Marc O’Brien who was CEO of Visa UK & Ireland from 2008-2014, has been named the CEO of startup Crypterium. Crypterium raised $52 million through an ICO and wants to build tech to make it easy to spend cryptocurrency in as legitimate payment methods in everyday situations. O’Brien said that:
“The idea is that cryptocurrency is actually quite difficult today to use as an everyday method of payment. 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. 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.”
The short-term strategy of the startup is to leverage the experience of O’Brien in the traditional finance industry and his connections in the credit card service sector to secure a strategic partnership with Visa or Mastercard and release cryptocurrency-backed debit cards.
Crypterium has a team of three people in London and 10 in Moscow. O’Brien said it is considering offices in New York, Singapore, and Miami.
O’Brien said Crypterium is in discussion with potential partners at the moment and hopes to launch its first products by the autumn.