Cryptoprocessing by CoinsPaid. An interview with George Paliani, Head of Growth.
When was Cryptoprocessing.com by Coinspaid founded?
Cryptoprocessing by CoinsPaid is a sub-brand of CoinsPaid and a B2B payment service provider. The idea dates back to 2014 as software for cryptocurrency exchange. In 2019 when CEO Max Krupyshev came on board, we started to update the existing software to serve online business payment needs. Now Crypto processing by CoinsPaid provides companies with an API. It eliminates the difficulties of integrating cryptocurrencies as a payment method for goods and services. The merchant gets an instant payment method where the exchange rate is fixed at the time of completion.
What are the results so far?
In less than two years, we:
- process over 3% of total Bitcoin transactions
- have 7+ transactions every minute on average
- hold #1 spot in cryptocurrency transactions for the iGaming industry.
Which regions do you primarily focus on and how the crypto processing map has evolved?
Now we are a distributed team, so are most of our clients. Company setup often differs from the location of the actual offices, and customers are truly global. We have a strong clientele in the EU, some of our big clients come from Asia, LatAm, and even the CIS. We still are conquering new markets, and this year our presence in Africa is also becoming visible on the market.
How did the pandemic affect Сryptoprocessing.com and overall crypto market confidence?
To our pleasure, our business was positively affected by the pandemic. Online entertainment went through the roof. That brought us new businesses onboard. Our team got more time to concentrate on work since we switched to a remote working model. The crypto space gained more visibility while the world’s economies shook; this drew more attention to our services.
Which new industries are coming on board and start using crypto processing?
Not so much changed recently. The market structure is stable. We saw a major interest in adoption from esports companies, and more businesses switched to cryptocurrency while paying their supplier or getting paid by partners.
What’s the main industry challenge at the moment?
The main challenge is the lack of trust in the traditional financial industry. Banks and payment solutions see cryptocurrency as a high-risk client. However, blockchain is much more transparent and clear in fighting Money Laundering and Terrorist Financing than private banks and credit card schemes. Hopefully, the EU will soon release their Virtual Asset regulation, and things get easier for us.