In this interview, Taras Dovgal, VP of Products at Münzen, discusses how the service streamlines businesses' crypto payment processing and provides users with hassle-free payment environments.
Taras is an experienced developer and serial entrepreneur, writing articles and giving talks on blockchain technology and its applications. A big part of his passion is making crypto payments easy to get into and use. Taras is also a strong advocate for the widespread adoption of cryptocurrencies, pushing for the integration of existing payment systems with new and disruptive technologies.
As a starting point, Taras explained who the Münzen platform is meant for. According to him, it was created to serve businesses of all sizes who wish to take advantage of the benefits of cryptocurrency payments without the associated risks and complexities.
“There's an increasing number of businesses looking for ways to tap into the crypto payment market. We provide financial infrastructure for both traditional and crypto businesses looking to expand beyond traditional modes of payment,” Taras said. He explained that end users can buy crypto using Münzen's on-ramp widget or pay for a product or service with crypto through its crypto processing solution.
“We help merchants quickly start accepting cryptocurrency payments without any of the complexity or technical expertise usually associated with setting up the infrastructure. In a few hours, our widget can be placed on any website, from Wordpress-based online stores to complicated hosting services. Additionally, we offer custom integrations tailored to each business' unique goals and needs," Taras explained.
According to him, what every business wants is to maintain its liquidity in the same form it is used to receiving it, while recognizing that their customers may have other options. "That's why," Taras continued, "we strive to bring our clients both the flexibility and reliability they need to succeed. Here’s where our auto-conversion into fiat-pegged stablecoins and bank account withdrawals come in handy. Through these features, businesses can benefit from crypto payments while maintaining the stability of traditional banking systems. It is an ideal solution for merchants who sell products and services in fiat currencies and do not want to take on the volatility risks that come with cryptocurrencies.”
In other words, businesses can accept crypto payments without ever needing to actually handle the cryptocurrency itself – the entire process is handled in the background. "We make it easy to accept crypto payments even if you know nothing about blockchain," Taras explained.
For crypto companies, Münzen offers the ability to convert crypto payments received from their users into stablecoins right away, so they don't have to worry about volatility.
Further features, such as APIs, loans, and internal payout settings, as well as partial automated conversions, will be implemented soon, Taras said.
Security-wise, Taras said Münzen is an EU-licensed custodian that complies with GDPR, AML, and KYC regulations. Technically, it employs the most recent cryptocurrency storage technology and security measures. Each transaction is automatically checked for suspicious activity, and the merchant is notified if there is a potential risk. Additionally, its security protocols are regularly tested and reviewed to ensure the safety of users' assets. Also, its cyber security team provides guidance to merchants on how to configure their accounts to minimize social engineering risks.
Asked about Münzen's markets, Taras said it is primarily focused on Europe, but emphasized the importance of expanding to other regions, citing growing interest in crypto payments among Latin American users as an example. According to statistics, crypto transactions in Latin America reached $562 billion in 2022, up 40% from 2021, a trend that appears to be accelerating. Recently, the Brazilian real and Pix were added to the list of Münzen's supported payment options.
Münzen also has its sights set on Asia and the Middle East, Taras said, which is why it plans to add the Chinese yuan (CNY), the Indian rupee (INR), and United Arab Emirates dirham (AED).
In conclusion, Taras described Münzen's core mission, "The customer pays in crypto, the merchant gets paid in the currency they prefer, and we take care of the rest – no more headaches. We ensure end users have a smooth and secure experience, and merchants get what they expect. Making crypto payments easy and trustworthy is what we're all about."