Max Krupyshev is the CEO of two crypto processing companies – CoinsPaid and CryptoProcessing. The Ukraine-born entrepreneur entered the world of crypto in 2013 and has since been involved in projects surrounding mining, crypto payment processing, marketplaces, and wallet development. This expertise has been put to good use in his two companies. Both have been designed so that businesses can easily adopt cryptocurrency payment protocols in the easiest, safest, fastest, and most secure manner possible.
1. Can you tell us a little bit about CoinsPaid and what the company does?
We are the second-largest and the fastest-growing crypto payment provider in the world. CoinsPaid helps over 800 merchants accept Bitcoin and more than 30 other cryptos. We also have wallets, an OTC desk, and a SaaS platform. Now we are expanding into DeFI with a staking program for merchants and an upcoming DeFi dashboard.
2021 has been a record year for CoinsPaid in many ways. We’ve already processed $4.7 billion worth of crypto and won a Payment Provider of the Year award. 7% of all on-chain Bitcoin transactions go through CoinsPaid – it’s an amazing result.
2. What advantages and unique selling propositions does CoinsPaid have over other crypto processors?
We are completely transparent with our fees. Others often advertise a low processing fee but then slap on a hidden exchange rate commission – we don’t. CoinsPaid also offers instant conversion into fiat and settlements directly to a bank account in 6 fiat currencies – while many providers don’t support fiat at all. And of course, we are the only provider to have a token staking program: merchants can get discounts of up to 20% for Staking, and an additional 20% for paying fees in CPD, and 10% for co-marketing
3. Why did you choose the iGaming industry as a core market?
For two reasons. First, because the rate of crypto adoption in this industry is high. Second, because iGaming companies struggle with very high acquiring fees, credit card fraud, card transactions refused by banks, regulatory restrictions, and so on. Crypto is the best solution for them. Basically for CoinsPaid, iGaming provides a perfect product-market fit.
4. Do you see CoinsPaid somehow expanding into Web 3.0 markets potentially involving VR, AR, NFTs, and online Metaverses?
We are looking into it, of course. As more business startups join the metaverse and Web 3.0 space, the industry will need more structured payment flows. And we’ll be there to help all these metaverse businesses accept crypto in a secure and regulated way. But you can also look at it from another angle: the metaverse will be a huge driver of crypto adoption, so the general demand for crypto payments will increase across the board.
5. How does CoinsPaid tackle security, privacy, and encryption for payment processing and crypto storage?
We have an in-house security team that’s active 24/7, plus we work with external partners to monitor all the transactions we process to identify anything suspicious, such as ‘dirty’ Bitcoins. We notify merchants of such ‘red flags’ straight away. Our own systems, code, wallets, etc. have passed two successful security audits – by Kaspersky Labs and 10Guards. To my knowledge, no other crypto payment provider has such an audit record. And of course, the vast majority of funds are stored in cold wallets. Overall, we’ve never had a single successful security breach, exploit, or theft.
6. How is user data stored and secured in relation to AMLD 5?
CoinsPaid is registered and licensed in Estonia, so we comply with all the EU regulations concerning crypto. We have our own compliance team, so we’ve never had any trouble with the regulators.
7. Talk to us in detail about the Plug N Pay service? What is the Coinspaid Explorer and we also noticed that the company is into white label service as well?
Plug-and-Pay is one of the first solutions for recurring payments in crypto. It’s designed for the iGaming market, but it can be used by any other type of business, too. Basically, a user can instruct their wallet to top up their balance with the merchant in crypto whenever the balance goes below a certain amount. Gamers want to keep playing without having to check their account balance all the time, so I’m sure this solution will prove popular.
As for White Label, we do indeed have a SaaS solution for those who want to start a crypto payment business of their own. They can use the CoinsPaid gateway under their own brand – and with the launch of CoinsPaid Media, we will even help with marketing.
8. I am sure there’s a lot on your plate but can you tell us what are the use cases CoinsPaid is working on and how does the company place itself a few years from now?
We have big DeFi plans. CoinsPaid is in a unique position as a connecting link between crypto and traditional business, CeFI and DeFi. Merchants are getting very interested in DeFi opportunities, and CoinsPaid will be a secure gateway into this industry for them.
In a few years, I see CoinsPaid as a much bigger ecosystem that spans payments and DeFi, with thousands of merchants. If our portfolio of clients almost tripled in one year, you can imagine what we can do in three years. It’s going to be epic.