CoinsPaid Achievements for Q1 2022. What was done?
The first quarter of 2022 has been very productive for CoinsPaid. We achieved the main goals and improved performance in both B2C and B2B areas and continued developing our CPD utility token. What exactly has been done in each of the areas?
Global turbulence didn’t affect CoinsPaid business. Moreover, we’ve reached new records in our business. The number of transactions had x2.3 (+128%) growth, and volumes have grown by 3.6 times (+263%) compared to 2021 Q1. Also in Q1 2022 we firmly crossed the $1 billion per month mark. In B2B this direction, a new SaaS was launched in Q1, alongside new coins & tokens. In addition, the new liquidity aggregator has started working, and changes in the business logic were made. The total number of transactions exceeded 18,9 mln, and the total volume — 10.28 bln euro. Let’s look through the features we’ve launched.
We’ve created a new SaaS for one of our big customers. This is a huge project that forms an entire ecosystem with exceptional potential business value that, at this stage, includes several services:
- Cryptocurrencies processing;
- Crypto wallet;
- Casino (by SoftSwiss). The important part of this project is that casino users will be depositing their funds via wallet through Plug&Pay.
New coins & tokens
During Q1 2022, we were working hard on adding new tokens to our cryptocurrency payment gateway, and now it supports also the following tokens:
New Liquidity Aggregator
We’ve integrated a new liquidity aggregator into CryptoProcessing cryptocurrency exchanges and trades parts. It brings many benefits for our service and end-users, for example:
- Support various exchanges;
- Exchange fee decrease;
- Exchange any currency to any currency;
- Simplification and decreasing of the load on the back-end;
- Speedup of cryptocurrency exchanges;
- Decreasing manual efforts and human risks;
- Multi-hop function enabled (intermediate exchanges when direct exchange is impossible for various reasons).
B2C Direction successes
We’ve been working hard on a SaaS project for one of our customers (NDA covers the brand, so we cannot name it) that will launch soon on one of the most active cryptocurrency markets — the Turkish market. We’re happy to announce that CoinsPaid has fulfilled its obligations per the contract. We’re currently implementing additional requirements from the customer and will be glad to tell you more when we finish our work on it. CoinsPaid fixed some minor bugs to make the client’s operation more convenient (e.g. when the client opens a certain page via a link, they get this page but previously got an index one) and implemented a dark theme at backoffice. CoinsPaid also increased transaction speed and improved the functioning of applications, and also we’ve released the first SaaS project. Let’s go over all these points to see what was done:
Improvement of Plug&Pay (recurrent payments)
- Achieved 4 times faster processing of recurrent transactions;
- Implemented the possibility of auto-approving a subscription to the service;
- Launched the ability for users to select a wider set of data for seamless interaction with the wallet through the merchant interface.
Improvements of application functionality
- Developed wallet localization mechanism;
- Created a mechanism for changing the base currency so the users can choose which currency the total balance of the wallet will be displayed.
Mobile application achievements
We’ve done a lot of work on the mobile direction during the first quarter as part of a major client project. We’ve added the following features to our mobile application:
- Plug&Pay integration on withdrawal and transactions;
- English language was added with support for other languages;
- Changed the behavior of the currency exchange. Now when clients exchange cryptocurrency, they can use the exchange rate held for 60 seconds to quickly make the exchange with the rate they have agreed to.
Changes in the business logic
We have made several important transformations to make work with CoinsPaid more comfortable. Now our clients can exchange cryptocurrencies fast and with ease as each request to the liquidity aggregator returns the current rate that is valid for 60 seconds.
CoinsPaid also simplified logic, improved performance, and removed the “exchange” filter in the finance-trades section. Now transactions can be successfully filtered by currency, which takes 1–2 seconds. Other minor innovations also include a new transactions page.
CPD Token Achievements
During Q1, CoinsPaid received two legal opinions for CPD, so the company launched a token promotion. We’ve launched the following activities:
- farming activities on Marketmaking.PRO, Unicrypt, and MDEX;
- CPD was listed on the SAVL platform;
- regular airdrops for the CPD community;
- offers for merchants about discounts for token comarketing;
- cooperation with several influencers to promote CPD and related activities;
- launch of the CPD Ambassador program.