The year 2020 became a watershed moment for cryptocurrencies; when most global economy sectors were suffering from the COVID-19 consequences, the cryptocurrency industry managed to emerge from its crypto winter. For the first time in three years, bitcoin overcame the $20 000 barrier, and in January 2021, it set a new all-time high at the level of $41 240.
Year after year, bitcoin proves itself as the leading investment in terms of profitability. And in general, cryptocurrencies interest people mostly as an investment tool with the potential to generate profit fast. Yet real cryptocurrency adoption is only possible when it will become one of the full-fledged means of payment.
Payments in cryptocurrencies as a global trend
The majority of businesses are ready to accept payments in cryptocurrencies as long as it does not breach local regulations. By accepting digital currencies, it businesses themselves apart from the competition and, in many cases, can use this payment feature as free advertisement.
Over the last years, the e-commerce sector has become one of the fastest-growing sectors in the global economy, while the pandemic and nation-wide lockdowns were drivers for its further development. Today cryptocurrencies are accepted by tech giants like Amazon, OverStock, OpenSea, Microsoft, Shopify, Openbazaar, FLOGmall, and others.
When deciding on whether to accept cryptocurrencies, the first question that businesses face is how not to lose money due to the high volatility of cryptocurrencies. After all, the value of a cryptocurrency can fluctuate even within an hour, not to mention a working day. And this is exactly the problem that special services, named crypto processing, solve.
Crypto processing is a ready-to-go solution for accepting crypto-fiat payments. Key consumers for such services include international online shops, airline companies, top educational institutions, the game industry, gaming apps, and others.
Cryptoprocessing.com by CoinsPaid
One of the crypto processing industry leaders, a company called CoinsPaid, processes more than 3% of all transactions in bitcoin. In 2020, the Cryptoprocessing.com service, which is a part of the CoinsPaid ecosystem, has increased the number of processed transactions fivefold compared to 2019.
Cryptoprocessing.com accepts payments in more than 30 cryptocurrencies (among which BTC, BCH, LTC, ETH, ETC, NEO, ADA, DOGE, USDT) and ERC20 tokens by automatically converting them to fiat currencies. In the moment of conversion, a client exchanges cryptocurrencies at the most favorable exchange rate. Moreover, Cryptoprocessing by CoinsPaid stands out since its commissions are much lower in comparison with traditional payment systems.
CoinsPaid’s ecosystem includes the crypto processing service CryptoProcessing.com, a cryptocurrency exchange, an OTC-platform, and a hot wallet service. Last year, the security of Cryptoprocessing.com was confirmed by “Kaspersky Lab” and the independent team of white hackers 10Guards. All transactions going through CoinsPaid gateway are monitored, and the system detects any coins that have a connection with mixers, darknet, or other shady paths.
New CoinsPaid features in 2021
CoinsPaid sees its vision in constant improvement. In the previous year, the company has introduced a lot of new functions and updates. For example, Cryptoprocessing.com users were released from paying commission to miners for the transactions in bitcoin. Now, deposits in bitcoins are credited to the account instantly without waiting for the block validation.
The company also improved payment processes for different types of invoices and introduced flexible rates to suit clients with different revenues. The service was integrated with Praxis, Devcode, and Betconstruct. Another important milestone for CoinsPaid was the newly established partnerships with some gambling platforms that allowed the service to reach new transactional volumes.
The key vision for CoinsPaid in 2021 is to become a data-driven company. In a data-driven approach to management, all decisions are based on data analysis instead of intuition or personal experience. CoinsPaid analyses data as consumer behavior, speed of transaction, error reports, reviews, feedback, and hundreds of different metrics.
Based on the deep analysis of big data, the company makes decisions concerning development, launches, and new product promotions. Services are tailored for clients and improved based on the clients’ feedback. A thorough code assessment and coherence of its blocks allow the company to keep software at the highest level and guarantee security for its users, which is critical in the payment industry.
White Label solution by CoinsPaid
Another CoinsPaid’s goal for the current year is to automate its White Label solution. It is an out-of-the-box solution for crypto processing businesses that work within their brands. CoinsPaid helps these companies to configure the payment gateway.
Currently, the configuration takes about a month, but in 20201 CoinsPaid aims to reduce it to a week. The White Label solution is tailored for the development of brands and client businesses. The company also gets a ready-to-go technical solution from a service with a solid track record in processing payments.
White Label solution consists of two integrated systems for fraud detection, legal and compliance support, support in getting a license, and settling bank accounts. In addition, clients get marketing support, which includes a consultation on the most effective marketing and PR strategies and the technical infrastructure tailored to the client’s business needs with timely updates.
CoinsPaid plans to create a universal Wallet for operating within the whole ecosystem, further develop B2C lines of business, and make services 100% accessible for clients. With the new opportunities of 2021, the company continues to work on strategic partnerships to expand to new markets with an end goal of making crypto processing and cryptocurrencies more accessible for all citizens of the world.
Disclaimer: This article is a paid post and must not be considered as news/advice.