CoinLoan crypto management easily buy, swap and trade crypto
Please introduce yourself and your startup CoinLoan to our readers!
I’m Max Sapelov, CoinLoan’s co-founder and CTO. Previously, I have worked extensively as an IT contractor and consultant. I have always had an interest in cryptocurrencies and invested independently before starting the company.
CoinLoan was founded in 2017 by myself and my business partner Alex Faliushin. It is an international fintech company for smart digital asset management, which allows clients to store idle assets and buy, sell, or swap coins on the go. It is the only regulated crypto loan company in Europe and we currently have over 60,000 customers worldwide.
How did you get the idea of CoinLoan?
The idea came after I met Alex Faliushin. In 2013, we worked together on the same cybersecurity project developing a fraud prevention system for an online payment platform. In 2015, we created a service for identifying high-risk crypto exchanges. That’s when we came to understand that given the volatility of crypto, market participants need tools to manage their assets, and we wanted to create this platform to fill the market gap. That’s how CoinLoan came about.
Why did you decide to start with CoinLoan?
We haven’t started our endeavors with CoinLoan right away – 5 years ago, Alex and I already had a project in the crypto scope. It was a platform for identifying fraudulent crypto exchanges. So, with this project, our entrepreneurial journey within the crypto space started much earlier and we gathered enough experience and market understanding to launch something much more ambitious, which later became CoinLoan.
What is the vision behind CoinLoan?
We want people to grow their digital assets, avoid bureaucracy, and manage crypto at ease. That’s our main motto.
How difficult was the start, and which challenges you had to overcome?
We started as a P2P platform where users were lending out crypto to each other on their own terms. Unfortunately, later we realized that our business strategy had flaws and changed it. That was a challenge because we had to rework all established processes and start again. Now, we are the lenders offering terms and conditions.
Who is your target audience?
Our audience is people in their 30s who have extensive experience with crypto and companies looking for higher returns. For instance, the current rate for a conventional banking savings account is 0.04 per cent. We can offer up to 12.3% APY (the yearly interest earned on your deposit).
What is the USP of your startup?
Our unique selling position is our products: Interest Account, instant crypto loans, and crypto exchange. Interest account – The place to store idle assets. Users earn interest in the same currency, and can withdraw assets whenever they want. CoinLoan does not have penalties for timings on withdrawals etc.
Crypto instant loans are for users who own bitcoin and do not want to sell it or lose interest. This feature allows users to exchange values with just one click. They can borrow against their crypto balance within minutes without the need for paperwork. Instant loans are also available for users to exit and enter positions quickly when major news occurs and when prices fluctuate at a moment’s notice.
Crypto exchange is a convenient place to buy, sell, or swap coins on the go. CoinLoan accepts fiat deposits with Visa/MasterCard, so users can easily buy Bitcoin, Ethereum, Monero, etc. safely and securely in just a matter of minutes. Furthermore, CoinLoan is the only regulated platform with an Estonian Financial License.
Can you describe your typical workday?
Making sure that we’re doing the best product. My scope is not limited to development but many aside activities as well: marketing, product management, business development and teambuilding. As we are a small company, everyone works together as a team to help the business grow.
Where do you see yourself and your startup CoinLoan in five years?
We want to build an entire crypto management ecosystem, where anyone, no matter the location, can easily buy, swap, and trade crypto.
What three tips would you give to founders?
Believe in what you’re doing
Never give up
Thank you Max Sapelov for the Interview
Statements of the author and the interviewee do not necessarily represent the editors and the publisher opinion again.