A cryptobank is a new kind of bank that provides the same type of services as a traditional high street bank, but with cryptoassets such as a cryptocurrencies and tokens rather than with the everyday money we are used to today (often referred to as fiat money). Cryptobanks provide a service-payment infrastructure; a communication between the crypto-world and the fiat-world, providing an opportunity for users to pay in cryptoassets, and the merchant to receive funds fiat money for services such as telephone, utilities, penalties, loans, taxes, internet, and so on. In simple terms, a cryptobank enables you to spend cryptocurrency in the real world.
To move cryptocurrencies out from the early adopters and investment speculators and into mainstream everyday users, cryptocurrencies will require cryptobanking services. Only once a person can use cryptocurrency in the same way that they can use any other currency, will all of the benefits of cryptocurrency, such as lower transaction costs, speed of payment, removal of national boundaries and so on, become real. There are already 3m daily users of cryptocurrencies, a number that is expected to exceed 200m by 20256. The demand exists now and will grow at an annual CAGR of ~70% for the foreseeable future. The potential to satisfy this disconnect is perhaps the most exciting banking development of the past 100 years and the prize for those that are successful is a place on the global banking landscape at a rate of growth and worldwide presence that could never be matched by any traditional banking development plan. The Crypterium Cryptobank will be a first step in satisfying this demand. It will be made available for download via the IOS or android marketplace and be ready-to-use on mobile devices immediately. Unlike conventional mobile banks that take weeks to process and issue cards, the Crypterium Cryptobank provides an instant processing engine for both fiat and Crypto based currency transactions while enabling inter-changeability between the two. With crypterium's digital bank customers will finally be able to use cryptocurrencies to pay for fiat based goods without transaction limits and with low commission on any of the world’s existing 42 million payment terminals and many internet stores and payment points. Crypterium's technology platform is based on algorithms that allow for the most efficient bid-offer matching across natural peer-to-peer flow as well as third party Crypto-exchanges. This will be quickly followed by a range of complimentary banking services from simple Peer to Peer payments to Cryptocurrency backed lending. Crypterium can provide the banking needs of the Cryptocurrency era.