CRYPTERIUM ENABLES CRYPTOCURRENCY BANK TRANSFERS

Crypterium launches feature allowing cryptocurrency to be used to make bank transfers.

Crypterium has released a feature that allows people to use cryptocurrencies to pay everyday expenses like mortgages, loan repayments, bills, taxes, or even membership subscriptions.

The new feature also allows people to personal bank transfers using cryptocurrency. In fact, the feature can be used to make any payment that utilises a normal bank transfer.

The development puts to rest some of the nagging problems with the mainstream adoption of cryptocurrencies, by making it easy, cheap and quick to convert assets from crypto to fiat and back again.

The feature allows Crypterium customers to make bank transfers to any personal or business account that has an IBAN number, allowing cryptos to be used for a massive range of transactions they were previously unsuitable for.

Explaining the innovative nature of the feature, Marc O’Brien, CEO of Crypterium and former CEO of Visa UK, said: “If you were to go to an exchange with your bitcoin or any other coin, it would probably take you 3 to 7 days to get that money paid out into your bank account. What Crypterium offers is a very easy-to-use way of cashing out your crypto holdings as well as spending your crypto in everyday life. Pay your taxes or bills, send money to friends and family – it’s all very simple now.”

Though being able to use cryptocurrencies to make bank transfers is a huge step forward, Crypterium has something even more disruptive in the pipeline. Soon, according to the company, it will be possible to transfer crypto by using the recipient’s card number only – without even needing an IBAN number.

When this feature goes live, using cryptos for virtually any transaction, will really be as easy using fiat currency. Indeed, Crypterium is currently talking with Visa and Mastercard with a view to launching cryptocurrency-backed debit cards. The cards will link the user’s crypto account and Apply Pay or Android Pay, enabling users to enjoy shopping with crypto at countless stores around the world.

With the Bitcoin users expected to top 200 million within the next seven years, Crypterium states it expects its customer base will reach at least one million in the same period.