Blockchain payments have already become one of the most popular ideas for crypto-based startups. There are a few main reasons for this: first of all, it is obviously the most convenient way to conduct transactions with cryptocurrencies; secondly, people are likely to adopt this disruptive form of payment through empirical and practical applications of it, such as the already mentioned idea.
Having more and more new players joining the industry, it is important to remember that successful blockchain payment projects have been in the market for quite a while. We are delighted to present Dmitrijus Borisenka, co-founder and CEO of CoinGate, the business of blockchain payment based in Lithuania. Having begun the path of this company in 2014, Mr Borisenka has to tell a lot about the atmosphere within crypto and the ways of making this innovation more popular.
How was the idea of CoinGate born?
My friend introduced me to Bitcoin in 2011. At that time he was one of only few Bitcoin enthusiasts in Lithuania. My knowledge of blockchain was relatively little back then but I noticed a good investment prospect in it. So I purchased quite a large amount of Bitcoins based on enthusiasm solely. By 2013, the hype was rising and I started to explore the potential this technology possessed.
It was an eye-opening experience to learn what possible solutions cryptocurrencies could bring to the world in terms of cross-border payments or the speed of transactions.
This is how the idea of CoinGate was born – the company that would help people adopt cryptocurrencies.
Your team is really diverse. How CoinGate relates to your past experiences and interests?
I was always interested in technology, especially if it had the potential to disrupt and improve the traditional way of doing things. But more importantly, I always had a thing for entrepreneurship which I think is one of the greatest ways to bring any value to the world. I started my very first venture many years ago and had several other startups during the past several years. But CoinGate is definitely the product of me learning how to manage, create and utilize resources as well as bring up talent. I am very happy to have a team of like-minded people at CoinGate.
Payments are one of the most popular types of blockchain projects nowadays. How are you distinctive from other competitors?
We have started many years ago and for all these years our priority was to stay true to both technology and community. We are fully aware of possibilities and limitations within the current network.
That is why we are constantly working on making transactions lighter and cheaper. We were among the first to implement SegWit, and we are the first to onboard thousands of merchants on the Lightning Network.
The payments will probably stay as the most popular way of utilizing blockchain, and we aim to contribute by making it smoother, cheaper and more efficient.
What solutions does CoinGate provide and what challenges are waiting ahead?
Payment gateway for merchants is our main product; however, we also provide many solutions for buying and selling cryptocurrencies. I believe the wider adoption stays to be the greatest challenge for us. From a technological perspective, cryptocurrencies are great. However, it is still hard to explain to regular users why cryptocurrencies is a great payment method.
CoinGate is definitely amongst the most experienced companies in crypto, hence, experienced many ups and downs within the industry. Which period was the most interesting?
We were definitely excited when people started to talk about cryptocurrencies, especially when businesses and governments recognized the potential, and the whole industry started booming. However, it gets much more interesting now as there is less speculation about cryptocurrencies yet more opportunities. Moreover, CoinGate team has increased more than twice during the last 6 months and so has our potential!
The list of milestones on your website is definitely impressive. What are the plans for the last quarter of 2018/2019?
As I said before, we are constantly adding new features to create the most user-friendly product. In November, we will launch new payment options, Skrill and Neteller. Moreover, we aim to launch the support for ERC20 and consider onboarding new tokens. But probably the biggest goal is to process 400,000 orders until the end of the year!
Eastern Europe and specifically the Baltics are considered to be one of the most crypto-savvy regions globally. What are the reasons behind it?
Lithuania and other Baltic countries were always strongly advocating for blockchain and are striving to be the leaders in this crypto industry. The city of Vilnius has already been established as a fintech hub for crypto startups with the first Blockchain Technology Centre in Europe.
This is happening because the younger generation is extremely well-educated in terms of IT and can see huge potential of blockchain use cases.
Their talent and determination are what drives the industry further. We understand that education has a huge role in it. Our team is striving to help youngsters to understand the technology. In order to do that, our CTO Rytis Bieliauskas has developed first cryptocurrency courses in Lithuania designed for high school students.
Thank you for an informative and pleasant conversation!
More information about the project: https://coingate.com/