LCB Exclusive Interview: CoinsPaid [Payment Processor] CEO, Max Krupyshev, Talks Business and “Crypto as a Payment Method”

CoinsPaid offers processing services for cryptocurrency as a main source of its business. With bitcoin and other types of virtual currency becoming the norm, we took the opportunity to reach out to them and get some insider information. In this exclusive interview with Max Krupyshev, CEO of CoinsPaid, he discusses how the business works, the types of virtual currency supported, signing up new clients and much more. This payment gateway is at the top of their game and climbing. Without further ado, let’s get into the interview.

Q: Let’s begin with an overview of CoinsPaid and how it works.

A: We are a technology company. We have a solid cryptocurrency foundation and building business services around it. Main business case for today's Coinspaid is Crypto processing, I like to call it "crypto as a payment method". Flows are simple, our clients accept payments in crypto from users, we immediately convert it to the hard currency of their choice and land it to the client's bank account.

Q: Is the company focused on iGaming or do you serve other markets?

A: iGaming is the market that we know best. Our appetite lies far beyond just processing in iGaming, but we’re taking this step by step. Gaming is definitely our focus for 2019. We have some very gaming oriented features to be released very soon, which we believe will sweeten our offer and help us win.

Q: Can you explain the company’s philosophy of “first things first”?

A: Our philosophy is "be the best in what you do" (smiling). We believe that constant attention to details and a step by step approach is what makes our product and business prosper.

Q: Which cryptocurrencies do you support?

A: We have the popular ones BTC, LTC, BCH, DASH, ADA, ETH, ETC, DOGE, NEO, XMR, XRP, ZEC, USDT and ERC20 tokens. The rest of the merchants can still accept via our Crypto to Crypto exchange, so client can pretty much accept everything. Right now we only offer exchange to EUR, but we do plan to expand this offering as well.

Q: How many partners do you currently work with?

A: We have 6 strong partners and over 100 business clients. This is a very good start, I would say. I am very confident and happy to have such a team, partners and investors.

Q: What’s involved in establishing a new partnership from a technical standpoint? Is it a quick process?

A: Partners are organisations where we can reach synergies together. In some cases, it does not require the technical side. Clients always go via the same process they are familiar with - KYC, paperwork, API integration. All in all, it takes an average of 2 weeks, depending on the client's compliance, legal and tech team.

Q: CoinsPaid was present at Ice London this year. Have you been in attendance in previous years and what is the experience like for your team?

A: ICE is always great. It’s a good chance to achieve many things: PR, Sales, Networking and just a good chance to meet your friends/clients/partners. There are not so many decent events like ICE, hats off to the organisers.
I was at ICE in 2017 and 2018. I had to skip 2019, but our team was present there. Feedback was great, we managed to close a few deals immediately after!