NewsBTC: What is coinpayments.net?
Alex Alexandrov: Coinpayments is an open and adaptive payment system where you can easily make payments using any cryptocurrency and the sellers will get what they need. We are combining cutting-edge technology to connect cryptocurrencies with legacy payment systems into a universal value processing platform based on open and democratic values.
How long have you been around?
We started as the world’s first multi-currency payment processor in August 2013 following direct response and a request from the community to support Litecoin, Peercoin and other coins with a higher market cap. We built, managed and developed the entire system, transforming it into what we are today with a small core of 5 people with little or no funding.
What are the most common services you offer?
Crypto payment processing for 55 different currencies and trustless conversion for 17. We have created easy to install plugins for 25 of the most popular ecommerce platforms such as Worpress Woocommerce, Shopify, Droopal, Open Cart, etc. list here: https://www.coinpayments.net/merchant-tools-plugins
Coinpayments is poised to ride the Altcoin wave that CEO Alex Alexandrov predicts is the future and, in fact, is already happening given the sudden rise of 2.0 and 3.0 cryptocurrencies such as Ethereum, Ripple and Maidsafe which have evolved coins to be part integral to the new generation of decentralized services that have the potential to reinvent the internet.
How many companies are currently using your services?
Our store directory has over 500 store listings; this directory is updated only by user contributions and does not include everyone. Most users sign up for our service to accept payments on their e-commerce sites or to receive donations and use our API as our system is primarily geared towards suppliers. That said, there are now 18,217 suppliers in 159 different countries.
What are the new services you have acquired?
Historically, evolutionary success has been due to a larger brain or, in the case of cryptocurrency, a larger wallet. Coinpayments has created the largest coin wallet in the world, which currently holds 55 coins but can hold 100, to accommodate the huge number of cryptocurrencies already in circulation and those yet to come. We are prepared for a non-mono-currency centric future, with an open and democratic payment platform that embraces all the currencies that the market will support.
Through a growing list of exchange partnerships and API integrations we now offer deals in CAD and USD currencies via Cointrader, Bluzelle, Coinbase and Cryptsy.
What are the most common misconceptions about your services?
Users often assume that coins with high market capitalization and daily trading volume are actually used to make payments on goods and services. However, at Coinpayments we are often able to distinguish whether or not a coin is accepted by the community or simply
pushed by stock market speculators. This is the controversy we run into for removing coins from our service after months of inactivity.
Coinpayments is considering making these statistics available to traders in the future.
What are your plans for the future?
Coinpayments is currently raising capital on BnkToTheFuture.com, the online investment platform that attracts some of the most promising FinTech, alternative finance and innovation businesses from around the world.
We hope to raise capital to further develop our coin payment platform and expand the team as the company has now secured over 18,200 merchants and processed $ 5.5 million in transactions for our customers.
Since launch, CoinPayments has exceeded the limit of $ 100,000 invested in just a few hours. I’ve always known that money doesn’t have to be that complicated. Coinpayments’ mission is to create an open and seamless payments world that works wherever you are.
You can see how the campaign plays out live here:
What would you like to see implemented?
Many charities, foundations and investment platforms restrict their acceptance of donations as they face the limitations imposed by non-evolved payment processors. Investment platforms can now accept more forms of payment than ever as this opens up the platform of accepted payment methods. Convenience, efficiency and help to humanity? This is something that Coinpayments loves to be a part of.
Is there anything else you would like to learn more about this article?
We are proud to have on board with us, BnkToTheFuture, the global online investment platform, which now uses Coinpayments. This helped them accept a cryptocurrency called StartCoin. They are now positioned for the future to use other cryptocurrencies making them the first online investment platform that allows investors to make investments using cryptocurrencies.
What do you think of cryptocurrency?
We think cryptocurrency is the logical next step in the evolution of the internet, money and global connectivity.