Crypto payment processor CoinsPaid operates through legal entities in Estonia, Lithuania, and El Salvador. Dream Finance OÜ, the operating entity holding a crypto license in Estonia, is controlled by Austrian entrepreneur Alexander Horst Riedinger and led by Max Krupyshev as CEO. CryptoProcessing is another brand also operated by the Estonian entity. In a new press release, CoinsPaid said that its “spring numbers” 2023 exploded again in a YoY comparison.
The Reported Numbers
In a new press release from 20 June 2023, CoinsPaid reported its numbers for Q2 2023. The company said while its number of transactions increased by 216%, the corresponding volume increased by 232%, according to the year-over-year (YOY) data. As in previous press releases, the company owes absolute figures and facts.
In a previous press release, CoinsPaid claimed to be the largest crypto payment ecosystem, which processed 34 million transactions worth €19 billion. CoinsPaid‘s payment gateway allegedly processes about 8% of global on-chain Bitcoin transactions. It processed a transaction volume of around €3 billion in Q4 2022. This would be an increase of more than 30% compared to Q4 2021. CoinsPaid claims that its payment gateway processes allegedly about 8% of global on-chain Bitcoin transactions.
The twin brand of the CoinsPaid scheme, CryptoProcessing.com, also claims to be the “#1 in crypto processing in the world by transaction volume.” So much bragging makes one a bit skeptical, doesn’t it?
Comparative Website Analysis
We looked at the Similarweb data for CoinsPaid and CryptoProcessing and found that the impressive-sounding press releases do not match the web data. In the 3 months from March to May 2023, you can see a significant drop in website visitors for CoinsPaid. While there were more than 94,000 visitors in March, this went down by almost 50% in May to less than 42,000. These are very modest numbers compared to other major crypto payment processors like Mercuryo. It is interesting to note that the top 5 countries include Russia and Ukraine (screenshot on the right).
CryptoProcessing‘s website shows an increase in website visitors at a low level during the same period. Both websites together have just 20% of the visitors that the competitor Mercuryo has. Either the average volume per transaction at CoinsPaid or CryptoProcessing is significantly higher than competitors, or the press releases have been salted too much.
Conclusion
The CoinsPaid announcement about its “spring period” 2023 results is strange. Concrete numbers are missing. Instead, only percentages are given, worthless for us without any absolute numbers. We perceive the company’s press release as not very serious. You should be careful with CoinsPaid and its twin brand CryptoProcessing.
Key Data
Trading names | CoinsPaid CryptoProcessing |
Business activity | Crypto exchange & OTC desk operator High-Risk crypto payment processor |
Domains | https://cryptoprocessing.com https://coinspaid.com |
Social media | LinkedIn, Facebook, Instagram, |
Legal entities | Dream Finance OÜ (Estonia) Dream Finance UAB (Lithuania) Dream Finance S.A. (El Salvador) A.R. Merkeleon GmbH (AT) Skylock Investments Ltd (CY) |
Jurisdictions | Estonia, Austria, Cyprus, El Salvador |
Authorization | FIU crypto license no FVT000166 |
Related individuals | Alexander Horst Riedinger, Austria (LinkedIn) Maksym Krupyshev, Ukraine (LinkedIn) Andrei Koposov, Georgia (LinkedIn) Frédéric Georges Hubin |
PayRate42 rating | Orange Compliance (profile) |
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