A Small Country With a Huge Startup: The Success of CoinGate — DailyCoin

CoinGate was founded in 2014. The company brings cryptocurrencies closer to mass adoption by offering methods to set up cryptocurrency payments for any website or physical store.

Permission-based account management, fiat payouts to the bank account, and brand new email billing features are just a few reasons why CoinGate has become a go-to payment processor for many.

Besides merchant services, CoinGate also provides a platform for buying and selling numerous crypto assets with a single payment. Customers can choose from purchasing methods like credit/debit cards, SEPA bank transfer or mobile balance, or selling their coins for fiat.

Borisenka shares that their company roots began in 2013, when cryptocurrencies caught widespread attention and Bitcoin prices spiked.

“Our point of view was that money was basically the last thing that the internet didn’t touch properly, and we thought that this blockchain and Bitcoin is very interesting for us.”

While getting familiar with crypto technology and attending conferences, co-founders of the company noticed the booming potential of the technology. However, they understood that to start using Bitcoin on a mass-scale, the problem of adoption should be solved.

“We thought that this was an interesting opportunity. We need to somehow integrate blockchain payments into the ecosystem of e-commerce, and we started by processing payments for cryptocurrencies for various businesses,”

says Borisenka.

Founders saw that creating and owning a digital wallet to collect payments in cryptocurrencies is easy for a physical person but not easy for businesses. The bigger the company is, the more it requires complex solutions and flexible tools.

As a company, CoinGate decided to solve this need by offering service at a sophisticated level.

CoinGate payments gateway mainly focuses on small and medium enterprises but also has solutions of different grades. The platform is beneficial to all traders, e-shop owners and merchants, developers, and crypto enthusiasts.

The company chose to start work with the small and medium business sector because back in 2013, the vision and possibilities to integrate crypto were still unclear.

“Back in the day, no one knew how the technology would develop, and you know what the potential risks are. We noticed that there are some certain scalability issues, let’s say with Bitcoin and Ethereum. Just recently, you know Ethereum passed the London Protocol, so hopefully, that will solve a bit,”

says Borisenka.

Borisenka notes that it is much easier to find common ground and get instant feedback with small and medium enterprises, and the company keeps focused on this segment.


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