Blockchain-based FinTech startup, Crypterium, is seeking to challenge traditional banking services by introducing a new feature that allows cryptocurrency transfer using just a phone number, rather than complicated wallet addresses.
These transfers happen simultaneously and the company claims it can process up to a million transactions per second, solving Blockchain’s scalability issue.
Almost all Blockchain applications are not user-friendly and are aimed at tech-savvy people.
Marc O’Brien, CEO of Crypterium, previously CEO of Visa UK, has set a goal of bringing crypto into the mainstream and making it more user-friendly.
“We’re on our way to the 21st century’s ‘Netscape moment’, the day when a California startup’s eye-popping market debut illuminated the World Wide Web for millions of people, otherwise only vaguely familiar with its potential and promise,” he said. He said the new service makes buying, selling and spending of cryptocurrency as easy as possible and has the potential to allow billions of people to use cryptocurrency.
There are two key problems all crypto holders are currently facing while trying to transfer coins to each other. Firstly, the wallet addresses can be confusing.
The second problem is that transactions can be slow because when blockchain networks are overloaded, transactions may take days.
Crypterium is aiming to solve both problems. There is no need to copy the recipient’s wallet address, consumers require only the recipient’s phone number and they will receive money even if they don’t have any crypto wallets.
Once the transaction is processed, recipients get an SMS with a link to get their cryptocurrency with instructions. For example, they can use their newly acquired Bitcoin to replenish mobile phones.
Moreover, the transaction of any cryptocurrency takes seconds. This has become possible because all transfers are done off-chain. When the user wants to spend the coins externally, the money is withdrawn from the sender’s wallet inside Crypterium. While not spent, all the transactions are written in the system, with the aim of making the transfer the fastest of all.
“We have analysed the most popular crypto wallets in the market and none of them offer anything like it,” O’Brien said.