Exclusive Interview | Max Krupyshev, CEO of CoinsPaid: Gateway from Traditional Finance to Cryptocurrency

CoinsPaid is a crypto processing project that helps companies pay salaries with crypto and receive crypto as payment. It is a gateway from traditional finance to cryptocurrency. Max Krupyshev is the CEO of CoinsPaid ecosystem and CryptoProcessing payment gateway. The Ukraine-born entrepreneur entered the world of crypto in 2013 and has since been involved in projects surrounding mining, crypto payment processing, and wallet development. This expertise has been put to good use in his ecosystem. It has been designed so that businesses can easily adapt cryptocurrency payment protocols in the safest, fastest, and most secure manner possible.

Max Krupyshev
Max Krupyshev

 

Tell us about CoinsPaid and how the company solves business as well as retail clients related problems?

CoinsPaid allows merchants to accept payments in Bitcoin and 30+ other cryptocurrencies. This can save a business up to 80% in payment costs. Plus, with crypto there are no chargebacks, no rolling reserves – these are huge pain points for online merchants. With us, they can increase the profit margin and access the 300 million crypto holders across the globe.
As for retail clients, we let them pay with cryptocurrency on 800+ sites in a very intuitive way, with a clickable payment link or QR code.

The new suite of DeFi tools helps us provide even more benefits to clients: 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 that you are working with?

CoinsPaid is now the world’s second-largest crypto payment provider and the fastest-growing one. In the last 12 months, we’ve gone from serving 300 merchants to 800. In 2021, we’ve already processed 4.8 billion euro worth of crypto, or almost 8.25  million transactions.

We are lucky to have strategic partnerships with some of the leading funds in the industry, including Master Ventures – a billion-dollar Asian venture fund, as well is Hard Yaka, a venture firm that backed 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 what measures CoinsPaid takes to ensure the safety of the gateway and the wallets?

I’ll let facts speak for themselves: CoinsPaid is the only crypto payment company that successfully passed two security audits: by Kaspersky Labs and 10Guards. Kaspersky Labs, as you may know, is one of the global leaders in the field. They found no vulnerabilities in our code: the best proof of the gateway’s security.

Apart from the in-house security team, we work with the best blockchain risk scoring services to identify suspicious transactions, ‘dirty’ Bitcoins, etc. We immediately inform the merchant of any red flags. Of course, we also take utmost care to protect the cold wallets where most of the accumulated revenue is stored.

With many blockchain-based cryptocurrency platforms being developed and launched every day, how is CoinsPaid keeping itself distinctive?

Compared to other crypto payment providers, we offer very comprehensive fiat support, with instant crypto-fiat conversions and direct settlements to bank accounts in 6 different currencies. We also have very transparent fees with no exchange rate gaps. Exchanges are made through Kraken exchange, so rates are very market competitive and always up to date.

In terms of our expansion into DeFi, we have unique expertise and traction among legacy businesses. We know what they need and we already have 800+ merchants that we can integrate into this DeFi framework. We can bring together CeFi and DeFi in a way that other platforms can’t.

Talk to us about DeFi and its future and how CoinsPaid is fueling the momentum after the IDO.

I’m following the development of the DeFi 2.0 trend, with its focus on protocol-controlled value, owning your liquidity, flow of liquidity across chains, etc. I think DeFi 2.0 will be one of the top trends in 2022, and we’ll incorporate its best practices when the time comes.
We are busy introducing merchants to our DeFi tools, namely staking, through webinars, AMAs, tutorials, etc. We’re also integrating the CPD token into all our business processes and products – for example, a merchant can get an extra 25% off service fees if they add CPD as a payment option on their site.

Most trade volume is in BTC right now. Do you see people moving from BTC to other cryptocurrencies anytime soon, and, if so, which ones?

The average BTC transaction fee is now 10 times lower than that of Ethereum or ERC-20 tokens, so Bitcoin isn’t the worst option – but far from the best. I do think that as more people enter crypto, they will switch to cheaper chains – for example, a big chunk of USDT transfers already happens on TRON, and the market cap of USDT TRC-20 is now $38 billion. Stablecoins on new blockchains have a big future for payments, and so do native assets like SOL, AVAX, FTM, etc.

If the majority of transactions occurred in cryptocurrencies other than BTC, would it make KYC/AML reporting requirements more or less difficult for CoinsPaid?

Not really. We already support 30+ cryptocurrencies, so adding a few more wouldn’t be a problem. Our own compliance team can handle that. Of course, we’d have more tracking to do across different chains to identify suspicious operations. But even if retail switches to new cryptos, criminals will still use BTC, because it’s the only crypto they can cash out via shady OTCs. So money laundering and other criminal activity won’t involve assets on new blockchains, so AML controls shouldn’t be a big problem, either.

We all know how dynamic the blockchain and crypto space is. Enlighten us regarding future plans of CoinsPaid and what should we expect from the company in the coming days?

We’re 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 wallets and a DeFi dashboard, as I mentioned.
 

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