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 the 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.