Crypterium, who recently completed a successful $50 million token sale with the goal of providing services that will bridge the gap between cryptocurrency and their use in everyday life informed that they have kick-started their platform by choosing the API of bitcoin exchange Kraken as the first for Crypterium SX.
The aim for Crypterium SX is to ensure the most efficient bid-offer matching across natural peer-to-peer flow, as well as third-party crypto-exchanges. Users will always see in real time the amount of cryptocurrency they are going to spend, and also the value of their crypto funds in their preferred fiat currency.
The team says that integration with at least 10 more exchanges is planned for the near future.
All historical transactions on Crypterium will be stored in dedicated data-warehouses that continuously analyze data to enhance risk management, identify predictive behaviors, and enable Crypterium to optimize the cryptocurrency exchange process and better educate the customer on possible payment strategies. For example, the app may highlight different payment mixes depending on the current cryptocurrency valuations.
The Crypterium team said:
“Our algorithms will be analyzing order books of the most popular crypto exchanges in real time predicting how our order could influence the market, and which exchange is optimal in each case for making the transaction.”
“So we chose Kraken as the first exchange to be integrated with Crypterium SX. The technical part is complete: our servers can already derive the going rates from Kraken, as well as send and receive transaction requests. This is a crucial step towards the creation of a fully-fledged crypto-fiat payment system, and we are absolutely delighted to tell you about it.”
Founded in 2011, San Francisco-based Kraken is one of the largest Bitcoin exchanges in euro.
“We’ve obtained 3 out of 4 licenses that we need for the full launch, and we’re very happy with the progress. It shows the inherent quality of our product. And each step forward grants us a chance to add new features to the Crypterium cryptobank,” — says Gleb Markov, co-founder of Crypterium.
The CRPT token
All the Crypterium solutions will only be accessible is holding the CRPT token, that will be used as ‘gas’ for the transactions. Every time someone makes a payment, a fee equal to 0.5% of the value of the transaction in CRPT is taken from the CRPT token holder’s account and burnt as fuel. This means the number of CRPT tokens will be reducing over time.