CoinsPaid AMA Recap (January 20)
In case you’ve missed our AMA with CoinsPaid CEO Max Krupyshev, we have an article for you with all the questions and answers.
During the session Max covered many topics including the CPD farming, upcoming listings, ambassador program, foundation, NFT and more!
Q: What were your main development and business development milestones in 2021?
A: In terms of technical development, the CPD token, for sure, and the first part of the DeFi ecosystem. Also our recurring payments tool, Plug-and-Pay, though we are still polishing it. We’ve also done lots of work on the B2B and B2C wallets, and soon you’ll see the results.
On the business development side, 1 million transactions per month was a big milestone, as well as the Payment Provider of the Year award in Dubai. An oversubscribed IDO on three launchpads at the same time — as a DeFi milestone. Registering a company in El Salvador as a base for conquering Latin America. It was an amazing year.
Q: Why did you decide to wait for a legal opinion before relaunching the CPD marketing campaign?
CoinsPaid is a licensed business regulated in the EU, not some anonymous DeFi platform. We handle billions in payments. So everything we do with the CPD token and DeFi has to be just as compliant as our payment processing operations. Regulators are now paying a lot of attention to advertising campaigns for tokens — for example, in Spain and Singapore. If any such campaign is found to be non-compliant, it can also impact the token holders. So we need to create a safe environment for all CPD holders and be ready for any new regulatory rules — you could say that we are staying ahead of the regulators.
So we took these last 3 months to talk to legal firms in crypto-friendly jurisdictions to have clear guidelines on how to promote the token, interact with influencers, and so on. We already have a legal opinion from Liechtenstein and another one from Germany. So now we are ready to launch a large-scale marketing campaign for the CPD token that will be compliant and safe.
Q: Do you plan to get CPD listed on centralized exchanges?
Of course — and it will happen sooner than you think. We are negotiating with many exchanges, including ByBit, and Bittrex, and some of the negotiations are already in the final stage. We are also looking into Tier-1 listing opportunities, such as Kraken or FTX, for the end of the year but everything will depend on the market conditions in 2022.
Q: Are you planning any yield farming campaigns, in addition to CPD staking for merchants?
In 2021, we launched 2 CPD farming programs on Ethereum with Unicrypt, and we are going to start two more farming campaigns in coming months, both on Ethereum and BSC. Anyone who wants to become a liquidity provider for CPD will be able to join and earn good rewards.
Q: I’ve seen a mention of a CoinsPaid Foundation. What is it?
The CoinsPaid Foundation will be a non-profit organization based in Zug. Its goal is to support the adoption of CPD and help build a wider ecosystem based on it. It will bring together developers, liquidity providers, online merchants, DeFi projects, market-makers and many others, starting from our own Ambassadors.
If you are familiar with Algorand Foundation or Fantom Foundation, CoinsPaid foundation is in the same vein but on a smaller scale for now. So, for example, developers that integrate CPD into their DeFi dApps will receive our support and rewards. The plans for the Foundation are in the early stage, though, so it’s a work in progress.
Q: How do you plan to grow the CoinsPaid community?
Now that we have the necessary legal opinions on CPD, we’ll launch an Ambassador program. The ambassadors will act as leaders of local and regional CoinsPaid communities, mostly in Telegram. Ambassadors will play a very active role in promoting the brand and get rewards in CPD depending on their activity. It’s a 12-month program, and we’ve allocated a sizable chunk of the incentives budget for this.
We already have a very active Turkish-speaking community, and a Spanish-speaking one is going to launch in a couple of weeks. This year CoinsPaid will be expanding to Latin America, so the Spanish-language community will be our focus. But we’ll open many more in 2022.
Q: How are you integrating CPD into the CoinsPaid ecosystem? What’s your plans for 2022 regarding $CPD?
CPD will be eventually integrated into every single business process we have. Right now merchants can stake it to get discounts and also use CPD to pay the fees, which maximizes the discount. Our wallets (B2B and B2C) also support CPD, though the token utility in the B2C is yet to be activated. The next step is a cross-chain management protocol for CPD — first it will support BSC and then also Ethereum and Polygon. We’re also working on a DeFi dashboard, which will give merchants access to different DeFi opportunities.
We’ll also introduce a CPD-based rebate incentive program and integrate it with the upcoming Ambassador and partner programs. We also plan to add support for bank cards in April 2022.
Q: Finally, let’s discuss the current trends. NFTs are still hot, but the interest is shifting from simple collections to NFT uses in the metaverse, especially virtual land. Brands like Nike, Gucci, Adidas etc. spend hundreds of thousands of dollars on metaverse land plots. What’s your take on this trend?
I believe that virtual real estate will be one of the biggest trends of 2022, especially if we get a market-wide dip or even a short bear market. The same goes for strong NFT projects. Overall, this market was really overheated in Q4 and we got a much-needed cool-off, but I think even better discounts are coming this year. E-commerce in the metaverse is going to be big, with shopping both for ‘digital twins’ of real products (as Nike NFT sneakers, for example) and for actual products. CoinsPaid is actively researching these opportunities as we want to get involved in the metaverse — but like I said, choosing a good entry point during the market cycle is key.
Q (@Polashkanti): The crypto industry is a fast-paced industry, how flexible is your project to change quickly and keep pace with technology trends? What is your long-term vision for the forecasting industry in which your project operates?
A: We can be very flexible because we have the resources. With a team of 125 people in many countries, CoinsPaid has enough R&D and tech specialists, creatives, etc. to react to new trends and pivot. For the long term, our vision is to bridge regular businesses (e-Commerce, iGaming etc.) and DeFi, to introduce them to the distributed economy. We are in a unique position to do that, because we know both sides, and I don’t know any other major crypto provider that would be doing the same, so we’re kind of like pioneers here.
Q (@Thakur8909): At the moment, the market is down, even with great partnerships, hype, marketing and working products, etc some projects are finding it difficult. So, are you facing any challenges ? If yes, mention them and tell us how you are handling it? And lastly, are you seeing the current market as an opportunity?
A: Luckily, our crypto payment business is booming, regardless of the crypto prices. We keep adding new merchants. So we aren’t facing any crisis the way many DeFi projects are. And yes, we do see this market as a great opportunity. We’ve been around since 2014, and we’ve been through several market cycles, with much deeper dumps than this one. The market moves in cycles, and we just roll with it. No stress.
Q (@Emanuele_22_22): How do you see CPD and its use cases in the future? There will be many changes in years from now?
A: Of course. In the long term, we plan to build a full DeFi ecosystem integrated with other protocols, as well as with our services. The ecosystem will be multichain, with lending, cross-chain management, and so on. But CPD will also be used as a payment option on many sites, you’ll be able to buy it with a bank card in the CoinsPaid wallet, etc. Merchants, hundreds of traditional businesses will use CPD staking. And all this is going to happen much sooner than you expect, many features will be unrolled in the next few months.
Q (@alexxxxaaa): How does your project fare against other crypto payment projects already working? What is your answer to the market needs and competitors who are freshly entering the same market segment such as scallop for example or any other defi payment protocols. What will be unique and attractive for users in the long run?
A: We have huge amounts of expertise in ‘real’ markets, working with big businesses. Billions of dollars in crypto flow through CoinsPaid. Merchants trust us with their crypto payments, and they will trust our DeFi products. We are regulated and licensed, we have legal opinions for the CPD tokens, we work with the best blockchain security providers. You can’t say this about almost any other DeFI protocol. A business owner wouldn’t feel safe dealing with some anonymous DeFi platform.
This is the end of the session. Join us on social networks so you don’t miss the announcements of new AMAs!