How CoinPayments Drives Expansion with Powerful Compliance CRM and Spot-On Analytics
1,900+ supported currencies
New traffic creates a challenge
Founded in 2013, CoinPayments is a pioneer in cryptocurrency payments with a straightforward mission to bring digital currency transactions to merchants around the world. With demand surging for a flexible and comprehensive digital currency payments platform, CoinPayments grew rapidly to support bitcoin, ethereum, and thousands of altcoins.
At the same time, its client base and merchant community surged. CoinPayments now works in more than 180 countries and processes US $100 million per month in transaction volume. It also counts Hodltech as a key partner and regulated wallet provider to ensure KYC and AML compliance.
But growth doesn’t always come easy. Early on, the CoinPayments team faced challenges around client verification and regulatory requirements. Manual checks dominated the review process, making each review too time-intensive. As growth surged, the CoinPayments team realized their need for an automated, robust solution for regulatory compliance and client verification. It was critical to the company’s success.
“The growth during CoinPayments’ early days was rapid, and we knew we needed the right tools to scale. Once we realized a set of manual review processes wasn’t feasible, we quickly pivoted to finding the tools that would automate and streamline our client onboarding process.”
Looking at the options
The goal was ultimate efficiency. To achieve this, Mr. Khangura tried many options, some missing fraud detection or with insufficient compliance; others did not provide adequate support, or did not have all of the tools CoinPayments required.
Safe and fast onboarding
through a compliant flow
Here are the results that CoinPayments achieved, due to Hodltech's decision to use Sumsub's platform.
and to consequently use the service.
risk monitoring across sanctions and watchlists, PEPs profiles, and adverse media.
CoinPayments was able to generate detailed reports tailored to all existing jurisdictional requirements, and submit them at the request of any bank or regulator.
CoinPayments was able to receive support and resolve any urgent issues quickly, with the benefit of having regulatory professionals within the Sumsub team.
CRM for compliance officers
legal advisers worked to maintain compliance with the requirements
of the UK immigration regulator,
Office of the Immigration Services Commissioner (OISC).
Enhanced Due Diligence
Analyzing and managing bulk verifications became easier. Analytics features allowed to track how different checks were affecting conversion, reveal major pain points and fix the existing drawbacks.
in ensuring a safe, streamlined, and fully regulated experience
for our clients and merchants.”