Crypterium, a London-based startup led by former Visa executive Steven Parker, has burned over 100,000 CRPT tokens. The company’s token is used as fuel for all crypto-fiat transactions available in the Crypterium App, reflecting a volume of about $20 million.
This news follows the launch of the Crypterium Card, the first cryptocurrency card available around the globe. Nearly 4,000 Cards were shipped to 70+ countries in the first week since its launch, the company reported in a press release.
The global crypto card works with Bitcoin, Litecoin, Ethereum, and USD Coin and can be used for both online and in-store purchases or to cash out cryptocurrency in any of the 2 million UnionPay ATMs worldwide. Each top-up operation also includes a CRPT fee for burning.
Crypterium has also enabled cryptocurrency purchases using credit or debit cards, as well as a cash out feature that lets anyone send crypto to a regular bank card in minutes for a competitive rate. Both features increase the number of tokens to be burned.
“As the cryptocurrency market continues to recover its appetite for Bitcoin, Crypterium witnesses record demand for its multiple crypto-fiat services, especially their buy and cash out features both contributing to the token burning,” says CEO Steven Parker.
Token On Fire
Crypterium’s CRPT token has increased over 80 percent in the last week, surging from $0.25 to $0.45 as of the time of this writing. This dynamic has pushed market capitalization to $38 million, as seen on CoinMarketCap.
On June 26, CRPT entered the top 200 by market capitalization. Since then, the Ethereum-based token has climbed to position #145 with the 24-hour volume holding comfortably above $650,000 USD.
Apart from the ongoing burning of CRPT and card shipments, the positive sentiment over Crypterium’s cryptocurrency seems also supported by the integration of CRPT ERC-20 token to Binance Chain. With this decision, holders will be able to trade CRPT on Binance DEX – a leading decentralized exchange platform.
While the CRPT token is already available on top-tier centralized exchanges such as HitBTC and KuCoin, the company feels a decentralized platform could help CRPT holders achieve a new level of control over their funds. Logically, the extensive user base of Binance is also expected to increase visibility and accessibility for the token.
“This strategic collaboration with Binance is also expected to positively impact the demand for both CRPT tokens and Crypterium services. Millions of users use Binance as their primary trading platform. A successful listing of CRPT on Binance DEX will certainly increase visibility for our global products,” the company wrote in a statement.