Using cryptocurrencies as a way to innovate payment operations is an idea that has been going around the global finance market for a number of years now. There are many fintech companies out there who are busy developing solutions to do just that.
One of the more outstanding companies in this regard is CoinsPaid, a crypto payment processing ecosystem that provides tools for the smooth integration of cryptocurrencies into business and everyday life. With over eight years in the market, CoinsPaid has a global presence across 15 countries and an estimated 10 million end users. At present time the company is actively targeting the luxury and travel sectors as crypto payments are becoming a prominent trend in these .
In an exclusive interview with Hackernoon,
Mr. Kuzin, can you briefly tell us about yourself? How did your journey in blockchain and crypto begin? And how did you become a part of CoinsPaid?
I am a marketing expert who has spent the last ten years developing and promoting projects in the fields of IT and fintech. At first, I worked on projects that involved the creation of websites and mobile applications, then gradually moved on to more complex high-tech services. I also created and managed companies that operated in the fields of digital advertising and online events.
Around 2017-2018 the rising popularity of blockchain technology attracted my attention, and I shifted my focus to the emerging crypto market. It was also around this time that CoinsPaid reached out to me. After getting to know the company’s heads and hearing their vision, I decided to jump on this train.
Today I am the CMO of CoinsPaid, responsible for devising the company’s marketing strategies, developing our brand, and promoting ours.
Could you please tell us more about CoinsPaid, its launch, history, and mission? How do you differ from your main competitors?
CoinsPaid is a leading global crypto payment ecosystem that sets the goal of promoting the usage of cryptocurrencies as a payment medium across any number of industries.
To this end, we offer a variety of solutions that target different audiences, with a focus on the B2B (business-to-business) audience. Our products allow both individual clients and enterprises to smoothly integrate cryptocurrencies into their day-to-day.
We originally launched eight years ago as an internal product of the SOFTSWISS group. Since then CoinsPaid has become a platform leveraged by 800+ merchants worldwide, counting over 10M end users.
CoinsPaid’s payment gateway processes about 8% of global on-chain Bitcoin transactions. Since the company's inception, we have handled a total of 41 million transactions worth €23 billion.
Are there any specific industries or business types that CoinsPaid caters to? How do you tailor your services to their needs?
Our primary client base is comprised of businesses that onboard large pools of customers. These can be marketplaces, service aggregators, or payment service providers. Such businesses can make use of CoinsPaid’s CryptoProcessing.com to accept crypto payments easily.
We are also actively establishing partnerships with large businesses and market giants, as the acceptance of crypto by such major players can further boost its adoption on a global scale.
Additionally, we are collaborating with companies that operate in the luxury and travel industries. While these may not at first seem like the obvious sectors to show interest in crypto payments, we are already seeing proof to the contrary. There are studies that point out travel as the industry that welcomes cryptocurrencies the most. And since the latter half of 2022, there's been plenty of crypto adoption cases among such companies. Furthermore, we have plans to work with real estate and IT businesses.
The main product of CoinsPaid is CryptoProcessing.com. Could you please tell us more about it? Can you share any success stories or case studies of businesses that have integrated your services and achieved positive?
CryptoProcessing.com is, as the name implies, a processing solution that allows companies to accept cryptocurrencies as a form of payment and convert them into fiat.
The payment gateway allows onboarding payment operations in over 20 most popular cryptocurrencies and best suits businesses that accept payments frequently and in large volumes. It also works well for stores whose customers have unique accounts or identifiers in the system — for example, a personal account in an advertising service.
One of our recent cases of successfully integrating CryptoProcessing.com with another business would be Mirai Flights – a company that provides private charter services in Europe and the Middle East. Establishing a partnership between our two companies enabled Mirai Flights’ customers to book their flights using crypto. After adopting our solution, the company’s revenue increased by 30%.
Can you explain the process of onboarding a new business to the CoinsPaid platform? Is it a complex integration?
CoinsPaid enables its clients to incorporate CryptoProcessing.com into their platforms through API. Doing so makes it possible to customize the process and integrate the software solution into the existing UI for a more seamless customer experience. From there, all the client has to do is set up a payment once, and after that, the whole process will work automatically.
CryptoProcessing has a test account, free connection, and zero commissions in the first month, allowing the client to test out how everything works before making the final decision on whether or not to onboard the solution.
CoinsPaid’s team will walk the client through all the steps in setting the gateway up, so you don’t need to be a crypto/blockchain expert for this. In addition, training materials and a personal manager are also provided for quicker integration of the product.
From a merchant’s perspective, what are the key benefits of implementing CoinsPaid’s crypto payment gateway?*
There are a number of benefits that merchants can gain access to by integrating crypto payments. The first and most obvious one is global reach and access to a new customer base. Not only can merchants accept payments globally without the need for currency conversions, but this can also attract tech-savvy customers who prefer to use digital currencies over traditional payment.
Another big advantage to consider here is faster transactions, as some cryptocurrencies can settle instantly and have lower fees compared to traditional payment methods. All of this can result in great cost savings for merchants, sometimes allowing them to reduce commissions for receiving payments by up to 80%.
To give a practical example, when working with classic banks, a merchant would have to wait up to 5 working days to see a payment processed.
Whereas with cryptocurrencies, transactions can be settled much faster, with some being near-instant. An additional advantage here is that should you want to withdraw your funds, 24/7 withdrawal is available when working with crypto. On the other hand, withdrawals from bank accounts can only be made during business days, meaning that, depending on your timing, you’d have to wait over weekends or holidays.
By integrating our solution, CoinsPaid's team handles all the technical aspects of onboarding crypto payments, so that businesses don’t have to spend too much of their time trying to get everything operational themselves. We make paying with crypto as simple as paying with credit cards that everyone is used to today.
Not only that, but we do not make use of rolling reserves and chargebacks. Since crypto transactions are irreversible, it reduces the risk of fraud and provides certainty for merchants on the payment received, thus removing the need for such policies.
What are CoinsPaid's future plans? Are there any upcoming features or enhancements businesses can look forward to?
Aside from CryptoProcessing.com, we have a number of other solutions, all of which we intend to unify within the framework of a single comprehensive ecosystem. Beyond that, we have made the decision to put greater emphasis on catering to the needs of the B2B sector in 2023, enabling more businesses to adopt crypto payments in their operations.
In terms of regional expansion of our services, Estonia is a region that we are paying a lot of attention to, as we believe it is going to become one of the more prominent crypto hubs in the Baltic region and Europe overall. To this end, we look to bolster our presence in the country.
How do you view the current state of the crypto industry and its potential impact on businesses considering implementing crypto payment solutions? Where do you see crypto payments adoption going in the next 3-5 years?
As far as the wider crypto ecosystem is concerned, we expect that crypto adoption will grow exponentially, as there are many avenues for cryptocurrencies to be used in settlements. The use cases we see today mainly revolve around the luxury sector, but it is through this “window” that I believe crypto stands to gain broader recognition and expand to other industries.
There are plenty of surveys out there by now that indicate how many merchants believe digital asset payments will become commonplace within the next 5 years or so . More than a few of them consider it a high priority to adopt crypto payments in some shape or form before 2023 is out.
And while there are still challenges that need to be overcome before crypto payments can truly become a commonplace reality, the promise is simply too good for businesses to let go of easily.