Max Krupyshev is the CEO of CoinsPaid and CryptoProcessing, two brands working together to solve payment challenges for business organizations which operate globally online.
What was the main challenge you saw as you were starting to immerse in the cryptocurrency payment service niche and iGaming industry?
I am originally from Ukraine, got into cryptocurrency in late 2013 and was interested straight away by the design and idea behind it. Over these years, I was involved in a row of projects such as Mining operations, mining pools, wallets, marketplaces, broker platforms and payment systems. The main challenge is to create a lean product and service so that users can utilize it to save time and money. This challenge is important for both Individual and corporate clients. I believe that usability is one of the key elements for this industry and technology to grow and prosper.
What do you think are the best markets for crypto iGaming? Where in the world people are playing mostly with crypto and why?
I would like to say from the start that we do not collect any non-blockchain information from our customers’ end users. Due to this we don’t really know which locations they are paying from.
I have heard that Japan has the healthiest market, European Union being the second, and LatAm is quickly growing.
What are the advantages Coinspaid over other solutions in the market currently?
We have a very rich feature set and competitive pricing. Among the most interesting ones are:
Instant confirmations (we clear cryptocurrency deposits within just few seconds) and exchange to any fiat currency or any cryptocurrency.
Wide cryptocurrency and fiat currency set.
Consumer wallet released in April 2020
Tight integration between B2C and B2B products which allow even recurrent payments.
Built-in AML engine, constantly checking all incoming transactions and instantly informing our Business clients if funds arrived from illegal sources.
How does an operator prepare itself to accept crypto?
Step one is having the option in the cashier. We try to make it as easy as possible. The only aspects in which our hands are tied are the KYC and AML processes. We do respect the latest AMLD5 rules. An operator gets papers to be signed online, we introduce our Integration team which consults the operator to make a robust user flow and that is it! Our sales flow is done.
When the client goes live, he gets introduced to an account manager who helps and consults them on how to reach new markets and try new features that we regularly deliver. Our product is fully automated when the client goes live, all reports, settlements, cold wallet auto-withdrawals, notifications about minimum balances, login logs, etc. are available in the back-office.
Flow-wise, it is pretty much getting on-boarded -> integrated -> get funds to your bank account.
Where is crypto gaming most popular, casino, sports, or poker?
I would say online casino is the main consumer. Sports betting also works amazingly with crypto. From how I see the products developing, operators usually prefer to have all three under one roof to achieve synergies between different customer preferences. But what we know for sure is that iGaming and crypto became very good friends over these years.
Give us your future prediction for the crypto iGaming market.
We need new HYPE caused by price rally. Looks like the main driver for adoption is greed. During price rally many people get into the market, start reading what they bought (funny action order, right?). Some do fall in love with the concept and find use-cases for their everyday life. By saying that, I mean more operators will consider using cryptocurrency if the user-base for cryptocurrency grows.
And a very important point is that Bitcoin is still the currency of choice for gamers. I hope users and operators will manage to move to other currencies such as LTC, BCH, BSV, ETH, or even USDT as Bitcoin blockchain historically has scaling challenges.
For now, crypto has its place in the cashiers of thousands of gaming websites and in the wallets of millions of players. These numbers slowly grow. We do expect that at some point cryptocurrency will be just a usual must-have option for operators such as cards and popular e-wallets. We have a product and service to support this expectation.