its alternative investment processes.

Powered by the Alternative Investment Exchange platform, Inland Investments’ investing portal provides a seamless and intuitive experience to its independent broker-dealer and advisor partners.

As a supporter of alternative public and private real estate securities, Inland Investments aims to offer opportunities to individuals so they can invest in various real estate investment initiatives. Inland Investments and its affiliates are taking part in nearly all aspects of commercial real estate and have been drivers of innovation in the alternatives sector.

Since launching its service, Inland has sponsored 784 real estate investment projects that serve over 490,000 investors across various commercial real estate sectors.

Phil Graham, EVP Strategic Relations at Inland Securities Corporation, dealer manager for Inland Investments, stated:

“Inland Investments remains committed to advancing the client experience for our diverse product offerings. The industry is improving investment processing efficiencies and minimizing tedious paperwork, high NIGO rates, and compliance delays. We believe AIX and Inland Investments share the same objective – to provide an exceptional end-to-end digital investment experience.”

The AIX platform is a user-friendly, intuitive alternative investments solution that aims to support an all-digital investing experience. By eliminating the tediousness of handling a lot of paperwork, manual data entry, and reconciliation (and a lot of time wasted on re-entering information), the historical objections across the alternative investing ecosystem have now been addressed.

AIX also assists with derisking the alternative investing process by adding real-time validation of requirements like AI Insight training status, concentration limits, and state suitability.

Brad West, COO of AIX, remarked:

“Inland Investments’ deep expertise in alternative investment operations and the flexibility of AIX’s technology platform make it possible to elevate the wealth manager’s investing experience to new levels. We are excited to partner with Inland Investments to offer intuitive, streamlined subscription solutions for its diverse product offerings, which include real estate investment trusts, 1031 exchanges, opportunity zones, and private placements.”

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.crowdfundinsider.com/2021/05/175197-inland-real-estate-investment-corp-chooses-alternative-investment-exchange-as-its-digital-platform-provider/

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Crowdfunding

Senate Votes to Halt True Lender Rule

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The US Senate has voted to nullify the rule issued by the Office of the Comptroller of the Currency (OCC) entitled the National Banks and Federal Savings Associations as Lenders and published on October 30, 2020. The vote in the Senate was largely along party lines with Republican Senators Collins and Rubio crossing over to support the Democrat-sponsored resolution.

This resolution impacts the “True Lender” rule that is of concern for some Fintech lenders which may originate loans in partnership with banks.

In brief, as explained by JD Supra, a nationally chartered bank is subject only to the usury limits of the bank’s home state when issuing loans. Each state sets these lending limits independently. Federal law allows banks to apply the interest rates set in the bank’s home state to borrowers in other states. When banks have made loans in partnership with Fintechs, some have argued that the bank is not the true lender, and federal preemption should not apply.

The OCC had attempted to clarify a dicey situation pertaining to lending relationships between banks and third parties, such as Fintechs, that may facilitate access to affordable credit and thus benefit consumers. The uncertainty about the legal framework that applies to loans made as part of these relationships was fogged by the fact that each state has different lending rules. The OCC had said this uncertainty may discourage banks and third parties from entering into relationships, limit competition, and chill Fintech innovation that results from these partnerships, all of which may restrict access to affordable credit.

When the OCC proposed the True Lender clarification, Congressman Patrick McHenry, the Ranking Member on the House Financial Services Committee, issued a  statement in support of the OCC’s move calling it an “important step toward providing clarity to banks and non-banks on the ‘true lender’ doctrine.” McHenry said the OCCs decision would “foster greater innovation in financial services—ultimately leading to greater financial inclusion.”

Now the joint resolution moves onto the House where it is expected to pass.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.crowdfundinsider.com/2021/05/175246-senate-votes-to-halt-true-lender-rule/

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Crowdfunding

Virtual Banking: Kuwait International Bank Partners Digital Transformation Specialist Mobiquity to Streamline Financial Services

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Mobiquity, a digital transformation enabler, has teamed up with Kuwait International Bank (KIB), in order to support the institution’s goal of becoming a leading all-digital Islamic or Shariah-compliant financial service provider.

Through the partnership, KIB will be working with Mobiquity’s team of experienced professionals – including strategy, design, and engineering specialists – to help develop a digital banking solution for Kuwait‘s retail and corporate clients.

As a key part of the long-term collaboration, Mobiquity is creating a seamless, all-digital experience from scratch by introducing innovative products to attract more KIB clients to its new platform. The initiative will reportedly involve designing and creating digital products to offer a “frictionless” virtual banking experience.

For the initial product launch, Mobiquity is creating a selection of digital banking products, such as an intuitive digital onboarding experience, a current and savings account, payments services and personal finance management (PFM) tools.

The new virtual banking experience should be available to retail clients beginning in the summer months of this year. The migration of KIB’s corporate clients to the new all-digital platform will follow soon, the announcement confirmed.

Philip Nordenfelt, Innovation and Digitization Advisor, remarked:

“KIB recognized that there were gaps in the digital financial market in Kuwait, with several opportunities available to develop this segment in its proposition and scalability. In fact, there is a clear opportunity for KIB to lead the market in digital banking. We chose Mobiquity as our development partner due to the quality of the team and their rich digital banking experience in strategy, UX design, and software development.”

Thierno Diallo, VP of Client Delivery, Mobiquity, stated:

“We’re honored to work with KIB to build and …. enhance [products] whilst digitizing banking products and services to better serve their customer base with ease and convenience.Through a frictionless digital banking experience, customers will be able to set up a bank account in less than 5 minutes – a new and unique provision for Kuwait’s retail and corporate banking customers, to respond to the increased demand for digital banking.”

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.crowdfundinsider.com/2021/05/175205-virtual-banking-kuwait-international-bank-partners-digital-transformation-specialist-mobiquity-to-streamline-financial-services/

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Crowdfunding

Financial Management: Fintech InvestCloud Launches Wealth Advisor Platform by Japan’s Largest Bank, MUFG

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InvestCloud, a global Fintech company serving large banks, wealth management platforms and fund managers, revealed that it has launched its Wealth Advisor Platform by Mitsubishi UFJ Financial Group (MUFG), which is the largest bank in Japan and also one of the world’s largest financial institutions in terms of total assets.

InvestCloud’s Wealth Advisor Platform will reportedly be used by MUFG workers in order to support “end-to-end” wealth management and financial planning services.

This latest partnership reflects the multi-jurisdictional reach of the InvestCloud Wealth Advisor Platform. It’s also a good move for the company since Japan has one of the world’s largest wealth management sectors in the world.

InvestCloud managed to establish a dedicated local presence in 2019 and has also opened up a larger business office in Tokyo. InvestCloud is focused on expanding its professional team which includes IT and wealth management experts whose skill sets are well-suited for the requirements of Japanese financial service providers.

Christine Ciriani, CEO of the InvestCloud Private Banking division, remarked:

“We’ve made a significant investment in our Japanese presence. This means everything from supporting local regulation to adapting our wealth management platform to the Japanese script and the Japanese calendar. The strength of our local team is being recognised by some of the largest firms in Japan, because the team understands the financial culture and has the right discipline to deliver projects to our Japanese clients.”

Haruka Homma, Country Manager Japan, InvestCloud, stated:

“Thanks to our Japanese presence and expert knowledge of the local market, we have been able to ensure programme delivery to MUFG with our local team, while providing remote support from additional InvestCloud resources as needed. We are looking forward to growing our Japanese presence further and continuing to support MUFG through delivering innovative and market-leading platform for wealth management services amidst a fast-growing regional customer needs.”

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.crowdfundinsider.com/2021/05/175201-financial-management-fintech-investcloud-launches-wealth-advisor-platform-by-japans-largest-bank-mufg/

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