From 2014, CoinGate gateway is bringing cryptocurrencies closer to mass adoption by offering methods to set up cryptocurrency payments for any website or physical store. CoinGate is the preferred payment provider for traders, merchants and developers, as well as crypto enthusiasts.

Dmitrijus Borisenka (CEO at CoinGate), a Lithuanian cryptocurrency payment gateway, discusses the journey to its success.

In Europe, the Global Brands Award of the Most Innovative Cryptocurrency payment Gateway was won by CoinGate this year.

Customer-centered finance

CoinGate is taking the mission of adoption seriously. Because the financial sector is highly sensitive to rules and standards, CoinGate must be flexible and adaptable to the changing environment.

Borisenka states that their company is customer-oriented and seeks to resolve any problems as soon as possible. This approach, he believes, is the company’s strength and competitive edge in an overcrowded financial market.

To make the blockchain technology available to merchants and other businesses that integrate with CoinGate, the company is constantly in touch with them.

“We want to have for the merchant as least as possible of potential friction and problems which means that they don’t need to care about the technology behind, they just need to collect payments which is their business and their bread.”

Towards the Future

Borisenka sees crypto behemoths consolidating the market as an ongoing challenge for the company. Binance, Coinbase, and many other market titans have begun to offer cryptocurrency processing, custodial funds, NFTs, decentralized finance, and currency processors.

CoinGate will soon introduce custodial wallet functionality to their platform in order to keep up with the market. The company will be able to add customers who are interested in cryptocurrency trading. It is looking to grow overseas by aiming at the US and Asian markets.

“I think there are not many challenges. The key is to remain confident and positive in order for the business to succeed. Because with the businesses coming from Lithuania, only now we start to understand that we need to be confident and we can achieve great results,”
believes Borisenka.

New Silicon Valley?

CoinGate was founded in Lithuania and has been climbing the success ladder ever since. The founders as well as core team are all from Lithuania.

Borisenka points out that it is much easier to start a company in small countries. Smaller countries have a more compact social infrastructure, which makes it easier for people to make quick decisions and monitor their regulatory environments.

Borisenka recalls Skype’s success in Estonia, where it was first launched. Skype (NASDAQ:) was bought by Microsoft for $8.5billion. It had more than 660,000,000 users.

The founders of Skype were able to sell the company and then invest in new startups to create more successful stories. Jaan Tallinn (co-founder) has already invested $132million of his wealth to support between 100 and 200 startups.

Lithuania’s fintech industry is also very active. According to the organization representing startups, Unicorns.lt, Lithuania, with an entire population of 2.8 million, has more than 2000 active tech startups, which paid €377,7 million in taxes and created more than 30,000 jobs, and the numbers are increasing at a rate of 3x a year.

In 2019, Vinted, a Lithuanian-based online second-hand clothing marketplace, became the first Unicorn in the country after raising €128 million of funding.

Fintech companies help employees develop their competences, which in turn contributes to an innovative ecosystem. The companies that nurture these professionals will probably be the founding founders of the next unicorn startup, or at the forefront of innovation. Borisenka is pleased by the professional ecosystem in Lithuania:

“We have very good people and specialists. They expect a lot of their employees. So I really can relate to that, and to this day, if I can maintain most of my operations in Lithuania, I’d be really happy to do that.”

On The Flipside

• Small countries are booming grounds for startups. But, in order for them to bring innovations to a wider audience, they need more flexibility from the governments.

What is the reason you should care?

CoinGate was awarded the Global Brands Award in 2021 for Best Innovative Cryptocurrency Payment Gateway. The company contributes to crypto adoption by offering a cryptocurrency payment gateway.

Watch the full interview here:

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