Cryptocurrency analyst. Founder and editor at btcpeers.com
Despite the Covid-19 pandemic unsettling many different aspects of our lives, this year has been fantastic for cryptocurrencies. It could be argued that most institutions finally embraced Bitcoin and other cryptocurrencies, given the number of institutional investors, such as Fidelity, that have now entered the market. Also, people got to see first-hand how cryptocurrencies and digital money can be extremely useful when human contact and the use of paper notes has been severely limited.
News of global payment giant PayPal enabling its users to buy, sell, and store crypto coins like BTC have also buoyed the market. The top cryptocurrency has grown three-fold in value since the start of the year, adding around 220% to its market cap. The entire crypto market capitalization has also tripled, adding over $400 billion to its value.
DeFi has been another phenomenon in 2020. Starting the year at just under $1 billion, the market has added 18x to its value. Yield farming and other exciting innovations have ensured the space has remained “red hot”, generating lots of interest.
With crypto in the spotlight, these assets need to be accessible and easy to spend, if crypto is to go mainstream. One such company working on this mission is Crypterium. The start-up has been growing rapidly this year, launching 15 new innovative products.
The company was launched back in 2018, and makes it possible to seamlessly buy and sell crypto, as well as spend crypto using a payment card. Recently the company launched a price prediction feature powered by AI. The new feature offers users a simple yet reliable way to spot potential investment opportunities within the crypto market. This is the text interview with Steven Parker, the CEO of Crypterium.
Andrey Sergeenkov: What inspired you and your team to introduce the Crypterium price prediction feature?
Steven Parker: The Price Prediction feature is designed to help crypto investors make viable investment decisions.
Over the years, we’ve seen many investors rush into bad investment decisions. This feature makes it easy for everyone - whether they are new traders or experienced traders, to understand whether it may be a good time to enter a position or not.
The daily price predictions are a great guide for new traders who may feel like they are missing out on the opportunities the crypto market has to offer.
They are also very helpful for experienced traders, as they save time which could have been spent conducting detailed research, before placing trades.
Andrey Sergeenkov: What kind of data points does the feature use to come up with its predictions?
Steven Parker: Crypterium Al Price Predictions is a complex 3-module system that collects, analyses, and processes comprehensive market data.
Our system gathers and measures market data for 1000+ cryptocurrencies from 8 different exchanges. It processes and examines the data using over 200 factors, including, for example, news items such as hacks. With a mix of fundamental and technical indicators, it analyses all the events influencing prices.
Finally, a self-learning algorithm prepares predictions for every single coin on the platform. This technology is able to recognize patterns, learn from market data, and increase its accuracy over time. The system identifies the best assets to trade and gives a clear, easy-to-understand prediction for each asset.
The predictions come in three plans; the free plan, where you can access only a few assets such as ETH, OMG, LINK, MKR, and ZRX. Then there is the daily plan where you get to access predictions for all the 150 digital assets for only $2.99, or you can opt to pay $60 per month and get a 30% discount.
Andrey Sergeenkov: What difference does this move make, and how isn’t it likely to affect the market you are based in? Does it put pressure on your competitors to have to come up with similar products of their own?
Steven Parker: Crypterium Price Predictions is a step towards a new era of investing. This feature was developed with the sole purpose of offering clients a simple, yet reliable way to identify attractive investment opportunities, in the ever-evolving cryptocurrency market.
The feature is part of our commitment to users to simplify their participation in the crypto-market and is based on proprietary technology and algorithms which it would be difficult to replicate.
Andrey Sergeenkov: Today you only support 150 digital assets; the market has over 8,000 coins listed on CMC. Are there plans to add more assets with time?
Steven Parker: The Price Prediction algorithm is self-learning and it adds new assets independently at any time. Every day we see how new coins are plugging into the crypto market and the most profitable ones are added to our system so users do not need to do additional research.
Andrey Sergeenkov: How popular could this feature get, and how does it aid Crypterium in its overall goals?
Steven Parker: The most popular and hotly-debated topic, particularly as far as public interest is concerned, remains the price of cryptocurrency and how to benefit from volatility. Currently, cryptocurrency is in a bull market cycle, up over 200% year-to-date and outperforming everything else in 2020, attracting a new audience to the market. Such speculation pushes asset prices up, and due to FOMO, many inexperienced investors have jumped in headfirst, only to get burnt.
Crypterium simplifies crypto investing with daily AI-Powered Price Predictions and brings it to a mass audience. It is an excellent way to enhance trading activity by gaining solid knowledge of price actions, and therefore increases the customer’s chances of understanding and gaining from volatility.
Both Crypterium and cryptocurrency communities are growing faster than ever before and with the launch of an attractive new service such as Al Price Predictions, Crypterium can support customer needs and grow it business more rapidly.
Andrey Sergeenkov: This year your company launched 15 new products, would you mind telling us more about that?
Steven Parker: In 2020, the Crypterium Wallet app has been significantly updated and limits were adjusted to follow all the new regulations, but also in ways that support Crypterium users.
We have developed and launched more than 15 different products and services, in our goal to become the best crypto “bank” worldwide. We added 14 new tokens, cross pair exchanges, cash-out improvements, along with new features such as the AI Price Predictions tool, crypto loans, and crypto savings account.
Crypterium now offers up to 21% interest on the best high-yield crypto savings accounts to help customers grow their funds faster than standard accounts. We also enable customers to get a crypto loan directly from their wallet at a 0% annual interest rate, with flexible repayment options from 1 to 12 months. You can take out as much as half of your assets in BTC or ETH.
In 2020, Crypterium also launched the first crypto-to-fiat payment card, the new Crypterium Virtual Visa Card, compatible with Apple Pay. Crypterium allows users to get a plastic and a virtual card to make contactless purchases, with the convenience of just using a mobile device. We are also planning to release an update to allow users to integrate their virtual card with Google Pay.
Finally, we have announced our new SDK programme to help businesses monetize their consumer audience by providing world-class crypto “banking” and Visa card issuance services. The Crypterium SDK programme helps businesses share commissions and, at the same time, provides a valuable service to their customer base without all the technical development and licensing costs.
Andrey Sergeenkov: What would you point out as the chief reason driving the current market bull run?
Steven Parker: Cryptocurrency’s strong increase in value can be attributed to two main factors.
The first is the wider economic conditions of Covid-19 lockdowns, restrictions on business activity and unprecedented levels of central bank financial stimulus to help support companies and keep people employed.
Under such conditions, savers and investors are searching for havens as inflationary hedges. Bitcoin, often described as “digital gold” is becoming recognised as a diversification tool in investment portfolios, due to its separation from mainstream financial markets and fiat currencies.
The second factor is Bitcoin’s latest halving, which took place on 11th May last year. Its previous halving was followed shortly after by the crypto’s initial historic bull run.
Andrey Sergeenkov: Finally, we know you recently launched a high yield savings account that would offer 21% interest annually. Does it apply to all tokens supported on your platform or only CRPT tokens?
Steven Parker: Crypterium offers five instruments to open a crypto savings account, including BTC, ETH, USDT, TON, and CRPT. The maximum annual interest depends on the type of asset you choose. For instance, you can consider a BTC deposit or a USDT (stablecoin) deposit to boost your investment yield, as these coins currently have some of the best interest rates in the crypto market.
For new users, Crypterium offers the most attractive rate on CRPT deposits (the platform’s own proprietary utility token) – you can get 21% annually, which is an offer not to be found with other platforms.
With all these new services, we are delivering on our promise to make crypto easy and understandable to use and our growth in customers and business revenues shows that it is a winning formula.
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