CoinsPaid is a cryptocurrency processing company based in Tallinn, Estonia and currently the world leader in its field. Its payment system helps all kinds of online businesses in Europe and Latin America to accept payments in cryptocurrencies. The cryptocurrency is instantly converted to your home currency and transferred to the merchant’s bank account.
The company’s main service, a crypto payment gateway, allows businesses to accept BTC, ETH, USDT, XRP, and 20+ other cryptocurrencies, up to 40+ national currencies at the best rates with no hidden fees. You can receive it.
With over 200 employees worldwide, the company also offers SAAS solutions, a cost-effective opportunity for businesses to launch their own cryptocurrency payment solutions. CoinsPaid customers receive a white label solution with their own brand right out of the box. The company handles all the support, so you can focus on developing your business.
Another service of the company is the “Cryptocurrency Hot Wallet System”. It is intended for business models that require a scalable and secure environment for receiving, storing and transmitting cryptocurrencies. This is essential functionality for crypto exchanges, crypto wallets, payment gateway solutions, merchant services, and other businesses with similar requirements. CoinsPaid also offers a business wallet for infrequent payments via invoices and payment links. The company also has a mass payment feature suitable for bulk payments to cryptocurrency counterparties and an OTC desk for the best prices on large trades.
The Tallinn-based company also has a tool called CoinsPaid Explorer that helps businesses monitor all off-chain transactions within the company’s ecosystem with one click and keep their reporting system organized.
We met Max Krupyshev, the Ukrainian-born, Berlin-based founder of CoinsPaid to find out more about CoinsPaid and why they are based in Estonia.
Start from Kyiv
Krupyshev’s story began in 2013 in Kyiv, the capital of Ukraine. The entrepreneur previously had a Bachelor’s degree in Physics, but he just got his Master’s degree in Business Administration, and he started hearing about the world of cryptocurrencies. “At first, what was this?
Intrigued by new technologies and possibilities, he decided to closely monitor the market with a team of like-minded people to find out which coins were the most profitable. After some research, Litecoin was chosen. Mining was done on his GPU (graphics processing unit) equipment, which was cost effective.
“We started mining and we started to understand what cryptocurrencies are and why we have mining. I started understanding crypto in 2018,” he said, and the process gave him a thorough understanding of how cryptocurrencies, blockchains, and mining work.
After seeing great potential, Krupyshev was involved in the wider adoption of cryptocurrencies and the development of the blockchain idea. “I was intrigued by the topic and was wondering who else was out there.”
In 2013, there was very little media coverage of cryptocurrencies, no podcasts, videos or articles. The Ukrainian cryptocurrency community was also poorly organized. Until Krupyshev fixed the problem.
Organizing the crypto community
He created a meetup in the park and called it Satoshi (a pseudonym or the name used by the person who developed Bitcoin) Square Kyiv. A similar meetup was held in London, where people interested in cryptocurrencies gathered in parks to drink coffee, talk about technology and share ideas. “We started in the winter, so it was pretty cold in the park during our first meetup,” he says Krupyshev.
At first, there were about eight people who were interested. “Although there are not many, all these people formed the core of the future Ukrainian crypto community. ,” he recalls.
Soon word of Kyiv’s entrepreneurial cryptocurrency enthusiasts spread abroad, and organizers of various events reached out and used their knowledge to ask for help.
In 2014, cryptocurrencies began to attract investment, but few experts were advising in this area. Krupyshev has become one of his leaders in opinion, a popular speaker at international events, and a cryptocurrency advocate.
Meanwhile, he was hired to work on Cex.io’s mining pool GHash.io. At the time Cloud he was a mining leader and managed a team of ambitious specialists. “I started working professionally in cryptocurrencies – not just as a startup – I was actually hired as an expert. It started to show up in 2018,” he says. “That’s when we came to the idea that we could use cryptocurrencies as a payment method in the ecosystem. There could be countless services.”
Creating an ecosystem
After Cex.io closed many projects within the company, Krupyshev retired, was hired by an international crypto project, and was transferred to Germany. During his three and a half years, he worked in various operations such as developing OTC desks, exchanges and wallets. “It was where ideas started to take shape. BusinessHe understood what the needs were and who the customers needed to be served.”
At the same time, one of his major clients was building a cryptocurrency project, CoinsPayd, for which Krupyshev was hired as a business developer. Shareholders immediately decided to reorganize the business with Krupyshev as CEO. That same year, CryptoProcessing.com emerged as a payment brand within his CoinsPaid.
Over the past four years, CoinsPaid has grown to become the world’s largest cryptocurrency processing company, with 1.5 million transactions per month and processing over €1 billion per month. “That’s about one transaction every three seconds for him in different cryptocurrencies,” he says.
But he’s thinking beyond that. “The challenge now is to expand the ecosystem and create synergies between different crypto products,” he said, noting that crypto-related media and educational portal Crypto Academy is included. “The idea is that we have this ecosystem of products and services that work together while adding value to each other.”
persuade governments and banks
Krupyshev admits that there was initially considerable skepticism about cryptocurrencies in many political and financial circles. “It was seen as a disruption. Of course, it had a lot of ups and downs, but now it’s been absorbed as the new normal,” he says.
“Bitcoin was heavily used to operate the darknet, so the government was divided between those who could see the future ahead and those who could see the pressing problems. There have been some governments who have said: Crypto is illegal, but others have said, “Let’s see if we can regulate it.” So we quickly started getting signals that some governments were seeing it as a new technology and an opportunity,” he explains.
“Also, new technologies may not help immediately, but they may in the future. They will hire people, and they will be taxpayers.”
Krupyshev adds that as the crypto world becomes more regulated, more traditional banks are starting to jump on the idea as well.
Advice for Estonia: keep it simple
CoinsPaid has decided to make Estonia its main hub in 2019. There are several reasons. Being located within the EU, we offer a digital residency (e-residency) where you can run your business remotely, and we are open to new technologies and solutions, and for good reason. Regulatory Framework.
Krupyshev says it is also possible in Estonia to have a dialogue with regulators. “Because the country is small, regulators have time to talk to companies to understand the business, ask questions, receive responses and analyze. I might change my mind.It’s a constant dialogue with regulators.”
He noted that Estonia has already spawned up to 10 unicorns (startups worth at least $1 billion) in traditional monetary sense, and the country could soon become the home of cryptocurrency unicorns. (Coinpaid is already considered one, he says). .
CoinsPaid currently employs a large number of people in its legal department to comply with regulations to meet regulatory requirements, but Krupyshev said it would cost the company a lot of money and they would be forced out of the company in early 2019. He said he couldn’t afford to hire him.
“Founders should be able to focus on making their projects great to solve business needs instead of making them great for regulators. We need to allow startups to start making money,” he said.
Since Krupyshev is Ukrainian, I can’t help asking how he feels about the war. Naturally, he is worried.
He is critical of many past European decisions regarding Russian energy and believes that Russia’s decision to rely on fossil fuels was wrong for several reasons.
“First, your entire energy system should not be dependent on potentially aggressive conditions, as we witnessed in Transnistria (1992-93). Georgian War (2008); Syria (2015-present); War in Ukraine since 2014 (and full-scale invasion in 2022). Russia was the largest part of the former Soviet Union and its successor.
“Second, I think it’s a crime to use fossil fuels on an industrial scale in 2022. I mean, as humanity, we’re not doing anything to bury these fuels underground in the first place – And we have no right to drill them.”
“So, logically, we shouldn’t rely on any of them,” he comments.
CoinsPaid works with a group of Ukrainian entrepreneurs to help collect cryptocurrencies to help Ukraine, exchange it into European bank accounts to buy needed supplies (medicine and food for the Armed Forces) doing. Local NGOs and the Ukrainian government distribute these products throughout Ukraine as needed.
The future of crypto
Krupyshev is optimistic and realistic about the future of the crypto world.
He estimates that the general market for cryptocurrency payments is currently worth $3 billion per month, of which CoinsPaid’s share is about a third. “The market is growing as more young people and businesses adopt this payment system,” he says, noting that this growth is also correlated with the rise of online commerce.
He believes that in the future, more major brands such as Amazon and eBay will adopt cryptocurrency payments, establishing CoinsPaid as an industry leader.
On the one hand, he predicts that “the cryptocurrency market will see not only extreme growth, but also a lot of carnage,” similar to the traditional stock market.
“But in the long run, I have no doubts about cryptocurrencies. Some say: Crypto is done. No, crypto is not. Crypto will stay and grow.” .”