The worldwide crypto wallet app Crypterium has recently been granted with FCA registration and knows for sure that DEXs hold the key to mass crypto adoption.
Decentralized finance has experienced significant growth over the past year, thanks in no small part to decentralized exchanges (DEXs). A DEX offers easy access to new DeFi tokens and projects, making these platforms an essential aspect of future industry growth.
The team behind Crypterium, a crypto wallet application with over 400,000 clients worldwide, understands that DEXs will play a part in the mass adoption of DeFi as a whole. In fact, much of the company’s new strategy focuses on revolutionizing access to DEXs, ensuring the 99% of people yet to enter crypto can take full advantage of DeFi.
Crypterium Co-founder Vladimir Gorbunov discusses the company’s future, DeFi, DEXs, and more in this interview.
How would you describe the current DEX market? What about Crypterium’s current place in the market?
The current DEX market has created a significant amount of new financial opportunities. Only, these opportunities are utterly unavailable to 99% of the world. Our upcoming developments are set to change that.
Crypterium’s goal is to revolutionize the DEX and its services. We want ordinary users to adopt the DEX, to show them the possibilities and features available with just the touch of a button. On the surface, DEXs aren’t that different from a traditional exchange. But behind the curtain, the transferring of crypto assets, storage of crypto assets, and the way users receive crypto assets are all improved on a DEX.
With the goal of mass adoption in mind, we expect Crypterium’s valuation over the next 24 months to be over $10 billion. Implementing these features will allow us to increase our audience by a factor of 10 and enable us to create even more features and products. That said, while we want to make the DEX marketplace accessible to users, we plan to remain a centralized service for users to store funds and make transactions. That way, if a person loses access to their funds, they can always restore it.
In reality, a project like Crypterium is breaking the line between the CEX and DEX. A DEX offers astronomical yields in various ways that are unavailable to users on a CEX, such as entering certain lending pools on Uniswap or PancakeSwap. We want to make that marketplace accessible - to make it so a Crypterium user can access all of these DEX-specific benefits with just one button. Right now, to access a DeFi protocol, users have to install MetaMask, top-up their funds, stake, and make a bunch of commissions. Crypterium will remove all of those steps.
All of that said, we will make upcoming product announcements in stages. We don’t want to give away all of our developments!
Is the DEX market growing? Is it worth putting all of this time and effort into a niche area?
On-chain DEX activity has exploded over the past few years. Since January 2019, monthly DEX volume jumped from just $39.5 million to $45.2 billion. Aside from DEX’s, crypto alone has grown from $16 billion just five years ago to $2.3 trillion today. Cryptocurrencies have caused an irreversible movement in the global economy. The crypto market is only just getting started, and Crypterium plans to be a driving force in mass crypto adoption.
We’re creating solutions that will be used by 99% of people who have yet to enter the market. Right now, our primary focus is to provide income and maximum benefit from working with, storing, and using cryptocurrencies.
Why do you talk about it so actively? What is your strategy right now?
In 2018, we formed a strategy based on what was most relevant for the Crypterium mission. In 4 years, we implemented this strategy, and the team’s hard work has paid off.
At the moment, we have the best card program, the most accessible gateways for crypto transactions, and a built-in crypto exchange. We were the first crypto platform in the world to make transfers available by phone number and offer all sorts of different services to our customers. Now, we’re remaining engaged in the mass adoption of cryptocurrency and cryptocurrency products for ordinary users. Our current motto is “earn more on your crypto,” and we hope to reflect that in our current and upcoming product releases.
And how do you plan to combine your old strategy with the future one?
In September 2021, we completed development on a new strategy which we will announce soon. It will be our most significant announcement since 2018, and it’s a lot.
We’ll have farming pools in three networks and reveal Uniswap, PancakeSwap, Sushiswap, and Gate.io listings for the CRPT token. We’re getting ready to launch a DAO and create a crypto alliance, and allow legal entities to open their own crypto accounts for B2B reasons, who can enjoy all features our other customers receive.
Crypterium iron cards will be released, and we’ll offer the only centralized wallet that can buy DEX coins for the first time ever. Users will eventually receive a 50% discount for the Bit/ETH trading pair if purchased through our platform.
We’re incredibly excited to reveal that CRPT stakers can earn anywhere from 25-30% APR instead of 15.6%, and we’re prepping to jump into the NFT market. Crypterium will soon be supporting NFTs, and we’ll even launch an NFT fund to help develop more projects.
We’ve analyzed the crypto market and are preparing to launch these solutions for which there is no alternative. Each launch allows the world to look at DeFi, DEX’s, blockchain, and even cross-chain solutions in a different way. Crypterium is an ecosystem. We have separate products to cater to different needs. Essentially, we’re positioning ourselves as a service that allows you to make the same transactions with your crypto that you’re used to making in a bank.
What about the CRPT token? What changes to CRPT are coming in the future?
CRPT will see deeper integration into the Crypterium app. The CRPT token serves as the basis for all current and upcoming features and will provide users with additional features over time.
Aren’t regulators standing in the way of crypto? How can you expect so much growth with a lack of regulation?
Crypterium recently became one of the first crypto companies to be registered for crypto activity in the UK. While that’s just one country, this registration shows that regulators are willing to work with crypto companies to find a secure solution that works for all parties. Regulators are ready for a dialogue. They just need reliable, proven crypto companies to initiate that dialogue.
Gorbunov notes that Crypterium aims to be one of those reliable crypto companies. While revolutionizing and developing DeFi technology is necessary, the process is ultimately pointless if regulators don’t approve. A continuing dialogue is the only way to get crypto in the hands of the mainstream — a cryptoasset company to show the world that crypto doesn’t have to be scary. All they need is a guiding hand.