Local South African company nets more than R12 million for the world's first AI investment cryptocurrency

Durban based startup, Krypteum, is confident that it will successfully develop the world’s first artificial intelligence (AI) powered investment cryptocurrency.

Image Supplied by Kagiso Interactive

Krypteum has already 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.

We are very satisfied with sales hovering around 7000 tokens in the initial coin offering,” says Krypteum founder, Priven Reddy.

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 A.I system trades these coins 24 hours a day 7 days a week. 

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 extends 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.

Those who buy Krypteum can have the startup’s system execute trades based on its own analysis without the need for any human interaction, input or approval,” 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.

He says he has been working on the cryptocurrency idea for two years already and began trialling the product in August last year. While the startup has signed on about 1500 clients at present, the system is not at its full potential yet. But he says the system is getting smarter and smarter every day. 

“When it misses something, it learns from it as if almost having a life form of its own.”

In addition, the startup plans to reward data scientists who make use of the cryptocurrency and who are able to make accurate market predictions.

A number of clients have already generated returns by making use of Krypteum to trade cryptocurrency.

Depending on the kind of plan that a client signs with the platform, one can generate returns of up to 35%, with the platform taking a further 15% to 25% of returns on top of this. The platform also charges a one percent withdrawal fee,” he explains.

The total supply of Krypteum has been limited at 1.4 million tokens. An additional one million tokens will be made available on cryptocurrency exchanges from 1 January 2020. However to counter the limited supply, the startup wants to allow those with tokens to lease these to other users who can them deploy them to conduct cryptocurrency trades on the behalf.

Reddy said he is also working with the Reserve Bank as part of the bank’s Fintech programme, to develop regulation around cryptocurrency. 

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