By Gela Megeneishvili
While cryptocurrency continues its rapid growth in popularity, companies are quickly adapting and implementing innovative payment methods. CoinsPaid unites multiple products that guide companies and individuals through the world of cryptocurrency and offers a wallet whose security and speed surpass many competitive brands. The Financial reached out to George Paliani, CoinsPaid Media CEO, to discuss the company’s activities and among other eye-opening topics.
Q. What products does CoinsPaid offer its clients?
A. CoinsPaid has developed an all-round ecosystem that allows businesses to fully leverage cryptocurrencies in their business models. We enable customers to operate worldwide, decrease costs and reach new markets while using our reliable crypto processing services and wallets. While CoinsPaid does indeed provide solutions for individuals, its main focus is to serve the B2B market. The industries we enable include iGaming, PSP companies, esports, e-commerce, the entertainment industry and others.
Currently, we are the world’s number one crypto processor with regard to the volume of iGaming transactions — we’re proud of this achievement. We provide crypto processing, B2B and B2C wallets, retail wallets (still in beta), OTC desk, SaaS solution, token integration, transactions and much more. We also released our CPD utility token that is used for internal crypto operations and client incentives. It unites all CoinsPaid products and projects.
Q. How many users does CoinsPaid have worldwide? How do your financial figures stand in 2022?
A. Based on the latest report, we can count over 800 companies as our clients who handle their transactions via our crypto processing solutions. In 2021, we had over 9 million transactions worth more than $6 billion, which is three times more than in 2020 and six times more than 2019. In addition, we also carry out more than 7% of all Bitcoin transactions worldwide. As for CPD tokens, there are over 1300 token holders globally on all three chains that we operate.
Q. What are the advantages of paying with cryptocurrency and using the CoinsPaid wallet?
A. The first advantage is international reach. This is especially important for businesses that operate in multiple markets. When using crypto, these companies don’t need to connect to various payment systems in the respective countries. It’s groundbreaking: Any user from any country can make payments using cryptocurrency, which presents an unbeatable opportunity to increase the number of merchants. Secondly, there are no limits in regards to the number of transactions, as is the case for bank transfers. Clients can receive and send any amount of crypto. We don’t believe in enforcing caps. Thirdly, crypto payments have an excellent transaction speed. The need to wait for several banking days for the money to be credited to an account is eradicated; it takes only a few minutes, or even seconds, for transactions to go through.
Q. What are the commissions for managing accounts on CoinsPaid and how does it compare to the industry standard?
A. We offer a very generous deal. Customers pay a small percentage that is clearly stated in the commercial offer. At CoinsPaid, we believe in transparency, meaning clients get what they see. There are no extra fees for integration or maintenance. During the partnership, we work with clients individually and offer better conditions on commissions for larger holdings. For a large number of transactions, the commission less than 1%, and we are proud to offer competitive conditions that make us stand out on the market.
Q. How do you think the pandemic has contributed to the growth of CoinsPaid and the phenomenon of cryptocurrency in general?
A. The pandemic has changed the world, which means we were required to develop and adopt new solutions to work with the new reality. World has switched from cash to bank cards, then to complex payments, with cryptocurrencies being the next evolutionary step. Interest in cryptocurrencies is growing. According to crypto.com, the number of crypto users has almost doubled and amounted to 222 million from February to March 2021. At the same time, the number of Bitcoin holders decreased from 63% to 51%, while the percentage of other cryptocurrencies’ owners grew from 35% to almost 50%. The world is moving from centralized fintech towards an independent and promising decentralized one.
The industry as a whole is adding more development opportunities, such as the mass adoption of tokens, NFTs, metaverses and so on. Currently, there is a tug-of-war between the crypto market and regulators. Many countries try to centralize cryptocurrency circulation. For instance, China has been testing the digital yuan since 2020, and in 2021 France, Russia, Venezuela, South Korea and other countries began introducing their digital currencies. It is interesting to see how regulations will affect cryptocurrencies in Georgia and worldwide.
Q. How secure are the user data and payments on the CoinsPaid wallet? What is the technology used?
A. We understand the essence of security. I would like to mention that we have an Estonian license and have also created such an ecosystem that shows our clients all the steps we take towards creating secure solutions.
All our products are designed with the philosophy of asking ourselves what we can do to make our funds even more secure? CoinsPaid is a cloud-based crypto processing system audited and approved by the best security supervisor companies, such as 10guards. In 2019, we were one of the first companies to pass the Kaspersky labs audit, highlighting our commitment to cybersecurity.
Q. How does a crypto wallet compare to the traditional account at the bank? What are the differences?
A. Using a crypto wallet is more convenient to receive and conduct transactions in crypto. The wallet also includes a bank account and enables clients to withdraw funds. In the crypto wallet, clients can initiate invoices and operate as a standard business with all the included features. The distinctive characteristics of using our crypto wallet are the speed of transactions and no commission to the banks for many types of international payments.
Q. What are the advantages of blockchain technology compared to the traditional banking system?
A. Decentralized finance uses emerging technology to remove third parties such as banks from transactions. As mentioned earlier, this gives businesses many advantages, such as increased transaction speeds and the opportunity to buy goods, like real estate or other commodities, in a fast, efficient and secure way. Moreover, no approval is needed for banks or any international organizations as it gives you access to your own money. Crypto is the future currency. More and more businesses conduct transactions with digital assets worldwide, and the trend keeps on growing.
Q. What are the five most used cryptocurrencies at CoinsPaid?
A. The top five most used cryptocurrencies at CoinsPaid are Bitcoin, Tether, Litecoin, Bitcoin Cash, Cardano and Ethereum.