Estonian Crypto Payment Processor CoinsPaid Boasts Impressive Growth Once More—But Offers No Details!

Overview of CoinsPaid Operations

CoinsPaid, a crypto payment processor, operates through legal entities in Estonia, Lithuania, and El Salvador. The primary operating entity, Dream Finance OÜ, holds a crypto license in Estonia and is controlled by Austrian entrepreneur Alexander Horst Riedinger, with Max Krupyshev as CEO. Another brand under the same structure, CryptoProcessing, also operates through the Estonian entity.

Reported Growth Metrics

In a press release dated June 20, 2023, CoinsPaid shared its Q2 2023 performance metrics. The company reported:

• Transaction Growth: A 216% year-over-year (YoY) increase in the number of transactions.
• Volume Growth: A 232% YoY increase in transaction volume.

However, as in previous press releases, the company did not disclose absolute figures, raising questions about the validity of these claims.

Previous Claims:

• CoinsPaid claimed to be the largest crypto payment ecosystem, processing 34 million transactions worth €19 billion.
• The company alleged its gateway handles approximately 8% of global on-chain Bitcoin transactions.
• In Q4 2022, CoinsPaid reported a transaction volume of around €3 billion, marking a 30% increase compared to Q4 2021.

CryptoProcessing.com, CoinsPaid’s twin brand, also claims to be the “#1 in crypto processing worldwide by transaction volume,” further adding to the skepticism around these bold statements.

Website Performance Analysis

CoinsPaid Website:

• 
  A significant decline of nearly 50% in web traffic was observed between March and May 2023.
• The top 5 visiting countries included Russia and Ukraine, indicating regional focus.

CryptoProcessing Website:

• Experienced a minor increase in visitors but remains at a low level.
• Discrepancy between reported growth metrics and website traffic suggests either inflated press release figures or higher-than-average transaction values.

Conclusion

The “spring period” 2023 results shared by CoinsPaid lack transparency due to the absence of concrete numbers. While percentage-based growth figures are presented, the lack of absolute metrics undermines the credibility of the claims. Given the inconsistencies between reported metrics and web traffic data, stakeholders are advised to exercise caution when engaging with CoinsPaid and its twin brand CryptoProcessing.

Key Data for CoinsPaid

Call for Information

If you have any information about CoinsPaid, its operators, or its partners, please report it through our whistleblower platform, Whistle42. Your insights are crucial for uncovering potential discrepancies and ensuring accountability within the crypto payment industry.