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COINQVEST provides digital currency checkouts that automatically go from Bitcoin (or any asset or stablecoin on the Stellar Network) to an online merchant's bank account (or crypto wallet), in minutes. COINQVEST helps merchants programmatically accept and settle payments in new digital currencies while staying compliant, keeping their accountants and tax authorities happy.
With COINQVEST, sales can be denominated and settled in a merchant's local fiat currency (e.g. EUR, USD or NGN) regardless of whether their customers pay in Bitcoin, Ether, or assets and stablecoins on the Stellar Network.
Watch our video to see how we do this.
Update: February, 9th, 2021; COINQVEST is now a licensed and regulated virtual currency services provider in the EU.
COINQVEST’s mission is to lower the payment barrier for the world’s merchants to join the global economy through simple digital payment processing. We process sales safely and efficiently for online merchants of all sizes and origins. Think of it as Stripe for crypto.
Customers choose from a list of cryptocurrencies to submit payment. COINQVEST automatically exchanges/converts payment into the seller's desired currency. Funds are deposited in the merchant's wallet or account. Once a payment is executed, settlement takes only seconds.
Transactions take place on the Stellar Network — they are exchanged, tracked, and viewable immediately with transparency. Inter-currency fluctuation is minimized and there is no risk of non-payment.
COINQVEST’s business toolkit includes analytics and tax-keeping data to keep enterprises tuned-in and compliant. It pinpoints effective strategies or revenue leaks, and equips businesses with automated invoicing and financial reporting.
It provides two integration methods for an enterprise’s current setup. Our hosted checkout option is as simple as placing our checkout button on a website’s payment page. Advanced uses employ COINQVEST’s REST API, which allows our service to mesh with their online business.
Overview of progress since May 2020, when COINQVEST won the 4th round of the Stellar Community Fund. The platform went live in April 2020.
* (Difference between Funding 92k USD and Use of Proceeds 125k USD is due to XLM price increase in Nov/Dec 2020.)
For the past two years, COINQVEST has been almost 100% focused on product development. Today, we are very confident to have developed a real-world solution that works flawlessly and is scalable for the future. Looking forward, 2021 will be a year continuing to develop functionality to the platform, but also on focusing on increasing user adoption. The vision for 2022 and beyond is to establish COINQVEST as a strong player in the international digital payments category that is mentioned alongside Stripe and PayPal.
Update: February, 9th, 2021; COINQVEST is now a licensed and regulated virtual currency services provider in the EU.
Obtaining a European crypto license (custody license and exchange license) issued by the Financial Intelligence Unit (FIU) of Estonia will be a cornerstone of COINQVEST’s viability. The license should spur and facilitate business development with major partners and merchants. The expected date of issuance of the license is Jan/Feb 2021.
Looking forward, major tasks will be the continued work with anchors to create seamless withdrawal and KYC processes, and localization and internationalization of the platform so merchants and developers can interact with COINQVEST in their native language. We plan to support marketplace providers by enabling payouts to multiple sub-vendors, and add analytics and report functionality. In the long run we're looking to facilitate global payroll and payout disbursements.
Key to the success of COINQVEST is a strong and dedicated team. We plan to stay slim and remote. However, if the situation necessitates, we will build the team by adding developers, B2B marketing specialists /growth hackers, and account managers.
Update: April, 29th, 2021; We are working with an international remittance company on facilitating crypto-fiat and fiat-crypto transfers on their platform. The integration is in progress and we'll be able to talk publicly about it shortly.
To increase user adoption, we need to boost marketing, sales efforts, and tactics. On the online marketing side, our focus will remain on creating great content in various languages to help improve SEO rankings. Also, working closer with media outlets outside the crypto space may increase PR reach. We could test small paid ad campaigns on Google and Linkedin, although this will not be a focus.
In terms of business development, we plan to be more active in approaching cooperating partners and merchants, and intensify our B2B demand generation activities.
Worldwide E-commerce revenue is expected to show an annual growth rate (CAGR 2020-2025) of 7.4%, resulting in a projected market volume of US$3,4 trillion by 2025.
General market trends like mainstream Bitcoin use (e.g. Paypal), increases in crypto prices, and more users holding crypto in their wallets, requires use cases for people to spend the crypto they hold. This creates more and more awareness among merchants to add crypto payment methods to their checkout processes.
Growing crypto adoption rates from merchants and consumers, in combination with e-commerce growth rates, provide a solid and promising business basis for COINQVEST for the coming years.
COINQVEST's revenue model is based on a low 0-1% fee per checkout (https://www.coinqvest.com/en/pricing). It's a classic SaaS model with revenue that scales alongside traffic growth.
Among blockchain-based payment companies, COINQVEST has the highest scalability potential to roll-out its payment service into new countries and fiat currencies due to its modular integration approach with Stellar anchors.
BitPay
Coinbase Commerce
Easy and Compliant Billing
Transaction Records and Accounting
Instant Withdrawals
Well Documented Rest API
Expandable Connectivity
Real-Time API Logging
Developer-Friendly Implementation
Compliant Invoicing
Customer Management
Built-In Exception Handling
Simple Refund Mechanisms
We’d love to hear your feedback and are always in AMA mode. Connect with us on our public Keybase channel @coinqvest.public or chat directly with @marcinx or @xiaohu
Website: https://www.coinqvest.com
Blog: https://www.coinqvest.com/en/blog
API Docs: https://www.coinqvest.com/en/api-docs
Twitter: https://twitter.com/coinqvest
Keybase: https://keybase.io/team/coinqvest.public
GitHub: https://github.com/coinqvest
Demo Shop: https://demo.coinqvest.com
The USD valuation of the budget request in XLM will be calculated using the CF Stellar Lumens-Dollar Settlement Price on December 5, 2022 as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR). Learn more in the SCF Handbook.
*The USD valuation of the award in XLM is calculated using the CF Stellar Lumens-Dollar Settlement Price on July 5th as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR)
**The USD valuation of the award in XLM is calculated using the CF Stellar Lumens-Dollar Settlement Price on December 16, 2021 as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR)
*The USD valuation of the award in XLM is calculated using the CF Stellar Lumens-Dollar Settlement Price on September 27, 2021 as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR)
* The USD valuation of the award in XLM is calculated using the CF Stellar Lumens-Dollar Settlement Price on the date of transfer as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR)
*This budget request has not been fully awarded to the project. The USD valuation of the budget request in XLM will be calculated using the CF Stellar Lumens-Dollar Settlement Price on day of payment as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR). Learn more in the SCF Handbook.