CoinsPaid is a crypto processing project that helps businesses pay wages with crypto and receive crypto as payment. It is a bridge between traditional finance and cryptocurrency. Max Krupyshev is the CEO of the CoinsPaid ecosystem and the CryptoProcessing payment gateway. The Ukraine-born entrepreneur entered the crypto world in 2013 and has since been involved in projects involving mining, crypto payment processing, and wallet development. This expertise has been put to good use in its ecosystem. It was designed so that businesses can easily adapt cryptocurrency payment protocols in the safest, fastest, and most secure way possible.
Tell us about CoinsPaid and how the business solves business and retail customer issues?
CoinsPaid allows merchants to accept payments in Bitcoin and over 30 other cryptocurrencies. This can save a business up to 80% in payment fees. Additionally, with crypto there is no chargeback, no sliding reserves – these are huge issues for online traders. With us, they can increase their profit margin and gain access to the 300 million crypto holders across the world.
As for individual customers, we let them pay in cryptocurrency on more than 800 sites in a very intuitive way, with a clickable payment link or a QR code.
The new DeFi suite of tools helps us deliver even more benefits to customers: for example, merchants can get discounts of up to 50% on service fees if they use the staking feature.
Tell us about the leadership of CoinsPaid and the industry partners you work with?
CoinsPaid is now the second largest crypto payment provider in the world and the fastest growing. In the last 12 months, we have grown from 300 merchants to 800. In 2021, we have already processed 4.8 billion euros of crypto, or almost 8.25 million transactions.
We are fortunate to have strategic partnerships with some of the industry’s leading funds, including Master Ventures – a billion dollar Asian venture capital fund, as well as Hard Yaka, a venture capital firm that has supported Solana, Filecoin, etc., and AU21, a venture capital firm that invests in projects built on Polygon.
How secure is the CoinsPaid platform? Can you explain the measures taken by CoinsPaid to ensure the security of the gateway and the wallets?
I’ll let the facts speak for themselves: CoinsPaid is the only crypto payment company that has successfully passed two security audits: by Kaspersky Labs and 10Guards. Kaspersky Labs, as you may know, is one of the world leaders in the field. They found no vulnerabilities in our code: the best proof of the security of the gateway.
Besides the internal security team, we work with the best blockchain risk rating services to identify suspicious transactions, “dirty” Bitcoins, etc. We immediately inform the trader of any alarm signals. Of course, we also take great care to protect the cold wallets where most of the accumulated income is stored.
With many blockchain-based cryptocurrency platforms being developed and launched every day, how does CoinsPaid stand out?
Compared to other crypto-payment providers, we offer very comprehensive fiat support, with instant crypto-fiat conversions and direct payments to bank accounts in 6 different currencies. We also have very transparent fees with no exchange rate differences. Exchanges are done through Kraken Exchange, so the prices are very competitive in the market and always up to date.
When it comes to our expansion in DeFi, we have unique expertise and traction among traditional businesses. We know what they need and we already have over 800 merchants that we can fit into this DeFi framework. We can bring CeFi and DeFi together in a way that other platforms cannot.
Tell us about DeFi and its future and how CoinsPaid is fueling the momentum after IDO.
I follow the development of the DeFi 2.0 trend, with an emphasis on protocol controlled value, owning your liquidity, liquidity flow through chains, etc. I think DeFi 2.0 will be one of the biggest trends in 2022, and we’ll incorporate its best practices when the time comes.
We are busy introducing traders to our DeFi tools, namely staking, through webinars, AMAs, tutorials, etc. We also integrate the CPD token into all of our business processes and products – for example, a trader can get an additional 25% discount. service charge if they add CPD as a payment option on their site.
Most of the trading volumes are currently in BTC. Are you seeing people switching from BTC to other cryptocurrencies anytime soon and, if so, which ones?
Average BTC transaction fees are now 10 times lower than Ethereum or ERC-20 tokens, so Bitcoin is not the worst option, but far from the best. I think as more people get into crypto they will switch to cheaper channels – for example a lot of USDT transfers already happen on TRON, and the market cap of USDT TRC -20 is now $ 38 billion. Stablecoins on new blockchains have a great future for payments, as do native assets like SOL, AVAX, FTM, etc.
If the majority of transactions were in cryptocurrencies other than BTC, would that make KYC / AML reporting requirements more or less difficult for CoinsPaid?
Not really. We already support over 30 cryptocurrencies, so adding a few more wouldn’t be a problem. Our own compliance team can handle this. Of course, we would have more follow-up to do across different chains to identify suspicious transactions. But even if the retail industry switches to new cryptos, criminals will still use BTC because it’s the only crypto they can cash in through shady OTCs. So money laundering and other criminal activity won’t involve assets on new blockchains, so AML checks shouldn’t be a big deal either.
We all know how dynamic the blockchain and crypto space is. Enlighten us on CoinsPaid’s future plans and what should we expect from the company in the coming days?
We are about to launch CoinsPaid Media, marketing services for merchants and partners. A new loyalty program is coming soon. On the tech site, we’re working on corporate portfolios and a DeFi dashboard, as I mentioned.
저작권자 © Korea IT Times 무단 전재 및 재배포 금지