Business & Finance

CoinPayments Founders Background and Latest Developments

CoinPayments is a cryptocurrency payment platform that is made for anyone who sells their services online. One feature that sets Coinpayments apart from other cryptocurrency payment platforms is that people can also ‘pay by name’. Apart from accepting bitcoin, the platform currently accepts many cryptocurrency types. Vastly claimed to be the largest cryptocurrency payment platform, the company’s Public Relations manager, Samir Bandali, talked to BlockPublisher about CoinPayments founders and latest developments inside the company.

Talking to BlockPublisher Samir discussed the idea behind CoinPayments and why there was a need for such a platform, he said;

‘CoinPayments was established in 2013, the founders were also the two core developers, who originally created the software for the backbone of the company. Originally they saw a need in the market to support other cryptocurrencies. A lot of other projects were getting to gain attraction at that time. They created CoinPayments for people and businesses to be able to transact with alt coins in the e-commerce environment. CoinPayments was built as essentially the back bone support system for the altcoin industry. They original thought with CoinPayments was to create a simplified platform to use in e-commerce through shopping cart plugins and for one simplified place to store all of your coins securely’. ‘Back in 2013, every coin had to have a different wallet or a desktop wallet. It was very complicated to store multiple coins at one place. So CoinPayments was an easy place to store and use those coins in the real world’.

When asked about CoinPayments founders background, Samir said;

‘About six months after launching CoinPayments, the platform started to pick up attention and people from all over the world started using it. At that time, the original founders reached the degree where they could no longer support it from a business point of view as it was getting too big and the current Director and CEO of the company, Alex Alexandrov was one of the first people actually using CoinPayments as well’.

Launched in 2011, Litecoin price history is rich and as Litecoin wallet is considered among the very first in the crypto market since back then, every cryptocurrency used to had its own wallet. Samir told BlockPublisher that Coinpayments Director and CEO, Alex Alexandrov use to mine Litecoin and other cryptocurrencies before purchasing the platform, Samir stated;

‘Alex was a miner and he used to mine Litecoin and a variety of other cryptocurrencies as well while using CoinPayments to purchase cables from a manufacturer in China. CoinPayments founders were considering shutting it down as crypto restrictions were coming down hard in their jurisdiction and they were undecided on the future. They were either going to leave it or shutdown the platform but Alex found out about this and he made an offer which they accepted. Alex purchased the platform under the condition that the two would stay on with the company’.

‘Alex was mining at that time and he had been in to computers for a very long time since childhood. He had been coding and building computers from the engineering side of things and he got his start in the penetration testing world. He was very involved with finding ways around things, innovation and new ways to connect. Alex invested the seed money and believed in the idea and moved forward’.

Samir also talked about how focused Alex is in raising funding and finding strategic partners for CoinPayments and said;

‘Alex is currently traveling extensively, he’s focused on our global expansion and scaling the business up, and meeting with our international partners. He is also very involved with directing our technical developments, leading our tech team with our CTO, constantly finding new features to add to the platforms to make it better for our users. For example, right now, CoinPayments is just a digital wallet and payment software solution. We provide software that allows businesses to transact with crypto in a simple and seamless manner and we provide multi-cryptocurrency web wallet. Alex is looking into expanding the business into a more full service solution for crypto allowing for actual cryptocurrency conversion features on platform as well as potential acquiring and settlement features. Working on setting up international banking infrastructure for these types of developments. He is traveling the world looking for Strategic Partners and Investors right now to basically do our first real fundraising round’.

‘CoinPayments has been all organically built for the last six years since inception. All of the money the company has made has circulated back in to fuel the growth and expansion through various marketing initiatives and technical growth. But we have kind of reached this tipping point today. We have over a thousand coins supported and have over 2.5 million users. We have presence in one hundred and eighty two countries. It’s going to require some really big investment and some serious strategic partners to take us to the next level. We are building out a whole new UI, UX in order to simplify the crypto experience for the mainstream user. We believe that there is no real crypto platform out there right now that is providing a true simplistic non-intimidating solution for people that are looking to get into crypto from not having crypto ever. We’re looking to build out a platform that’ll make it just really easy and simple to use for the average person’.

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Hassaan Malik

Co-founder of BlockPublisher, Hassaan is a technologist at heart with a keen interest in blockchain. Email: hassaan@blockpublisher.com

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