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While the use of cryptocurrencies is highly advantageous for casino players, the learning curve for new users is quite steep. And to use them, one requires a mediator for currency conversions and exchanges. CoinsPaid seeks to act as that mediator.
Essentially, CoinsPaid is a software and service product that aims to solve problems associated with a cryptocurrency exchange, payments and storage. Through its unique services and programs, it targets both businesses and individuals.
For businesses, it offers a payment gateway that makes it possible for casinos to accept cryptocurrency payments. It specifically targets crypto service providers like online casinos as well as other online businesses.
Its development began over five years back, but it was not until recently that CoinPaid’s founder launched a separate brand. Merkeleon Gmbh from SoftSwiss, which is a top gambling software provider, was the originator of the CoinsPaid system back in 2014. At the time, its ecosystem was the turnkey for Merkeleon’s crypto exchange service.
However, in 2018, CoinsPaid ventured into the market as an independent entity. Since then, it has been providing services through Kindermatica Ltd., which is a company based in the UK. The key objective of the service is to connect fiat and crypto markets via its payment processing ecosystem.
It develops its products with a focus on specific industries, top among these being the online casino sector. As a payment gateway for casinos, CoinsPaid offers an efficient management ecosystem for cash-outs and payments.
CoinsPaid prides itself on being a borderless payment method. As a testament to its popularity, its platform processed over €130 million in 2019 alone. Its key focus is to offer an all-inclusive solution for crypto payment processing. With this in mind, it brought together great tech minds to create a cloud-based platform.
Recently, the company initiated a partnership with renowned exchange Changelly. The strategic partnership opens up access to over 140 cryptocurrencies besides the ones CoinsPaid already supports directly. Not only does this promote a seamless exchange process, but it also means competitive rates.
CoinsPaid also supports coin integration, making it possible for online casinos to devise their own tokens and get a processing system with ease. Developers get access to a quick API for all operations and the crypto integration process is stable and seamless.
In addition to the payment processing solution for businesses, it also offers wallet support for its individual users. Users are able to make conversions between fiat and cryptocurrencies in real-time and at the current rates within their wallets. And once they get their desired cryptocurrencies, they are able to play with ease at online casinos.
CoinsPaid is licensed under the Financial Intelligence Unit of Estonia to provide wallet and crypto exchange services.
An example CoinsPaid deposit instruction
How to Make a Casino Deposit With CoinsPaid
To make a deposit on a casino with CoinsPaid, below are the specific steps you need to follow.
Step 1: Log in to your casino account
Step 2: Go to the cashier section and select the crypto you want to use
Step 3: Select the CoinsPaid deposit option
Step 4: Copy the displayed cryptocurrency address
Step 5: Send a transaction to the copied address
Deposits will be credited once it has been confirmed on the blockchain. Confirmation times vary between blockchains; 10 minutes for Bitcoin and 15 seconds for Ethereum.
Below are the most outstanding features of the CoinsPaid ecosystem.
Fast Transaction Processing
In 2019, CoinsPaid entered into a strategic partnership with GAP600. By virtue of this partnership, it now has the capacity to offer instant confirmation of transactions involving major cryptocurrencies such as Bitcoin and Ethereum among others.
Moreover, thanks to its highly scalable and flexible infrastructure, CoinsPaid claims that the transfer of crypto to and from its system is five times the blockchain speed.
Its system allows it to carry out countless transactions simultaneously. This means that you can send crypto funds to your casino wallet and start playing immediately. Similarly, cash-out requests are processed instantaneously.
Low Fee System
Even though CoinsPaid charges its business customers on a customized basis, it has a reputation for negligible transaction fees on the payment gateway. As such, it is an ideal choice for business users who want to avoid the high fees associated with banks and other centralized platforms.
Full-Featured Crypto Wallet
In addition to offering a payments gateway, it also supports a crypto wallet with in-built exchange capabilities. Players can safely store, exchange, send and receive a variety of digital assets.
Thanks to the wallet’s design, it is possible to use a phone address book to securely send cash to persons on your contact list. And if you would like to avoid the fluctuations of cryptocurrencies, you can even store your funds in fiat form.
From this wallet, you can also make recurring payments as well as seamlessly execute multiple transfers to multiple wallets.
Built-In AML Engine
One of the toughest challenges for online casino operators, more so the ones that support crypto, is the implementation of Anti-Money Laundering requirements. In an effort to address this, CoinsPaid makes use of an innovative feature – a built-in AML engine.
The engine automatically checks every single incoming transaction. In case funds deposited into the casino come from illegal sources, it immediately informs the business operator.
It implements top-notch security measures to protect user funds. Operators get access to both hot and cold wallets in order to strike a balance between performance and safety.
Therefore, casino operators can securely keep the bulk of the funds in secure cold storage, away from online threats. And the rest of funds, which they require for day-to-day operations, can remain within reach in hot wallets, which are accessible online.
In order to optimize the use of these wallets, CoinsPaid offers a function known as “Limits.” This allows operators to set the amount they wish to have on hand in hot wallets and the threshold for moving funds into cold storage.
Once the balance of funds reaches the “Keep on Hot” threshold, the surplus is automatically transferred to cold storage as it flows in. It is possible to create a Cold Address for each supported crypto. The automation of this sensitive task ensures that at any given time, a majority of an operator’s funds are safe in cold storage.
Moreover, since CoinsPaid is regulated, it has to abide by the strict legal requirements of the authority under which it operates. This offers significant protection for all users and legal recourse in case of disputes.
Support for Multiple Currencies and Payment Options
Aside from major cryptocurrencies like bitcoin, CoinsPaid offers multi-crypto support for at least 30 altcoins. Moreover, it facilitates the constant integration of new coins. Therefore, if you happen to have minor altcoins in your collection, you are likely to find a CoinsPaid casino that supports it.
In addition to these, it also supports a host of fiat currencies, for which operators can use bank transfers. There are plans to add support for additional payment options such as popular electronic wallets and credit cards, which are used widely in the gaming industry.
For all supported currencies, both the operator and the end user can make conversions between bitcoin and altcoins and vice versa. This feature is courtesy of an instant exchange function built into the system. As such, merchants are able to convert funds into their desired currency immediately upon reception. They can, therefore, avoid the volatility associated with cryptocurrencies without having to break a sweat.
Ease of Use
Casino service providers and their users applaud the simplicity of CoinsPaid. It has an easy API interface that offers straightforward integration. Unsurprisingly, the processing mechanism from CoinsPaid is already in use at over 150 online casinos and other online businesses that accept crypto payments.
Some of the popular casinos that support CoinsPaid include:
Its fees start from less than 1% of the transaction.
Under its FAQ section, CoinsPaid explains that its fees are applicable for deposits, withdrawals and exchanges. However, it explains that the fees a customer pays depend on the business model of the merchant in question and the service options they require. Therefore, to get a specific fee structure, businesses have to send an application via email.
CoinsPaid offers instant deposits and withdrawals.
Some of the cryptocurrencies that the service currently supports include:
Without a doubt, CoinsPaid delivers on its promises and solves a genuine industry need. Its solution covers all bases and tackles both the casino operators’ and their clients’ challenges. Based on the above review of the service, it is easy to understand its popularity in the casino industry and beyond.
Nick is the CEO and founder of The Bitcoin Strip and has reviewed and written about Bitcoin casinos, sportsbooks and poker rooms for 9 years. He first entered the Bitcoin gambling market in 2011 following a widespread closure of poker rooms in the US.
As website manager, Jen contributes reviews and updates to The Bitcoin Strip on a daily basis. Jen worked in the casino industry for 9 years before focusing on Bitcoin in 2016. She writes on subjects ranging from traditional slots all the way through to unique Bitcoin games, provable fairness and Ethereum smart contract gambling.
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