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Mainstream financial executives joining emerging crypto businesses are forging a trend. The latest to take the leap is Marc O’Brien, ex-CEO of Visa’s U.K. and Ireland operations, who was just appointed as CEO of Crypterium — a crypto bank for the cryptoverse.
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O’Brien Not a Stranger to Crypto
O’Brien’s resume is a blend of institutional and semi-institutional experience, which should help Crypterium advance its company goals going forward.
Before joining Crypterium, O’Brien of course previously served as a Visa CEO in Europe for six years, and prior to that, the growth strategist advised Mastercard.
After leaving Visa in 2014, O’Brien advised Revolut, a digital banking alternative that recently jumped on the crypto bandwagon by offering multiple crypto-focused services.
As such, O’Brien’s presumably already more up to speed on the cryptocurrency ecosystem than some executives that have made similar leaps.
Slowly Replacing Fiat with Crypto
At present, paying for daily consumables with cryptocurrency is sometimes not optimal due to processing times. Crypterium’s mission is to facilitate transactions that would be processed instantly.
“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,” noted O’Brien.
The newly-appointed CEO’s primary task to boot will be to roll out the Crypterium App that claims to allow cryptocurrency payments with the same convenience as cash or credit cards.
Crypterium also offers to let users link their crypto accounts to mobile payments services, allowing them to pay at NFC terminals.
Interestingly, the company’s process of converting crypto to money is accomplished without being affected by wild fluctuations in values, per O’Brien, who claims the achievement to be the company’s “Secret Sauce.”
“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. You can be in a store and all of that’s done in a fraction of a second.”
Under the new leadership, the crypto bank envisions expanding globally in a bid to become a major service provider. If successful, the project could become a ray of hope in countries suffering from high inflation rates, such as Nigeria, as individuals suffering from the volatility of national currencies that are even higher than that of bitcoin could store their wealth in digital assets and liquidate or pay for services as required, offering higher financial stability.
Can cryptocurrency replace fiat money any time soon? Share your views in the comments section.
Images via University of Warwick, Pocket Sense
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