A former CEO of Visa in the United Kingdom and Ireland is now working as the CEO of the cryptocurrency startup, Crypterium.
Marc O’Brien who was previously working at the CEO of Visa UK and Ireland has decided cryptocurrency is his new calling and will be serving as the new CEO of Crypterium. Crypterium is incorporated out of Estonia and successfully raised 52 million dollars (US) through their initial coin offering (ICO) late last year.
In a recent Business Insider interview, O’Brien said that the goal of Crypterium to give customers the opportunity to use their cryptocurrency to pay for everyday items. "The idea is that cryptocurrency is actually quite difficult today to use as an everyday method of payment,” O’Brien said “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.”
Crypterium is currently working to negotiate with a major credit card company in an effort to offer their own virtual cards or cryptocurrency cards. The new cards would then be attached to an individual’s cryptocurrency wallet that Crypterium has created. When a user goes to make a transaction, Crypterium’s servers check the balance and then execute the transaction, all in seconds.
In regards to the cryptocurrency market volatility, O’Brein said that they can and do offer ease of mind to people living in countries where fiat currency is in shambles, such as with Venezuela.
"We have a unique opportunity to provide a safe haven to some extent for consumers in those countries," he said. "The concern that many of them might have about getting access to that currency in a short space of time for immediate spending, we're going to be in a position to bridge that gap and make it an instant gratification.
Currently Crypterium has offices in London, Moscow and is seeking to operate in Miami, Florida, New York City and in Singapore.