Estonian Crypto Payment Processor CoinsPaid Claims A Strong Growth (Again) Without Providing Details!

tamir
Mon, 03 Jul 2023 06:38:15 +0000
Crypto Payments, ticker, A R Merkeleon, Alexander Horst Riedinger, Andrei Koposov, CoinsPaid, Cryptoprocessing, Dream Finance, Frederic Georges Hubin, Max Krupyshev, Skylock Investments

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. 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. 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, which is 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 CoinsPaid

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,
Twitter

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)

Share Information

If you have any information about CoinsPaid, its operators, and its partners, please let us know via our whistleblower system, Whistle42.