Token Logo
contact us

contact us

30 Nov 2021

The A2A Q&A: CoinGate

In the next 12 months, account-to-account (A2A) payments are set to become the payment mechanism behind over half of all e-wallet top-ups in the UK and across Europe. As open payments continue progressing towards becoming a mainstream payment mechanism, key verticals like crypto have already achieved early adopter status.

We caught up with CoinGate, one of the newest members of Token’s open payments community, to learn why it was an “obvious choice” to enable their traders to buy crypto assets with A2A payments.

Tell us about CoinGate. What started you on your journey, and what sets CoinGate apart?

CoinGate was founded in 2014 with a simple mission: introduce cryptocurrencies to businesses. Like many early adopters, our founders were fascinated with the idea of cryptocurrencies and their benefits. However, the crypto community was still rather small. The only thing that Bitcoin was used for at that time was speculation and sending transfers between a small group of people. With the CoinGate platform, we started enabling businesses to accept cryptocurrencies even if the crypto receiving party did not know anything about the technology. Meanwhile, this also created a real-world use for those who hold crypto.

What was the catalyst for your decision to enable CoinGate traders in Europe to buy crypto-assets seamlessly with direct account-to-account bank payments?

There’s a variety of reasons why account-to-account payments were our go-to choice. Firstly, and most importantly, account-to-account payments share similarities with cryptocurrencies: cutting out intermediaries that, as some might say, do not really create any value. Next, the technology is very convenient for the end-user. Just enter your banking details and touch a button on your mobile device. That’s it! It allows us to bring cryptocurrencies closer to European citizens.

Why might a CoinGate customer use direct bank payments over other payment options?

A direct bank link is a very safe and cheap way to make payments. There’s no need to enter your credit card details and transfer them over the internet. And, due to fewer intermediaries involved in the process, they are much cheaper too. Finally, it’s a great experience for the end-user.

Why did you decide to partner with Token to enable open payments capabilities?

We heard about Token at conferences that we attended during the Covid lockdown and decided to explore the opportunity. The team at Token were very keen on helping us learn about the technology and its capabilities. They guided us during every step of the integration process, and even their post-sale care is very on point. Open banking is a very new technology, but regardless, Token has already established itself as a prominent player.

When it comes to making your customers’ experience in buying and trading crypto assets as smooth as possible, what barriers or challenges remain?

The technology itself is not the most pleasant thing. For example, the difference between coins and tokens or between first and second layer transactions. Understanding all these nuances takes time that not everyone is willing to invest, but the technology is still developing. Rome was not built in a day, and we are putting all we’ve got into helping the industry develop.

What’s next for Coingate?

What's next is the same thing we have been doing for the last seven years: Bringing cryptocurrencies closer to everyone!

About Coingate

CoinGate is a Lithuanian-based fintech company founded in 2014. The payment gateway offers cryptocurrency payment processing services for businesses of any size. The company also brings cryptocurrencies closer to mass adoption by offering several methods to set up cryptocurrency payments for any website or physical store. Besides merchant services, CoinGate also provides a platform for buying and selling numerous crypto assets with a single payment. Customers can choose from such purchasing methods as credit/debit cards, SEPA bank transfer or mobile balance, or sell their coins for fiat.

About Token

Token is an open banking payments platform driving the shift from card to bank payments. Token does the heavy lifting of enabling the broadest payment connectivity to banks in Europe through a single API and interface. With Token's A-to-Z toolkit for A2A payments, PSPs, merchants and banks can add open payments capabilities to their platform, accept A2A payments straight from apps and websites, and blend API-based payments and data to reinvent financial experiences faster and more efficiently.