There seems to be a trend of top people from traditional financial firms surfing the crypto wave.
Former CEO of Visa UK and Ireland, Marc O’Brien, was named CEO of Crypterium, the world’s first cryptobank. O’Brien has over 25 years of experience in Financial Services, FinTech, and RegTech. A key advisor to the “digital banking alternative“, Revolut, and Mastercard before he joined Visa as its CEO in UK and Ireland from 2008 to 2014.
Crypterium uses tokens via NFC, QR codes or in online stores.
O’Brien told Business Insider in an interview that they are teaming up with Visa and Mastercard to produce crypto cards processing payment from your wallet in “a fraction of a second.”
He further explained:
“That card will be attached to a wallet that we’ve created and every time the consumer makes a transaction we will receive a request for that transaction in our systems, we will check the bitcoin or ether account and provided that they’ve got sufficient balance we will execute a trade and mark their bitcoin balance for a trade and approve the transaction.”
The new CEO stated that Crypterium will provide a sped up process where customers can pay with cryptocurrency in their purchases instead of waiting for weeks when exchanging crypto from a bank account.
“What Crypterium will do is make that whole process seamless and give an opportunity for a consumer to actually use their cryptocurrency to pay for everyday items,”
He further claims that the company’s “secret sauce” intellectual property that will secure transactions against crypto’s volatility. This will prove useful for the company who can position itself as a “safe haven” in places like Venezuela and Argentina where there is high inflation rate.