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Cryptum Token Rating Review


Investment Rating

Expiry date : Expired 15 Feb 2018


We have reviewed the project's progress as of February 2019 and would like to note that the the team does not share updates since August 2018, and the promised Primewarp boardgame has never been released. Therefore, the project's rating has been decreased to Negative. 

We are impressed with the idea of releasing the first board game dedicated to the crypto market; currently there is nothing similar available. The market for board games itself is in an active phase of growth and favors new and interesting ideas, which sometimes bring huge profits to their publishers.

The project team has been working in the board game market for a long time and is familiar with its complexities and pitfalls, demonstrated in the relevant chapters of the white paper. Therefore they want to create a business based on a game studio to develop and publish desktop games, as well as for assisting third-party developers with all processes.

The project has an interesting economy, assuming a constant reinvestment of part of the profit into future games and other areas. The remaining profit goes to investors. Since the project team understands that cash flow from the games will not be immediate, 30% of the funds raised will be sent for mining, to create a cash flow for investors as quickly as possible (we have positively assessed this aspect). The idea of the project is scalable, but only with the success of the first series of games - otherwise the project will not succeed overall.

The project team does not retain a share in the project, which may adversely affect its development in the future. There is no minimum bar for the soft cap; one of the main directions of the project (mining) will only be launched when raising funds for more than 150,000 CRTM. Accordingly, with insufficient funding, the whole concept will start to break down.

The ICO project is almost unheralded on traditional social media apart from Facebook, but this channel, judging by the proceedings from the first stage of the ICO (sold about 1% for half the term of the first stage of the ICO) does not bring results. This puts the entire project under serious risk.

Even having a high profile, experienced and well-known team in board game market, communication with which we have had only positive impressions from, the risk of the first game not being developed or released are growing substantially.

It is also worth noting that the tokens bear the marks of securities and in fact become a dividend after the completion of the ICO, with all the attached legal and regulatory risks. Profit from the sale of games (from the main direction of the project) will start to come in not earlier than the end of 2018 with success of the game. A more noticeable cash flow will appear not earlier than mid-2019, after a series of successful and popular games under the ideal scenario. How crypto market activity will be regulated by this time is not clear, but being the first to issue a crypto board game is well worth the effort as the amount is not so high.

General information about the Project and ICO

Cryptum in fact consists of a group of different projects called the Cryptum Network. Cryptum is developed and managed by the Bulgarian company Inistrad Ltd, founded in 2013.

The goal of the project is to create a game studio to develop and publish board games. The style of the games is diverse, and the theme of the first game "Blockchain: The Cryptocurrency Board Game" should be very attractive for the community. The game will be released only in English; there will be no translation of products to other languages.

In addition, Cryptum is planning to launch and develop mining in the near future. The goal of this activity is to diversify sources of income and ensure return on investment for token holders.

There will also be a release of the project’s own cryptocurrency, Cryptumcoin - which the team hopes to use for payments in future services.

The team is conducting the ICO to raise funds for the completion of the development and release of its first board game, as well as to be able to run a mining farm.



Twitter (122 members)

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ICO start: (phase 1): 16.09.2017

ICO completion: 16.10.2017

Token: Cryptum (CRTM), standard ERC-20

ICO price: 0,02 ETH / CRTM, 0,00135 BTC / CRTM

Accepted payment (phase 1): ETH, BTC

Total emission: 1 000 000 CRTM

Hard cap: 750 000 CRTM in ETH and 250 000 CRTM in BTC, there is no min or max purchase size

ICO start: (phase 2): 17.10.2017

ICO completion: 17.11.2017

ICO price: 0,025 ETH / CRTM, 0,00175 BTC / CRTM

Accepted payment (phase 2): ETH, ETC, BTC, BCH, LTC, ZEC, DASH

Total emission: 100,000 CRTM + all unsold tokens from the first stage go to the second stage. When the ICO is completed, all unsold tokens will be burned.

A total of 1,102,000 tokens will be available, 1 million CRTM of which is allocated for the first period of sales, 100,000 CRTM is for the second, 1,500 CRTM is for the bonus program available to large investors and 500 CRTM is reserved for bounty hunters.


65% of the proceeds will be spent on financing the development of board games; 30% is for the development of the mining project, and 5% is for investing in the proprietary Cryptumcoin currency. The team is not reserving any money for itself.


In the first 24 hours after the start of the sale, CRTM buyers receive a 16% bonus for ETH. Those who bought Cryptum tokens within the next 4 days (from September 17 to September 20) were given an 8% bonus for ETH. A 4% bonus was given to buyers of Cryptum tokens within the next 2 days (September 21 and 22) if they made a purchase in ETH.

If buying tokens in BTC, bonuses are not provided. CRTM tokens are sent immediately to any buyer after payment, but they are blocked until the end of the first stage of the sale.

Bonuses (after the sale):

These bonuses will be distributed only if 300,000 or more CRTM is sold during phase 1:

  • 1000 CRTM will be distributed equally among all owners of 100 CRTM or more
  • 500 CRTM will be distributed proportionally between all owners of 500 CRTM or more

Cryptum recommends one of the 4 levels for buying tokens at, which are 25, 35, 65, 100 CRTM and more tokens. Each level permits access to certain products:

25 tokens – (0.5 ETH at base token price) is the first level. For this you will get your base Blockchain game with free shipping, some coins, some small profits, sell the tokens and coins for profit and be done with it. If you just want the board game, you must wait for the Kickstarter and obtain it there.

35 tokens - (0.7 ETH at base token price) are a good start. For this you will get the base Blockchain game and 4 expansions with free shipping, some coins, some small profits, sell the tokens for profit and be done with it. Again, if you want just the games, it might be wiser to get them at the Kickstarter. The amount is not much higher than the first level, if you consider shipping costs and the prices of the base game and the expansions.

65 tokens - (1.3 ETH at base token price) will give you access to the Blockchain board game and its 4 expansions, Primewarp: Genesis + expansion, and two more untitled games – all with free shipping, as well as whatever is raised from the shared profits and Cryptumcoin. If you purchased these from Kickstarter campaigns they would cost you base price plus shipping, so the amount would be higher without counting any token perks and the token price.

100 tokens - (2 ETH at base token price) will give you access and free shipping for any game ever publish.  “And the tones cost, if you ever require to just dump them and ignore us for the rest of your life.”

Investing more – you will receive all the perks of the above Tier. 

The team did not set the Soft Cap threshold for the entire project, but the mining project will be developed only if 150,000 or more CRTMs are sold.

Project services and their usage

Cryptum is developing its project in several areas which we will now detail:


The overall aim of the project is to create a studio capable of publishing not only proprietary games, but also those created by external designers and developers. Understanding the problems of the market in depth, and often encountering them, Cryptum can effectively act as an investment fund and publishing partner for third-party developers. The project wants to release a series of games financing them with profits from previous games.

Currently Cryptum is at the development stage for several board games and extensions of them, which will be the first to form the basis for building a game studio. The first game is called Blockchain: The Cryptocurrency Board Game. This is an educational game where players (up to 5 people) compete, install equipment or invest in ASIC or even part of their funds in an ICO, buy and upgrade high-performance equipment in order to own the majority of BTC and ETH by the end of the game.

The game features:

  • 85 coins for mining
  • 15 ICOs
  • 25 algorithms
  • Hardware ranging from a single CPU to mining rigs and ASICS
  • A small share of exchange mechanisms
  • Cryptum has plans for at least four expansions for the game, featuring: Exchanges, Mining farms, Forks and an ultimate game-changing final expansion called «Project 2020».

The game is at the alpha stage; we have all of its mechanics, yet they are not dressed with the final details, so it’s only numbers. The game will be put through a so-called "blind test" before release. Thus, game testers will get acquainted with the rules, play the game without the help of the developers, identify errors or inaccuracies within the game, and most importantly, determine how easy it is for players to understand the rules and follow them.

Also in development are the following three games (a more detailed description of these games can be found on the project website:

  • Primewarp: Genesis is a post-cyberpunk shooter with many unique features and mechanisms that would appeal to almost every gamer, featuring a host of game modes.
  • Godforge:The First War concept is for a game with over 800 unique cards with exquisite artwork, suitable for players that wish to play traditional TCGs without the need for constant investment in new and expensive cards.
  • C22: A World Without Borders is a cyberpunk-noir adventure for 1 to 4 players, set in a dystopian future, when cryptocurrencies are already widely accepted. Currently the game is at concept stage.



The mining project will be developed only if 150,000 or more CRTMs are sold. This project is intended to be allocated 30% of the funds raised, resulting in an amount from approximately $250,000 to $1,800,000. We agree with the team that it is difficult to draw up a detailed plan for such a spread.

Cryptum will mine via mixed production: GPU and ASIC. The developers state: "At current profitability rates, we would be able to pull out a decent profit even if the mining becomes less viable, for at least 2 years with the latest hardware. Adding GPU mining gives us the ability to jump on opportunities like new coins (including our own) with proper software support, generating returns gravitating at well over 300+% of electricity cost, and this is without optimizations. ASIC availability is an issue, but we will deal with it when the problem raises".

Cryptum uses upper-range NVIDIA graphics cards, such as GTX 1080 Ti and GTX 1080. The GTX 1080 Ti is the least profitable in terms of initial investment, but they are focused on long-term production. They also make it possible to respond better to opportunities that arise from new currencies or unexpected changes in the market, and are the best choice for maintaining space for maneuver, which is also a problem for many mining installations.

Currently, a 6-card installation (the preferred configuration for installations working with new currencies) will cost around 5900-6200 euros based on GPU GTX 1080 Ti and depending on the availability of the GPU and PSU. This includes managing the state of the power supply, and linking to multiple power supplies when necessary.

All equipment will be located in managed and safe data centers related to production, which already have in-depth experience with mining equipment. «Crypto Mining Blog involvement means we will always have the latest compiled miners, and also hear of new opportunities even before they gain much attention» says the team. The developer does not disclose more precise characteristics regarding the availability and delivery of goods. We quote: « We know this isn’t saying much. We didn’t include exact technical specifications of the rigs, for example. Well, anyone that is deep into mining would tell you there is no telling what’s available on the market right now. CPUs, memory and drives are easy, but with mainboards, video cards and power supplies you can’t rely on the regular supply chain to provide what you need, and sometimes you get what is available. We manufacture our own rig stands to datacenter specification (steel and aluminum frames), and management is done through our own tools, unless we are using ASICs».



The developers are preparing to release their own Cryptumcoin currency. The main objectives of this currency are the following:

  • ASIC-proof
  • GPU-only mineable
  • Value-bind
  • Secure
  • User friendly software (wallets and miners)
  • Anti-instamineable via small initial blocks
  • Highly-prospective, based on number of coins mined and halving of amount mined
  • Free coins for token holders
  • Airdrops to top holders
  • Accessible on a wide range of exchanges
  • Accepted as payment for the board game project.

The project will be financed by 5% of the sale of CRTM tokens in the ICO, as well as partial financing from the mining project (between 10% and 15% in the next 2 years).

Development strategy and Roadmap

The Cryptum team provides a clear development plan on its website, indicating goals and deadlines for the next two years.

We note the most important events:

By the end of November 2017 Cryptum is planning to launch its own currency, Cryptumcoin.

The mining project should be launched by the end of January 2018; the first profit was already received in February 2018.

Q2 2018, the first Blockchain board game will be available for purchase at Kickstarter and Indiegogo; its release will take place in the Q3 2018.

Q4 2018 - Q1 2019 - there will be extensions to the Blockchain game.

The other three games are also in development and are planned to be launched during 2019.

As can be seen from the development plan, games are under development and their entry into the market is only at planning stage; the same can be said about the mining project. As stated the start of the mining project will occur only in the event that 150,000 or more CRTM are sold. At the time of writing only about 9000 CRTM have been sold. Therefore, it is still too early to talk about specific time intervals for launching the mining project.

Market Review

In 1991, the global market for board games was about $1.2 billion, 60% of which was accounted for by the United States and Canada (about $700 million). Over the next decade, the market fell to $700 million, only $400 million of which accounted for the US and Canada; about $70 million accounted for the UK and $230 million accounted for the rest of the world. Such a rapid decline is primarily due to the growing popularity of video games.

Currently, the market for board games is experiencing a golden age. The market has grown significantly over the past few years and currently stands at about $3.5 billion. In the US and Canada alone, market volume is approaching $1 billion; in Germany the total market volume is estimated at $450 million, and even the market in a relatively small country as Poland has already reached almost $100 million.

Factors that have affected the development and growth of the market are the following:

In the 2000s, a large number of adaptations of computer games and video games appeared in the board games market. Many players switched to such board games.

The volume of the market was expanded due to the increase in the number of  games and publishers appearing in the market. Over the past few years, thanks to the Kickstarter service, a large number of companies and new board games have appeared which have significantly increased the density and competition in the market.

Over the past 5-10 years games have begun to receive a large number of add-ons. This trend is gaining progress. Expansions to successful games bring substantial money to companies. The distribution model of such games as X-wing and Star Wars Armada assumes constant replenishment of their collection with new specimens. The Myth game was not even playable, due to incorrect rules; the company Mercs LLC took it into service and made more than 30 additions to it, and despite this fact the game has not yet been fully brought to perfection.

The 2008-2009 crisis affected the board games market positively, despite the fact that such genres as CMG died out. People began to change their habitual spending on entertainment, and companies issued more and more board games. Due to the crisis, the desktop games market increased by 50-60%.

Currently the desktop games market is not a highly competitive environment. New projects have a decreased risk of failure; the above example of the Myth game and its 30 updates from Mercs LLC (although Mercs LLC is not a major player in the market) counts as proof.

The most successful games in terms of sales are created from well-known franchises. Recently, FFG reported that the launch of Star Wars Imperial Assault was the most successful in the long history of the company. Also at Spartan Games, the launch of Halo Fleet Battles was very successful; 90% of the circulation was sold out at the pre-order stage, and at the time of the release there were so few game kits on sale that they scattered in a matter of hours. In turn Spartan Games hastened to announce 7 additions to it and a new wargame on Halo, which focuses on ground battles.

Summarizing all the above, it must be said that current market has a rather large capacity. Cryptum enters the board games industry during a golden age and it has a very interesting new topic for players in the form of the crypto market.


Team Cryptum is small and consists of 7 people.

Nikolai Tsekov (LINKEDIN) Cryptum Project Manager and a lead designer of many of the board games the company develops. Manages hardwareBG.com IT-forums. In 2013, Nikolai founded his own retail company, currently owning one of the best Bulgarian board hobby stores - BoardGames.BG

Anton Belev (LINKEDIN) Editor at the largest Bulgarian community website for IT professionals - www.HardwareBG.com - the best place for local IT news and information, professional product reviews, helpful guides and a specialized IT forum. For more than 13 years to present. Anton is responsible for most of the Cryprum software development.

Kiril Venev (LINKEDIN) Co-Owner, Co-Founder and Chief technology officer (14 years’ experience): hardwareBG, IskamPC, Mobility

Co-Owner, Chief technology officer and Editor in chief (18 years): hardwareBG, hardwareBG forum

Grigor Stoichkov (LINKEDIN) Technical Advisor for Inistrad Ltd. Grigor is the leading technical consultant for Cryptum Mining.

General Manager RCParts.eu, Bulgaria (up to present) General Manager hardwareBG Ltd. (2003 up to present) Co-Owner hardwareBG.com (1999 up to present)

Kiril Venev and Grigor Stoichkov will directly develop the mining project.

The project team is small, but has strong specialists with experience of more than 18 years. The big plus is the availability of an experienced consultant for Cryptum Mining.

Marketing strategy

The main marketing activities on which the project team works are the following:

  • Cryptum is planning to distribute its board games via Kickstarter. According to the developers, currently this is the best marketing tool. The price on Kickstarter is 90-95% of retail price, but there is also a commission from Kickstarter. However, selling directly to customers is much better than selling games to distributors worldwide.
  • Cryptum is planning to collaborate with the Imperia Online game development company. The company will offer support for software development and its own artists to help the Cryptum project. Imperia Online is one of the leading developers of games in Bulgaria, where more than 160 employees offer services to more than 25 million users. The company has many awards and nominations, including awards for the fastest growing company in Central Europe, nominations and awards from Forbes and European Business Awards.
  • Cooperation with BoardGames.BG, one of the best Bulgarian online stores.
  • Cooperation with the Crypto Mining Blog which is one of the world's leading news websites.

Currently we do not see any activity to attract attention to the passing ICO; most standard channels are empty, although there are more than 10,000 subscribers on Facebook. Such a weak promotion of the ICO is reflected by very modest sales; less than 1% of the total volume of emissions allocated for the first stage has been sold. Moreover, no more funds have been allocated for further marketing activities, except for the modest bounty program.

Competitive Advantages of the Project

The Cryptum project has no direct competitors, and we do not know any similar projects which are conducting ICOs or intending to do so. We are not aware of any other board games dedicated to crypto-currencies. From our point of view, this is an unusual idea that can revive games of economic strategy.

However the project still has to compete with other games from the classic board game market. As the theme of the first game is quite specific and narrowly focused, there may be difficulties gaining popularity.

Risks of the Project

We would like to note several important aspects of this project:

  • Regarding the game itself - the idea will be obscure for many. People who study cryptocurrencies and are attracted to them are fairly few, and the audience that will play such games is even fewer.
  • The project describes the mechanism for the release and sale of games in the white paper, detailing existing market problems; Cryptum will also have to face the same problems.
  • The main bet is on the curiosity of the board games community, this may not be enough for successful sales.
  • The project itself, going to ICO, resembles campaigns held via Kickstarter. The ICO is poorly prepared and the project remains unknown to many, which increases the risk of its failure as a whole.
  • The described alternative income leaves questions and is difficult to predict; profit from mining depends not only on the success of production itself, but also on the methods of calculating profits, and most importantly - the very possibility of launching this part of the project, which is currently under question;
  • Sale of the game will start mid-2018 at the earliest; when it moves into profit is unknown.
  • The creators do not leave themselves a share in the project, which could be interpreted as a lack of interest in further efforts to develop the project.

Economy of the Project

The project’s economy and cash flows are very informatively depicted on the following slide:

65% of the funds raised during the ICO will go to Cryptum Games, 30% goes to the mining Project and 5% goes to Cryptumcoin.

The mining project is created in order to immediately give a return for investors, since there will be some time until other revenue starts being generated. It is intended to direct 39% of the income from mining to investors over two years, and the remaining profit from mining will be channeled into developing Cryptum Games. After two years, 100% of mining profit will go to the development of new games.

Cryptum comments on the cost of mining as follows:

«Whichever approach to mining hardware we choose at the end of the sale, mining profitability will always be a result of datacenter expenses, and the final amounts mined for a given period of time, less the corporate tax in Bulgaria and any ongoing expenses for management or additional software. Predicting exact numbers when it is possible to invest in very different setups depending on final funds raised during the ICO, is impossible even using approximations».

It is intended to pay investors 20% from the first game, and gradually bring payments up to 40% from profits for subsequent games released by this project. The rest of the profit will be reinvested in the development and sale of new games, thus increasing the turnover and scale of the business (part of the profit from mining should facilitate the speed of these processes).

This line of business is considered the main scalable one, so the success of at least one of the first 4 games planned for release is very important - otherwise there will be no further development.

The team is sensibly approaching the strategy of selling its first game and predicting a substantial profit from it (to check whether these figures are realistic is difficult for us, so we see no reason to give the calculations for the remaining games, they can be found in the white paper):

«Expected revenue and profit: We expect this game would be able to raise $250-350, 000 though a Kickstarter campaign, and average wholesale and retail sales (1000-2000 boxes). As the first game in the product line, it will suffer from being much less known until our studio gathers fans, but we also plan 4 expansions for the game that will be released through one or two campaigns, and they will inevitably lead to further sales of the base game. In addition, there is a distant possibility for us to create a second edition few years later if there is demand.»

The third line is Cryptumcoin – figures are worked superficially; the coin will be allocated only 5% of the total budget and there are no data on expected revenues. In general however, the project economy is both interesting and potentially viable. We liked the decision of the project to undergo mining, to ensure cash flow up to the time when the game line of business will come into profit. The success of the game business will depend on the first games released; by 2018 the future prospects of the project will be clearer.

Of course, there are a lot of risks for this project; we still have questions about the method by which profit will be given to token holders, about the legal status of these actions, regarding the method for calculating profits and about the fact that the team will not have a share in the project.

Investment attractiveness of the token

The Cryptum founders organize their ICO using a basic model of crowdfunding platforms: contributing funds, you receive the product being developed in the future. There are four types of formalized products: 25/35/65/100+ tokens for game packs, starting from the first planned Blockchain game and ending with any other game ever released by the company.

If you disregard the risk that the first game will not be developed at all, then its release date falls in the middle of 2018. The main profit from the gaming side of the project will arrive as late as 2019 with the success of the first 1-2-3 games (depending on the speed of their development.)

Thus, tokens will resemble securities, because the return on investments is planned to be affected essentially through the payment of dividends or a buy-back mechanism (details of this process are not described in the WP).

In the future, Cryptum offers CRT owners the opportunity to purchase Cryptumcoin [CRYC] ready for launch with a proportional bonus distribution to the already acquired token. The release of CRYC currently does not have any characteristics; It is known that it is planned to be used within the Cryptum platform for payment purposes. It is logical to assume that CRYC can be purchased for CRTM, but this is not clearly indicated.

In this case, why release tokens for the purchase of other tokens? why can’t a CRTM payment function be introduced? without such a function after the completion of the crowdsale, CRTM become exclusively a dividend story.

If you also factor in that the creators of the project themselves do not leave a share in it, and their income will not directly depend on the company profit, the investment attractiveness of the token looks even more limited. Purchase of tokens for amounts more than offered by the 4 types of formalized product (25/35/65/100 CRTM) thus does not seem to us to be appropriate, in view of the risks identified above.

The information contained in the document is for informational purposes only. ICORating received monetary compensation in the amount of $10440 from the entity rated in this report for completing the ratings report. However, the entity rated in this report did not have the opportunity to approve this rating report before the report was published, nor did the rated entity have the opportunity to edit or remove this report once it was published. The views expressed in this document are solely those of the ICORating Team, based on data obtained from open access and information that developers provided to the team through Skype, email or other means of communication. Our goal is to increase the transparency and reliability of the young ICO market and to minimize the risk of fraud. We appreciate feedback with constructive comments, suggestions and ideas on how to make the analysis more comprehensive and informative.