Startup that Utilizes Cryptocurrency for Processing Everyday Payments Adopted by O’Brien, former CEO of VISA
O’Brien, who worked as the CEO of VISA UK for six years from 2008 to 2014, said that his team is venturing to raise the mainstream adoption of cryptocurrencies like bitcoin and ether as currencies and verifiable payment methods by enabling users to spend cryptocurrencies on a daily basis to pay for commodities and services.
“The idea is that cryptocurrency is quite difficult today to use as an everyday method of payment. If you were to go to an exchange with your bitcoin or your ether it would probably take you 3 to 7 days to get that money paid out into a normal bank account. 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.”
The short-term master plan of the startup is to influence the experience of O’Brien in the traditional finance industry and his relationships in the credit card service sector to secure a strategic partnership with Visa or Mastercard and liberate cryptocurrency-backed debit cards.
While many projects and establishments such as Xapo, TenX, and Coins.ph have used Visa-partnered banks to introduce cryptocurrency debit cards, the companies were forced to shut down their debit card assistance due to the clampdown on cryptocurrency debit cards by Visa in 2017.
In the previous year, Visa highlighted that it had to close down the debit card services of cryptocurrency startups because the services were commenced without the authorization of Visa through third party service providers. There exists a likelihood that projects like Crypterium could issue official cryptocurrency debit cards in the future if they can cooperate with either Visa or Mastercard right away.
“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. You can be in a store and all of that’s done in a fraction of a second.”