Launching fintech applications quickly is a significant challenge faced by modern companies today. Many startups are looking for implementing financial technology applications, and to raise capital through IEOs (initial exchange offerings) and ICOs (initial coin offerings). Cryptocurrency and smart contracts are used to facilitate the fund raise.
But why are companies seeking to develop fintech applications? Innovative technological solutions are replacing traditional legacy organisations, disrupting established services and financial sectors. This improves the quality of available products and increases competitive advantages for the disruptor.
For example, numerous cryptocurrency wallet providers, exchanges and insurance companies are developing automatic trade and risk management strategies, implementing cutting-edge tokenomics into their work. These companies are conducting IEOs in order to raise capital, with their issued tokens serving as utility mediums within their ecosystem.
Not every business that requires financial tech applications is created from scratch. Existing businesses want to scale and quickly introduce new functionalities, including new payment instruments. The immediate challenge is to address the potential security vulnerabilities and scalability of the proposed model. Just because a payment solution can be deployed quickly doesn’t mean you should. Hacks and total loss of funds are a real risk. As a result of these development roadblocks, companies need a simple and quickly deployable solution that can address network robustness and security concerns.
Cryptocurrency Storage and Safety
Various aspects of crypto-storage security today is ensured through different means; how to store, where to store? However, there are problems with current solutions. Businesses are not ready to use blockchain networks, because there is no guarantee that the network will work reliably. Because blockchain networks are decentralized, businesses connected to it have no ‘control’ over transactional processes. There are no guarantees that vital transactions won’t fail and affect income.
This pressing demand and security concerns surrounding fintech innovation today has created the need in providing businesses with ready-to-go solutions that can support companies in scaling with blockchain technology. One of these crucial services is ‘CryptoProcessing’.
What is CryptoProcessing and how does it work?
CryptoProcessing is a global infrastructure provider for fintech projects related to blockchain and cryptocurrency. Multifunctional APIs allow companies around the world to work with a large volume of cryptocurrency payment transactions quickly, cheaply and safely.
CryptoProcessing provides infrastructure and web services that enable new blockchain products to make existing processes more secure, efficient, transparent, and inexpensive.
The project is being developed without third-party financing and is a fully-fledged and profitable business. The service generates 500 new addresses and receives more than 50,000 API requests daily. Hundreds of developers and companies are already using CryptoProcessing to ensure worldwide payments and clearing. The company has secured several partner products together with GroupIB. Most recently it has integrated USDT into its processing services.
Does CryptoProcessing need a blockchain?
CryptoProcessing provides technical infrastructure for blockchain projects to work. The startup did not attract any fundings from investors and does not have its own tokens and blockchain. It is engaged in solving current problems of connecting businesses to advanced fintech solutions.
“We are engaged in application development on top of existing blockchains, which means we do not have our own blockchain. In general, it is not necessary to apply it where it is not needed. We need to solve real problems,” says CryptoProcessing CTO Evgeny Khashin.
CryptoProcessing APIs provide a unique opportunity for companies to integrate crypto and fiat payments within a single service. Due to its basic infrastructure, each user generates a unique address in Bitcoin or Ethereum blockchain. For corporate clients, the expanded functionality of the platform is available in the form of access to the most popular cryptocurrencies: BTC, BCH, BTG, LTC, ETH, ETC, ERC-20.
Work on the project began two years ago, and was officially launched in spring 2017. Access to the API was provided exclusively for enterprise integrations before CryptoProcessing became available to consumers in 2018.
What audience is the project focused on?
The target audience of the service are projects and companies aimed at integrating cryptocurrencies and blockchain technology.
CryptoProcessing is a turnkey solution for quick and viable product launches that allows companies to focus on essential business processes and product development; providing the implementation of blockchain solutions to professionals.
“We have created a packaged solution – integrating with our service occurs within a few hours. The use of ready-made infrastructure saves time and money for further business development,” says CTO Eugene Khashin.
Due to flexibility of the architecture, the CryptoProcessing API can be used by different types of users. Product CryptoProcessing solves existing problems within the B2C sector, and allows companies to facilitate sending and storing bitcoin safely for ordinary users. For B2B customers, CryptoProcessing provides a proprietary payment platform for transactions in both crypto and fiat currencies. Current clients are cryptocurrency exchanges, wallets, exchange services and tokenized businesses.
What are the company’s long-term plans?
The goal of CryptoProcessing is to scale the number of users in the B2B sector and to develop its ecosystem of fintech products. Long term, the company plans to focus on the work related to the provision of enterprise infrastructure for safe storage of digital assets and custodial services for the cryptocurrency market.
The project team is currently focused on finalizing the integration of ERC-721 tokens into its ecosystem.
CryproProcessing team always welcomes new enquiries. If you have any comments and questions, please feel free to reach out on Telegram.