Joining a cryptocurrency startup, the former CEO of Visa UK and Ireland is looking through so as to make cards for daily shopping.
Marc O’Brien, the CEO from 2008-2014, had been announced as the new CEO of cryptocurrency payments startup on Thursday. The Crypterium, also known as the “cryptobank”, lets a person pay with tokens through NFC, QR codes or even in online shops.
As stated in an interview, partnering with Visa and Mastercard, the startup plans to charge your virtual wallet in “a fraction of a second” through cryptocurrency cards.
“That card will be attached to a wallet that we’ve created and every time the consumer makes a transaction we will receive a request for that transaction in our systems, we will check the bitcoin or ether account and provided that they’ve got sufficient balance we will execute a trade and mark their bitcoin balance for a trade and approve the transaction.
It can sometimes take up to a week to exchange cryptocurrency into your bank account, but O’Brien said the startup will speed up the process so people can make everyday purchases,” he said.
“What Crypterium will do is make that whole process seamless and give an opportunity for a consumer to actually use their cryptocurrency to pay for everyday items,” he also added.
According to O’Brien the “secret sauce” of the Crypterium is the intellectual property that will protect transactions from the volatility of cryptocurrencies.
In their global agendas, with Crypterium having a “unique opportunity” most customers will appeal to this method as a “safe haven” for highly inflated markets like that of Turkey and Argentina.
“The concern that many of them might have about getting access to that currency in a short space of time for immediate spending is an avenue where we are going to be in a position to bridge that gap and make it an instant gratification,” he said.
As of now, Crypterium already has a team made up of 3 people in London while 10 in Moscow that are considering residing their offices in New York, Singapore, and Miami. They plan their first products to be released by autumn.
In terms of space, startup faces a number of competition including another payments company, Bitpay, that already offers a Visa card which can be used in US. Also Tenx, the Singapore-based startup company has created a virtual card that makes cryptocurrency payments accessible even when travelling.
CHANGING FROM FINANCE TO CRYPTO
As Crypterium is not the first crypto startup to have former executives from typical financial institutions, ex-JPMorgan trader has also turned a cryptocurrency fund manager where they said that it has gone so far to say that banks have absolutely “failed to innovate” in terms of cryptocurrency.
Daniel Masters, who ran the JPMorgan’s energy trading business back in the 90’s have called the cryptocurrency as a “true revolution” where he also casted a doubt on the willingness of adopting conventional financial service companies.
“The analogue financial services companies are not in this game at all. They don’t want to touch the core currency, which is Bitcoin or ethereum, they’re suspicious about the industry itself. A lot of people think it’s a criminal enterprise and a Ponzi scheme and a scam,” he said in his interview last February.