Marc O’Brien, ex-CEO of Visa in the United Kingdom and Ireland from 2008 to 2014, has united with Crypterium, a startup that brings digital currency to consumer payments.
The startup sets a goal to enable the use of cryptocurrency in common everyday situations. O’Brien believes that there is a huge need to expunge the disbelief that digital currency cannot be used as a viable payment mode. Exchanging your BTC or ETH for fiat currencies may take up to a whole week and Crypterium aims to simplify this process dramatically and enable the consumer to actually pay with his digital currencies as if he would normally pay with his real money.
Crypterium is a startup with a homeland in Estonia; it was initiated in 2017 and has reportedly raised 52 million dollars via an ICO at the end of 2017. The firm aims to develop the technology that would allow creating and using cryptocurrency-supporting cards, being optimistic to cooperate with Visa or Mastercard in order to launch the cards this autumn.
Responding to the question on how such a project will deal with the ever-fluctuating and volatile market of cryprocurrencies, O’Brien implied to have a joker up his sleeve, but obviously refrained from telling the secret. The only thing he was willing to share regarding this matter is that there is a certain protection surrounding the intellectual property of the system.
To this date, Visa has been known for criticizing cryptocurrencies, claiming that it incites many legal precedents and breeds criminal activity, juxtaposing it against the banks, from which, according to Vasant Prabhu, a chief financial officer of Visa, it is very hard to get dirty money.