Former CEO of Visa UK has Joined Crypterium Which Wants to Help People Spend Cryptocurrency
Former Visa CEO joins cryptocurrency
Former Visa CEO in the United Kingdom and Ireland has joined the cryptocurrency sector. Marc O’Brien has joined a cryptocurrency startup which hopes to make cryptocurrency mainstream by ensuring that spending crypto is an everyday occurrence. O’Brien led Visa UK and Ireland from 2008 to 2014. He has now joined Crypterium as the CEO. The startup which was started in Estonia in 2007 raised 52 million dollars through an ICO towards the end of 2017.
Crypterium was founded by several entrepreneurs who wanted to make it easy to pay using cryptocurrency like Bitcoin and Ethereum in everyday situations. According to O’Brien:
“Cryptocurrency is not used frequently much as a means of payment or even for general use every day. If you went to an exchange today with your Ethereum of even Bitcoin, it would take you 3 to 7 days before you receive the exchanged money into your bank account. This is because Crypterium we want to make the process simple by giving an opportunity for all consumers to use their digital currencies to pay for items anytime.”
O’Brien added that the startup is now looking for experienced financial services team. He added that: “The Company will look to add professional staff which is used to dealing with large-scale global operations.”
In an effort to make the dream a reality, they are working to either partner with Visa or MasterCard to start cryptocurrency virtual cards. O’Brien said that:
“The card will have an attached wallet which we have already created and every time a consumer uses cryptocurrency to make a transaction we will receive a request for the specific transaction in our systems. After receiving the request, we will check to ensure that the consumer has enough balance then we will execute a trade by marking their bitcoin balance for trade then we will approve the transaction. The whole process will be very fast and can happen within a fraction of a second.”
The company has however not disclosed how the transactions will be carried out without being exposed to the extreme volatility of cryptocurrencies. Cryptocurrency is moving in the right direction, but it’s still not very popular. O’Brien, however, said that their product would be very useful in countries which have high inflation rates like Argentina and Turkey.
“This is a good opportunity for consumers from countries which have high inflation rates. We are already working on how we can organize the global operating business, and we are taking all the required legal advice on how we should structure ourselves so that we can start the process in the United States, Latin America before moving to Singapore.”
Crypterium consists of a team of 10 people in London and 10 people in Moscow. Currently, they are considering opening offices in Miami, Singapore, and New York. O’Brien concluded by saying that they are already in discussion with all the potential partners and they are hoping to launch its first products before autumn.