CoinsPaid Processed a Record of $824 Million in October Amid a General Move to Crypto Payments
Tallinn, Estonia--(Newsfile Corp. - November 11, 2021) - While PayPal, Stripe, and PayTM plan new crypto integrations, major cryptocurrency payment gateways are seeing a surge in volume. In particular, CoinsPaid, one of the largest providers with 800+merchants, registered a 126% increase in transaction volume in October - the month when the company was also nominated for AIBC Awards as Payment Provider of the Year for the second year in a row.
As BTC skyrocketed to a new ATH and the SEC finally greenlighted the first two Bitcoin ETFs, traditional financial businesses have once again turned their attention to crypto. Among the noteworthy events of September and October:
- Stripe is assembling a new crypto team, three years after ending support for Bitcoin;
- PayPal now offers crypto buying and trading to its UK users;
- The CFO of PayTM, India's largest payment platform with over 300 million users, hinted at the plans to support crypto if the regulators allow it;
- Senator Ted Cruz submitted a proposal to allow crypto payments in restaurants and other venues within the Capitol Complex.
Bitcoin Payments' Popularity Indicates a Wider Adoption, According to CoinsPaid CEO
Is this yet another hype period, like what was seen in 2017, or is legacy finance really ready to embrace crypto this time? Max Krupyshev, CEO of CoinsPaid, believes that it's the latter:
'The spread of crypto payments is a good gauge of mass adoption - because if cryptocurrency is truly a new form of money, and not just an investment asset, then people should use it in their everyday life.
We are indeed seeing an immense increase in payment volumes - for our Cryptoprocessing product alone, the transaction volume has seen double-digit growth every month in 2021. Instead of simply cashing out their gains, people are actively switching to paying in crypto. They enjoy the near-universal acceptance rate and privacy.'
Crypto Transaction Volume up By 400% in 2021
Indeed, October 2021 was yet another record month for CoinsPaid and its Cryptoprocessing gateway. The company registered a volume of $824 million, up 126% from September and a whopping 400% up from January. The overall payment volume in 2021 has reached $4.6 billion.
According to CEO Max Krupyshev, the triggers behind this impressive performance were manifold:
- Growing adoption of crypto payments, especially among businesses considered high-risk;
- Merchants eager to save up to 80% in payment costs (since there are virtually no acquiring fees, no chargebacks and no rolling reserves);
- Transparent fee structure without exchange rate gaps;
- Saving on mining fees thanks to efficient transaction grouping;
- Fiat settlements directly to a bank account;
- Instant BTC, ETH, and BCH transactions;
- Proven security (audited by Kaspersky Labs and 10Guards);
- Vast selection of currencies (BTC, ETH, LTC, DOGE, USDT, BCH, USDC, etc.).
- Launch of several new invoicing options (channels, invoices, and Plug-and-Pay).
CoinsPaid shortlisted as AIBC Awards Payment Provider of the Year
The success of Cryptoprocessing didn't pass unnoticed by the industry: the platform has just been nominated for the prestigious AIBC award as Payment Provider of the Year for the second year in a row, together with such well-known players as BitPay and Cryptopay. The winner will be announced at the AIBC Summit on Malta on November 16.
The team is confident that the award-winning streak will continue. Indeed, Cryptoprocessing has a lot going for it in terms of both the variety of offerings for merchants and convenience for end users.
What's in Store for Crypto Payments In 2022?
The approval of the first Bitcoin ETF and the launch of crypto support on PayPal were arguably the two key turning points on the way to legitimizing crypto in the eyes of financial institutions and regular e-money users. Thanks to companies like PayPal and Stripe (if it does indeed go back to supporting Bitcoin), millions of new users will be encouraged to try paying in cryptocurrency.
Under these conditions, major payment providers like CoinsPaid will thrive. While the company already has over 800 merchants in its portfolio, there are hundreds of thousands of businesses that have yet to realize that they can save up to 80% in payment fees if they start accepting BTC, ETH etc. It remains to be seen if another bear market occurs in 2022 - but the crypto payment industry will likely continue its rise.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/103027