Durban based startup, Krypteum, has already signed up close to 2000 subscribers since announcing that it is developing the world’s first artificial intelligence (AI) powered investment cryptocurrency in August last year.
Image Supplied by Kagiso Interactive
“Currently we have over 1600 subscribers on the system and we expect this figure to increase substantially along with more exposure and education with respect to Krypteum and cryptocurrencies as a whole,” says Krypteum founder, Priven Reddy.
This follows news that Krypteum successfully raised more than R12 million in an initial coin offering (ICO) which ended in March. The month-long ICO for Krypteum ended on 31 March 2018 and the startup made available 400-thousand tokens, valued at $112 each. It is expected that this number will increase tenfold over the next few months.
‘Having completed our ICO and having passed some of the negative market sentiment that existed particularly in SA around cryptocurrency, we now aim to focus on exposure and education about our product. This should translate to increasing our user base by tenfold over the next three months through user testimony and aggressive marketing,’ Reddy explains.
Krypteum is an A.I enabled investment cryptocurrency coin. It incorporates the areas of artificial intelligence, machine learning and their proprietary trading algorithms. All of these areas are combined to produce a single predictive model that trades a portfolio of over 80 tokenized blockchain assets on the Krypteum coin holder’s behalf.
The accuracy of the system is heightened by the predictive model that model encompasses 9 areas of strategy. These include conventional indicators such as Fundamental, Historical and Technical analysis but extend to social media activity, activity of other traders, geo-political events and actual news sources such as CNN and Bloomberg.
“All of these areas of strategy are provided to the system by means of multiple live feed data sources including autochartist, Bloomberg LP, eToro, OANDA, Thompson Reuters, Google Trends any many more,” Reddy says.
Reddy, who is also the CEO of SA mobile app development group Kagiso Interactive, which owns Krypteum, says early sales were somewhat affected by market vulnerability such as the banning of online ads by Google an Facebook regarding ICOs and negative sentiment towards the rand.
“However, from where I see it this is the way forward not only in the cryptocurrency investment space but the investment industry as a whole! Krypteum is finally making available technology and opportunities that have previously only been available to the financial elite,” Reddy says.
Further development to the tune of R50 million is envisaged to complete the application.
‘The A.I system in terms of its functionality is in theory complete. However we never stop updating and improving the system whenever and however we can. In terms of the next big milestone that would be the release of our crowd sourced prediction platforms, which should attract some of the brightest minds around the world to improving our project with an economic incentive in the form of Krypteum tokens for those who manage to do so successfully,” he says.
Reddy says that the system trawls social media and news articles on the internet in a bid to assess which way the market will turn, when opting to buy or sell various tokens.
‘It entails completely autonomous management of your crypto-assets, 24 hours a day , 365 days a year. In doing so, not only earning the investor your conventional asset appreciation, but also creating a consistent passive income stream for token holders through dividend packages and leasing opportunities. So for example an investor in November would have experienced well over 200% in asset value growth as well as 35% in dividends should they have chosen a platinum investment package. All just in the last few months,’ Reddy explains.
Meanwhile, investors have already seen dividends over the last few months.
‘Dependent on market conditions, investors could expect a notable appreciation in value of their Krypteum, particularly between now and the end of 2019, to what extent is dependent on market conditions as we’ve said and we don’t want to speculate. In terms of the dividends one can earn form our sophisticated A.I trading software these range from 1,5% to 18% monthly, according to the package chosen, assets contained in that portfolio etc. These amounts however are guaranteed by our system,’ he says.
The total supply of Krypteum has been limited at 1.4 million tokens. Reddy is working with the Reserve Bank as part of the bank’s Fintech programme, to develop regulation around cryptocurrency.