Durban based startup Krypteum has already signed up close to 2 000 subscribers since is August 2017 announcement that it is developing an investment cryptocurrency powered by artificial intelligence (AI).
“Currently we have over 1 600 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.
“Having completed our ICO and having passed some of the negative market sentiment that existed particularly in South Africa 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.
He says Krypteum is an AI-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 tokenised blockchain assets on the Krypteum coin holder’s behalf.
Accuracy is heightened by the predictive model that encompasses nine areas of strategy, Reddy says. 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.
Further development to the tune of R50-million is envisaged to complete the application.
“The AI system in terms of its functionality is in theory complete,” Reddy says. “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 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.
Reddy is also the CEO of SA mobile app development group Kagiso Interactive, which owns Krypteum.