Dominyka is a Copywriter at CoinGate. During her career as a copywriter, journalist, and communication specialist, she had the opportunity to handle a wide range of topics, from human rights to lifestyle articles, technology, and now crypto. She sees the importance of new technologies spread and a need for educational and usable content.

Vilius is a seasoned copywriter and bitcoin enthusiast specializing in blockchain and cryptocurrency topics. He's been with CoinGate since 2018, writing blogs, social media content, sales materials, newsletters, FAQs, and more. He's relentless in pursuing knowledge and a better understanding of the crypto industry, which helps him create meaningful and engaging content every day.

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Every person that spends time online leaves a digital footprint. However, the Internet is a dangerous place full of traps aimed to get access to people’s data, identities and finances, so a digital footprint might quickly become a liability. 



<figure class="wp-block-image size-large is-style-default"><img loading="lazy" width="1024" height="530" src="https://wp-blog-assets.coingate.com/2023/02/8d27f9aa-surfshark_casestudy_blog-1024x530.png" alt="surfshark case study" class="wp-image-6614" srcset="https://wp-blog-assets.coingate.com/2023/02/8d27f9aa-surfshark_casestudy_blog-1024x530.png 1024w, https://wp-blog-assets.coingate.com/2023/02/8d27f9aa-surfshark_casestudy_blog-300x155.png 300w, https://wp-blog-assets.coingate.com/2023/02/8d27f9aa-surfshark_casestudy_blog-150x78.png 150w, https://wp-blog-assets.coingate.com/2023/02/8d27f9aa-surfshark_casestudy_blog-768x397.png 768w, https://wp-blog-assets.coingate.com/2023/02/8d27f9aa-surfshark_casestudy_blog-1536x794.png 1536w, https://wp-blog-assets.coingate.com/2023/02/8d27f9aa-surfshark_casestudy_blog.png 1856w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



Rightfully so, the security of online devices and rights (or means) to retain privacy remain crucial topics in today’s world that seem to never run out of steam.&nbsp;



The growing awareness of online dangers did not deter people from using the Internet but certainly made them a lot more careful and considerate when it comes to staying safe from hacking, tracking, phishing and even targeted advertising.&nbsp;



The most common safety practices used today include using anti-malware software, private search engines, browsing the Internet with the TOR network, having an alert system that identifies data leaks, and also safeguarding data and privacy behind a VPN service.



Coincidentally, people who care about their privacy also often prefer to transact in Bitcoin or other cryptocurrencies whenever possible. This unusual preference creates a tremendous opportunity for any IT company to capitalize on the opportunity by providing alternative means of payment, and especially if a business provides privacy-enhancing services.



<h2>How can Bitcoin help with retaining privacy online?</h2>



Bitcoin payments can help with privacy issues for anyone because paying in Bitcoin allows customers to make transactions without providing any personally identifiable information. 



<figure class="wp-block-image size-large is-style-default"><img loading="lazy" width="1024" height="530" src="https://wp-blog-assets.coingate.com/2023/02/77ff24c0-surfshark-casestudy-image-blog_01-1024x530.png" alt="bitcoin anonymous payments" class="wp-image-6615" srcset="https://wp-blog-assets.coingate.com/2023/02/77ff24c0-surfshark-casestudy-image-blog_01-1024x530.png 1024w, https://wp-blog-assets.coingate.com/2023/02/77ff24c0-surfshark-casestudy-image-blog_01-300x155.png 300w, https://wp-blog-assets.coingate.com/2023/02/77ff24c0-surfshark-casestudy-image-blog_01-150x78.png 150w, https://wp-blog-assets.coingate.com/2023/02/77ff24c0-surfshark-casestudy-image-blog_01-768x397.png 768w, https://wp-blog-assets.coingate.com/2023/02/77ff24c0-surfshark-casestudy-image-blog_01-1536x794.png 1536w, https://wp-blog-assets.coingate.com/2023/02/77ff24c0-surfshark-casestudy-image-blog_01.png 1856w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



With traditional payment methods, a customer’s name, address, and other personal information is typically attached to their transactions. This can make it easier for malicious actors to track their spending habits and potentially even steal their identity or financial information.



With Bitcoin payments, on the other hand, the customer only discloses a unique Bitcoin address, which is a string of letters and numbers that can be generated on a wallet app or website. This address can be used to send and receive Bitcoin without necessarily revealing any personal information. The same goes for most other cryptocurrencies.



Overall, the anonymity and security of Bitcoin payments makes them a good option for customers who want to go an extra mile to protect their personal information and keep their financial activities private from prying eyes.&nbsp;



The growing demand for unlikely payment methods also creates a strong incentive for certain businesses to adapt cryptocurrency payments and serve this somewhat niche clientele. 



<figure class="wp-block-image size-large is-style-default"><img loading="lazy" width="1024" height="530" src="https://wp-blog-assets.coingate.com/2023/02/638b8b9e-surfshark-casestudy-image-blog_02-1024x530.png" alt="anonymity in crypto" class="wp-image-6616" srcset="https://wp-blog-assets.coingate.com/2023/02/638b8b9e-surfshark-casestudy-image-blog_02-1024x530.png 1024w, https://wp-blog-assets.coingate.com/2023/02/638b8b9e-surfshark-casestudy-image-blog_02-300x155.png 300w, https://wp-blog-assets.coingate.com/2023/02/638b8b9e-surfshark-casestudy-image-blog_02-150x78.png 150w, https://wp-blog-assets.coingate.com/2023/02/638b8b9e-surfshark-casestudy-image-blog_02-768x397.png 768w, https://wp-blog-assets.coingate.com/2023/02/638b8b9e-surfshark-casestudy-image-blog_02-1536x794.png 1536w, https://wp-blog-assets.coingate.com/2023/02/638b8b9e-surfshark-casestudy-image-blog_02.png 1856w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



At least that’s the line of thinking at <a href="https://surfshark.com/" target="_blank" rel="noreferrer noopener">Surfshark</a>, the TOP 3 VPNs in the world that offers humanized security solutions, where a Financial Analyst, Donatas Strazdas, identified a certain type of customer who values the ability to pay with digital assets more than anything else: 



“There are groups of customers who cannot imagine their lives without privacy solutions. Such customers are particularly serious about the information trail they leave on the Internet, so paying with cryptocurrencies is almost the only acceptable way to pay.”



Worth noting that enhanced privacy is not the only reason many people choose to pay with Bitcoin as, in general, it’s getting widely popular as a monetary network–enough to significantly contribute to the success of a business.



<h2>Taking advantage of Bitcoin’s growing popularity</h2>



The significance of Bitcoin as a payment method skyrocketed over the past few years.&nbsp;



Today, according to on-chain data, Bitcoin has already become the dominant global monetary network: it was used to transfer more than $14 trillion in value by October 2022 alone, a staggering x7 more than two years prior, also surpassing VISA network’s annual transfer value. 



<figure class="wp-block-image size-large is-style-default"><img loading="lazy" width="1024" height="530" src="https://wp-blog-assets.coingate.com/2023/02/af4f3f55-surfshark-casestudy-image-blog_04-1024x530.png" alt="growing bitcoin transfer value" class="wp-image-6618" srcset="https://wp-blog-assets.coingate.com/2023/02/af4f3f55-surfshark-casestudy-image-blog_04-1024x530.png 1024w, https://wp-blog-assets.coingate.com/2023/02/af4f3f55-surfshark-casestudy-image-blog_04-300x155.png 300w, https://wp-blog-assets.coingate.com/2023/02/af4f3f55-surfshark-casestudy-image-blog_04-150x78.png 150w, https://wp-blog-assets.coingate.com/2023/02/af4f3f55-surfshark-casestudy-image-blog_04-768x397.png 768w, https://wp-blog-assets.coingate.com/2023/02/af4f3f55-surfshark-casestudy-image-blog_04-1536x794.png 1536w, https://wp-blog-assets.coingate.com/2023/02/af4f3f55-surfshark-casestudy-image-blog_04.png 1856w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



This particular trend doesn’t seem to have an ending in sight. As of July 2022, according to a <a href="https://www2.deloitte.com/content/dam/Deloitte/us/Documents/technology/us-cons-merchant-getting-ready-for-crypto.pdf" target="_blank" rel="noreferrer noopener">survey</a> conducted by Deloitte, 75% of US retailers plan to accept Bitcoin and other crypto payments within 2 years. Meanwhile, 85% of US retailers give high priority to enabling Bitcoin payments, as 83% of retailers expect consumer interest in digital currencies to increase over the next year.



It’s evident that more and more people find Bitcoin useful for everyday payments, and, keeping in mind the recent developments concerning Lightning Network, it’s unlikely that the growth in Bitcoin adoption will slow down in the coming years.&nbsp;



As previously mentioned, the overall intent of retailers suggests this is the best time for IT service providers, such as VPNs, hosting providers and similar, to step in and satisfy the growing demand by providing means of payment for their services to people that want or need it.&nbsp;



That includes those that seek more privacy or simply do not have access to a banking system to purchase these services–in other words, a segment of people that are most likely to become paying customers.



On top of it, the act of accepting Bitcoin and cryptocurrency payments brings other benefits to the table that contribute to a more efficient business operations, such as broader accessibility, lower fees, convenience of efficient transacting, and more.&nbsp;



Surfshark has been accepting cryptocurrency payments soon after its inception in 2018 up to this day, in that time producing results that should catch the eye of many forward-thinking businesses thinking of doing the same.



<h2>Role of innovative payment systems in the pursuit of excellence</h2>



In the case of Surfshark, the goal is to meet the highest quality standards demanded by customers, striving to be a versatile security solution that encompasses anti-malware software, private search engine, and data leak alert systems. But, to also become more accessible and inclusive, the solution was cryptocurrency payments.



“Some of our customers take care of their privacy on the Internet almost religiously, so paying with a decentralized and completely anonymous currency is one of the few acceptable ways to pay for services. To enable such users to use our product, we have decided to introduce cryptocurrency payments,” explained Donatas Strazdas.



<figure class="wp-block-image size-large is-style-default"><img loading="lazy" width="1024" height="530" src="https://wp-blog-assets.coingate.com/2023/02/cbcd192c-surfshark-casestudy-image-blog_05-1024x530.png" alt="surfshark accepts crypto" class="wp-image-6619" srcset="https://wp-blog-assets.coingate.com/2023/02/cbcd192c-surfshark-casestudy-image-blog_05-1024x530.png 1024w, https://wp-blog-assets.coingate.com/2023/02/cbcd192c-surfshark-casestudy-image-blog_05-300x155.png 300w, https://wp-blog-assets.coingate.com/2023/02/cbcd192c-surfshark-casestudy-image-blog_05-150x78.png 150w, https://wp-blog-assets.coingate.com/2023/02/cbcd192c-surfshark-casestudy-image-blog_05-768x397.png 768w, https://wp-blog-assets.coingate.com/2023/02/cbcd192c-surfshark-casestudy-image-blog_05-1536x794.png 1536w, https://wp-blog-assets.coingate.com/2023/02/cbcd192c-surfshark-casestudy-image-blog_05.png 1856w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



Donatas also notes that a wide selection of coins is as important as speed, security, accessibility and convenience of services. However, these require an infrastructure that needs lots of time and resources to build, which is why instead a payment processor CoinGate was chosen to undertake the task.&nbsp;



Results of integrating cryptocurrency payments were positive on both Surfshark’s revenue and customer growth, and received some great responses from customers.&nbsp;



Notably, the implementation itself was fast and hassle-free due to well-kept documentation.&nbsp;



Donatas elaborates on the fact, saying that “in such a process, the supplier’s solution integration instructions become very important. We can only be glad that CoinGate paid a lot of attention to this and provided clear documentation that ensured that the process of implementing crypto payments was fast and smooth.”



<h2>Summary</h2>



We’ve discussed the importance of online privacy and how Bitcoin can help with that.&nbsp;



It is apparent that people who are concerned about their online privacy often prefer to use Bitcoin or other cryptocurrencies for transactions because they allow users to make payments without providing personally identifiable information. 



<figure class="wp-block-image size-large is-style-default"><img loading="lazy" width="1024" height="530" src="https://wp-blog-assets.coingate.com/2023/02/e06a9c9b-surfshark-casestudy-image-blog_03-1024x530.png" alt="privacy with crypto" class="wp-image-6620" srcset="https://wp-blog-assets.coingate.com/2023/02/e06a9c9b-surfshark-casestudy-image-blog_03-1024x530.png 1024w, https://wp-blog-assets.coingate.com/2023/02/e06a9c9b-surfshark-casestudy-image-blog_03-300x155.png 300w, https://wp-blog-assets.coingate.com/2023/02/e06a9c9b-surfshark-casestudy-image-blog_03-150x78.png 150w, https://wp-blog-assets.coingate.com/2023/02/e06a9c9b-surfshark-casestudy-image-blog_03-768x397.png 768w, https://wp-blog-assets.coingate.com/2023/02/e06a9c9b-surfshark-casestudy-image-blog_03-1536x794.png 1536w, https://wp-blog-assets.coingate.com/2023/02/e06a9c9b-surfshark-casestudy-image-blog_03.png 1856w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



This anonymity and security make Bitcoin and crypto payments a good option for people who want to protect their personal information and keep their financial activities private. In addition, the unbanked population also gets access to the services, bringing in more customers from around the world.



Overall, Bitcoin’s growing relevance has created opportunities for IT service providers like Surfshark to make their services more accessible to a wider audience, which turned out to be a right decision to make.

Attract customers who value their privacy or don’t have access to banking services with crypto payments.

Leveraging Crypto to Serve the Privacy-Conscious & Unbanked

In this day and age, being fast and efficient can make a meaningful difference between the success and failure of a business. 



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It’s especially true for companies that sell digital services to people all across the globe.&nbsp;



As such, being able to accept customers’ money and provide services without being staggered by slow or limited payment networks is a crucial piece of the puzzle for every business striving to become a dominant force in its respective industry.



<a href="https://www.cherryservers.com/" target="_blank" rel="noreferrer noopener">Cherry Servers</a>, a company that provides dedicated and virtual server rental services globally, cooperates with individuals and legal entities from 140 countries. The problem is that when such a prominent company provides services worldwide, having one or two popular payment options is enough to cater to everybody, and certainly not the unbanked population. 



So the question is, how can a company provide the same level of accessibility to its services for people that don’t have a credit card or a bank account?&nbsp;



Cherry Servers’ solution has been simple yet proven to be quite effective – the addition of cryptocurrency payment methods to their store’s checkout.&nbsp;



<h2>Reaching the unbanked</h2>



On the 20th of January, 2022, the Brookings Africa Growth Initiative (AGI) presented its annual <a href="https://www.brookings.edu/research/foresight-africa-2022/" target="_blank" rel="noreferrer noopener">Foresight Africa report</a>, exploring key priorities for the region to focus on in the coming year. 



It suggests that from 2020 to 2021, the continent has seen a 1,200% increase in cryptocurrency use for making payments with no signs of slowing down. As a result, Kenya, South Africa, and Nigeria sit among the top 10 countries that utilize cryptocurrencies to obtain goods and services.



Coincidentally, Africa is the continent where a large portion of the population is unbanked. The only way to reach these potential customers is by allowing them to spend their crypto assets.&nbsp;



According to Dovilė Minkevičienė, a Customer Success Lead at Cherry Servers, “cryptocurrencies are one of the universal payment methods, the availability of which often simplifies the provision of services”.



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And it truly is – by employing CoinGate payment processing services, Cherry Servers are able to accept +70 cryptocurrencies from anywhere in the world without waiting for days for payments to clear.



CoinGate payment gateway is also equipped with a full-fledged refund system, notifications, order tracking, accounting, account management, subscriber list building, email billing, and other helpful tools, which makes collecting crypto payments way less of a daunting process.&nbsp;



<h2>Anonymity as a unique selling point</h2>



Additionally, some customers are not willing to spend money online unless certain conditions are met. While the most prominent conditions are fast and borderless payments, buyer anonymity sometimes plays a significant role in customers’ decision-making.&nbsp;



However, most online shops ask for things like your name, address, email address, and credit card number before allowing you to make a payment, which certainly does not satisfy those who have compelling reasons to stay unidentified. 



<figure class="wp-block-image size-large is-style-default"><img loading="lazy" width="1024" height="530" src="https://wp-blog-assets.coingate.com/2023/02/a5aa4161-cherryservers-casestudy-image-blog_02-1024x530.png" alt="" class="wp-image-6607" srcset="https://wp-blog-assets.coingate.com/2023/02/a5aa4161-cherryservers-casestudy-image-blog_02-1024x530.png 1024w, https://wp-blog-assets.coingate.com/2023/02/a5aa4161-cherryservers-casestudy-image-blog_02-300x155.png 300w, https://wp-blog-assets.coingate.com/2023/02/a5aa4161-cherryservers-casestudy-image-blog_02-150x78.png 150w, https://wp-blog-assets.coingate.com/2023/02/a5aa4161-cherryservers-casestudy-image-blog_02-768x397.png 768w, https://wp-blog-assets.coingate.com/2023/02/a5aa4161-cherryservers-casestudy-image-blog_02-1536x794.png 1536w, https://wp-blog-assets.coingate.com/2023/02/a5aa4161-cherryservers-casestudy-image-blog_02.png 1856w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



It could be a website owner, a system engineer, a public-sensitive business entity, or anyone else that is heavily incentivized to share as little personal information as possible to avoid consequences of any potential 3rd party data leaks.&nbsp;



Whatever the reasons for staying anonymous might be, remaining completely invisible online is both a right and an option that every person should have.&nbsp;



Since not all merchants offer anonymity, their competitors have an opportunity to leverage it by presenting anonymous payment methods as a unique selling point.



<h2>Anonymous payments achieved through cryptocurrency transactions</h2>



One way to create anonymous payment rails is by accepting Bitcoin or other cryptocurrencies for payments, as the customer’s name, email, or IP address is not recorded on the blockchain. Still, one might argue that cryptocurrency transactions are not entirely anonymous but rather pseudonymous, and that would be true.&nbsp;



Theoretically, you can create a new Bitcoin wallet and use it to send or receive payments anonymously without any risk of exposing your identity. However, if bitcoin is converted to fiat currency at any time, there aren’t many ways to bypass identity verification at the exchange points.



In other words, selling Bitcoin or other coins for fiat currency won’t be easy without exposing yourself. But that’s rarely a concern for crypto users who exclusively use crypto for online purchases. 



<figure class="wp-block-image size-large is-style-default"><img loading="lazy" width="1024" height="530" src="https://wp-blog-assets.coingate.com/2023/02/a5aa4161-cherryservers-casestudy-image-blog_03-1024x530.png" alt="" class="wp-image-6609" srcset="https://wp-blog-assets.coingate.com/2023/02/a5aa4161-cherryservers-casestudy-image-blog_03-1024x530.png 1024w, https://wp-blog-assets.coingate.com/2023/02/a5aa4161-cherryservers-casestudy-image-blog_03-300x155.png 300w, https://wp-blog-assets.coingate.com/2023/02/a5aa4161-cherryservers-casestudy-image-blog_03-150x78.png 150w, https://wp-blog-assets.coingate.com/2023/02/a5aa4161-cherryservers-casestudy-image-blog_03-768x397.png 768w, https://wp-blog-assets.coingate.com/2023/02/a5aa4161-cherryservers-casestudy-image-blog_03-1536x794.png 1536w, https://wp-blog-assets.coingate.com/2023/02/a5aa4161-cherryservers-casestudy-image-blog_03.png 1856w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



Concerns might arise if a wallet address is made possible to be linked to a real person’s identity through social media, forums, personal websites, or other forms of an online presence.&nbsp;



But, as long as a person doesn’t share his wallet address publicly and does not exchange cryptocurrencies for fiat currencies, retaining anonymity is entirely possible, and cryptocurrency users surely know how to take advantage of it.



<h3>Who seeks anonymity?&nbsp;</h3>



According to CoinGate’s data, which closely matches several research efforts conducted over the past several years by other entities, VPN, web hosting, and virtual server rentals are industries that have the most consumers who are willing to pay with cryptocurrencies and, in general, seek anonymity more often.



<figure class="wp-block-image size-large is-style-default"><img loading="lazy" width="1024" height="530" src="https://wp-blog-assets.coingate.com/2023/02/a5aa4161-cherryservers-casestudy-image-blog_04-1024x530.png" alt="" class="wp-image-6608" srcset="https://wp-blog-assets.coingate.com/2023/02/a5aa4161-cherryservers-casestudy-image-blog_04-1024x530.png 1024w, https://wp-blog-assets.coingate.com/2023/02/a5aa4161-cherryservers-casestudy-image-blog_04-300x155.png 300w, https://wp-blog-assets.coingate.com/2023/02/a5aa4161-cherryservers-casestudy-image-blog_04-150x78.png 150w, https://wp-blog-assets.coingate.com/2023/02/a5aa4161-cherryservers-casestudy-image-blog_04-768x397.png 768w, https://wp-blog-assets.coingate.com/2023/02/a5aa4161-cherryservers-casestudy-image-blog_04-1536x794.png 1536w, https://wp-blog-assets.coingate.com/2023/02/a5aa4161-cherryservers-casestudy-image-blog_04.png 1856w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



Coincidentally but not surprisingly, these industries are way ahead of others in adopting cryptocurrency payment methods for this exact reason.&nbsp;



By allowing customers to pay with cryptocurrencies, two things happen:



<ol><li>Customers don’t have to disclose their personal info, and, in turn, companies do not have to collect (and thus protect) as much information on them;</li></ol>



<ol start="2"><li>More customers worldwide are keen to order the product or service when presented with more preferable payment methods, bringing in more sales as a result.</li></ol>



With cryptocurrency payments, Cherry Servers can provide services to the remote corners of the world while, at the same time, attracting and even retaining the most selective customers.



<h2>Cherry Servers crypto experiment results</h2>



Cherry Servers started accepting crypto payments via the CoinGate payment gateway in May of 2019 and continues to do so to this day. According to the CEO of Cherry Servers, Vaidas Rutkauskas, “accepting crypto payments is one of the most successful business decisions”.



<figure class="wp-block-image size-large is-style-default"><img loading="lazy" width="1024" height="530" src="https://wp-blog-assets.coingate.com/2023/02/48b302db-cherryservers-casestudy-image-blog_05-1024x530.png" alt="" class="wp-image-6610" srcset="https://wp-blog-assets.coingate.com/2023/02/48b302db-cherryservers-casestudy-image-blog_05-1024x530.png 1024w, https://wp-blog-assets.coingate.com/2023/02/48b302db-cherryservers-casestudy-image-blog_05-300x155.png 300w, https://wp-blog-assets.coingate.com/2023/02/48b302db-cherryservers-casestudy-image-blog_05-150x78.png 150w, https://wp-blog-assets.coingate.com/2023/02/48b302db-cherryservers-casestudy-image-blog_05-768x397.png 768w, https://wp-blog-assets.coingate.com/2023/02/48b302db-cherryservers-casestudy-image-blog_05-1536x794.png 1536w, https://wp-blog-assets.coingate.com/2023/02/48b302db-cherryservers-casestudy-image-blog_05.png 1856w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



Even though the CEO emphasizes the possibility of converting coins into Euros and the effortless transfer of collected funds to a bank account as the most pleasing thing about using a payment gateway, the customer’s ability to perform anonymous transactions is what actually encouraged many new people to try Cherry Servers services.&nbsp;



“We have integrated crypto payments based on our customer needs – most of them prefer paying with crypto,” explains Vaidas, adding that “customers were happy with the innovation, and we were excited about the opportunity to offer our services to an even wider range of customers. Currently, crypto payments take up a large part of our basket, and consistent growth is observed.”



A year after implementing crypto payments, Cherry Servers witnessed around 10% growth in crypto payments volume. A slower but steady growth continues until this day.



<h2>Even more ways to utilize cryptocurrency payments</h2>



The success of Cherry Servers business heavily depends on the advancement of technological solutions and the diversity of the service basket to meet the requirements of different projects.&nbsp;



However, besides anonymity, speed is no less important – swift service provisioning and fast payments also make a huge difference, and that’s where payment gateways like CoinGate make themselves notably helpful.&nbsp;



There are many other ways a company can utilize cryptocurrency payment processing services and take advantage of many tools that help navigate the growing crypto markets. <a href="https://coingate.com/blog/post/how-to-accept-bitcoin-payments" target="_blank" rel="noreferrer noopener">Learn more</a>.

Crypto payments are fast, efficient and can make a meaningful difference between the success and failure of a business, study suggests. 

Crypto: Universal Payment Method For Service Simplification | CoinGate

Crypto: Universal Payment Method For Service Simplification

Web3 companies do business mainly in cryptocurrencies. Yet, fiat currencies are still part of their daily operations, and it’s of utmost importance to have a seamless flow of funds between two ecosystems. However, that’s not always the case.



<figure class="wp-block-image size-large is-style-default"><img loading="lazy" width="1024" height="530" src="https://wp-blog-assets.coingate.com/2023/02/839cd19f-dappradar_casestudy_blog-1024x530.png" alt="dappradar case study" class="wp-image-6577" srcset="https://wp-blog-assets.coingate.com/2023/02/839cd19f-dappradar_casestudy_blog-1024x530.png 1024w, https://wp-blog-assets.coingate.com/2023/02/839cd19f-dappradar_casestudy_blog-300x155.png 300w, https://wp-blog-assets.coingate.com/2023/02/839cd19f-dappradar_casestudy_blog-150x78.png 150w, https://wp-blog-assets.coingate.com/2023/02/839cd19f-dappradar_casestudy_blog-768x397.png 768w, https://wp-blog-assets.coingate.com/2023/02/839cd19f-dappradar_casestudy_blog-1536x794.png 1536w, https://wp-blog-assets.coingate.com/2023/02/839cd19f-dappradar_casestudy_blog.png 1856w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h2>Introducing the money flow issue</h2>



In the fast-paced world of developing technology, quick and efficient means of transferring money can significantly impact the success of a business.&nbsp;



However, moving funds fast is not always an option for some particular types of businesses. Multiple roadblocks can pause and delay vital processes, slowing growth and draining resources that could have been used more productively.



Such experiences are prevalent amongst the new-age companies building on decentralized networks. Their Business-to-Business (B2B) model means they depend on partnering with other blockchain projects. As so, most of the time, both parties are more than happy to do business in cryptocurrencies, whether it’s paying with or accepting cryptocurrencies for payments.



The issues arise when these cryptocurrency funds have to be converted to a local fiat currency like EUR or GBP, even though most of the company’s balance sheet consists primarily of stablecoins, BTC, or even various tokens.&nbsp;



Fiat money is needed for paying salaries, covering office rent, or other operational costs, so reliance on traditional remittances becomes unavoidable.



DappRadar, a global Dapp store that brings high-quality, accurate insights on decentralized applications, is one of such companies that faced money flow challenges before. But their team has discovered a solution that has allowed the company to bypass bureaucracy and inefficiencies caused by overly complicated traditional payment networks.



<h2>What is DappRadar?</h2>



Finding promising DeFi protocols, valuable tokens, or NFT collections is a challenge for everyone, as new projects appear in the already oversaturated and crowded market every day.&nbsp;



<a href="https://dappradar.com/" target="_blank" rel="noreferrer noopener">DappRadar</a>, the World’s Dapp Store, provides all the tools to filter, inspect, and overview these uprising projects in-depth by aggregating data from numerous DeFi instruments. 



By logging into the DappRadar with your Metamask, WalletConnect, or CoinBase wallets for the first time, you might be overwhelmed by the number of tools available. These tools provide all the insights about the state of various DeFi sectors, rankings of decentralized applications (Dapps), blockchain games, NFT projects, and everything else that embodies DeFi.&nbsp;



<figure class="wp-block-image size-large is-style-default"><img loading="lazy" width="1024" height="530" src="https://wp-blog-assets.coingate.com/2023/02/e51c024c-dappradar-casestudy-image-blog_01-1024x530.png" alt="dappradar " class="wp-image-6578" srcset="https://wp-blog-assets.coingate.com/2023/02/e51c024c-dappradar-casestudy-image-blog_01-1024x530.png 1024w, https://wp-blog-assets.coingate.com/2023/02/e51c024c-dappradar-casestudy-image-blog_01-300x155.png 300w, https://wp-blog-assets.coingate.com/2023/02/e51c024c-dappradar-casestudy-image-blog_01-150x78.png 150w, https://wp-blog-assets.coingate.com/2023/02/e51c024c-dappradar-casestudy-image-blog_01-768x397.png 768w, https://wp-blog-assets.coingate.com/2023/02/e51c024c-dappradar-casestudy-image-blog_01-1536x794.png 1536w, https://wp-blog-assets.coingate.com/2023/02/e51c024c-dappradar-casestudy-image-blog_01.png 1856w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



In addition, it also serves as an NFT and wallet portfolio tracker and allows signing up for upcoming airdrops of various DeFi projects with a single click.&nbsp;



According to the company’s CEO and Co-Founder, Skirmantas Januškas, DappRadar started in 2018 just as a “weekend project.” But now, the scope of DappRadar covers +30 protocols and close to 10,000 Dapps. The platform has over 1 million monthly users who enjoy free access to the most accurate representation of the Dapps industry.&nbsp;



By now, DappRadar is not only the world’s leading Dapp store but also its own network with vast communities of contributors, curators, and consumers.



<h3>DappRadar’s business model</h3>



The company’s primary revenue source is advertisement sales and protocol listing. Most of the business deals are settled in crypto assets as the majority of DappRadar’s customers interact with the blockchain space.



As such, crypto payments are simply more convenient for both DappRadar and its clients since they are used to operating in the decentralized landscape.&nbsp;



Besides, crypto transfers are peer-to-peer, way faster, and cheaper than, for example, regular bank transfers. Since speed is extremely important, it makes crypto a preferred and primary way of doing business.&nbsp;



<h2>The need for fiat currency on a balance sheet creates money flow issues</h2>



Issues begin when a company needs fiat currency to cover operational expenses that cannot be paid off with cryptocurrencies. As the experience of DappRadar suggests, exchanging crypto for fiat can swiftly become time-consuming and burdensome for several reasons.



<h3>Paying high fees on centralized exchanges</h3>



To turn cryptocurrencies into a local fiat currency and place the funds in a bank account, a business has to convert them using a centralized exchange. However, centralized exchanges charge high transaction fees, especially when trading in large volumes.&nbsp;



Also, additional fees can add up quickly. For example, initiating a withdrawal of funds to a bank account might cost even more than the conversion itself.



Not only is this process costly, but it also might be slower than expected due to waiting times imposed by the exchange and, more importantly, the receiver bank’s never-ending curiosity about your crypto-related activities.



<h3>The burden of recurring and unexpected compliance procedures</h3>



KYC (Know Your Customer) is an unavoidable procedure in every institution involved in money transfers.&nbsp;



However, companies that deposit money from crypto exchanges throw red flags in every bank, no matter if the business has already passed the KYC screening and its operations are proven to be entirely legal and expected.&nbsp;



This stigma surrounding crypto-related activities translates into another pain point for businesses – constant freezing, suspending, and delaying of money flow, followed by demands of financial institutions to provide supporting documents that would further prove your company’s pure intentions and, again, justify the bank’s decision to let a business proceed with its ventures.



“We like CoinGate because of the speed, as money transfer to the bank takes 1-2 days. When transferring through the exchange, it can take up to a week or even two due to bank checks and freezing of assets,” says Modesta Masoit, CFO of DappRadar. 



<figure class="wp-block-image size-large is-style-default"><img loading="lazy" width="1024" height="530" src="https://wp-blog-assets.coingate.com/2023/02/3379100f-dappradar-casestudy-image-blog_03-1024x530.png" alt="crypto faster than bank" class="wp-image-6580" srcset="https://wp-blog-assets.coingate.com/2023/02/3379100f-dappradar-casestudy-image-blog_03-1024x530.png 1024w, https://wp-blog-assets.coingate.com/2023/02/3379100f-dappradar-casestudy-image-blog_03-300x155.png 300w, https://wp-blog-assets.coingate.com/2023/02/3379100f-dappradar-casestudy-image-blog_03-150x78.png 150w, https://wp-blog-assets.coingate.com/2023/02/3379100f-dappradar-casestudy-image-blog_03-768x397.png 768w, https://wp-blog-assets.coingate.com/2023/02/3379100f-dappradar-casestudy-image-blog_03-1536x794.png 1536w, https://wp-blog-assets.coingate.com/2023/02/3379100f-dappradar-casestudy-image-blog_03.png 1856w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



Previously, when a customer paid with cryptocurrencies, the money went to a centralized exchange, from which it later went to a bank account. However, obstacles appeared then – banks ask a lot of questions, require various documents, and delay for a week or more. Now the process is simpler – cryptocurrencies for paid accounts go to CoinGate while the customer goes through the KYC procedure. After confirming the customer’s identity, the transfer goes to the bank immediately.



“If there is a large order to be made, business performance slows down when banks freeze payments for a week or a half. Before the company’s funding round, the fast processing of payments helped a lot, as about 70 percent of the orders received were through the bank. At that time, fast bank transactions were necessary, which is why CoinGate helped a lot,” added Modesta.



More often than not, providing some proof of legitimacy to banks is a process that takes time. Such inquiries can also be requested by multiple other 3rd parties, such as sending or receiving banks or a centralized exchange itself from where the funds should reach a bank account in the first place.&nbsp;



Although these artificial and often unjust obstacles are expected, one can never predict how long the subsequent delay will last.&nbsp;



Such roadblocks can come from multiple sides and cause damage to a business in various ways. As a result, it always requires extra resources, such as workforce, money, and time, to overcome them.



<h3>Wasted time for solving money flow crisis situations</h3>



The ongoing struggles with compliance-induced money flow issues and the bouncing between several 3rd parties call for the need to have someone in the company to curate all the stagnating payments. 



At DappRadar, solving bank disputes pulled team members from their primary tasks. Maintaining constant communication, collecting and providing required documentation, and informing all involved parties about the status of stuck funds had to become someone’s part of the job.&nbsp;



Employees focusing on solving money flow issues is yet another bump in the road for a business, which could be unnecessary if the previously mentioned obstacles were less common.



<h2>Solution: cryptocurrency payment gateways offering a fiat bridge</h2>



Overall, there are three main issues that require a solution – high fees on centralized exchanges, lost time due to strict compliance procedures, and the extra workforce needed to manage these processes.



DappRadar solved all of them by employing the CoinGate payment processing solution and using a simple button to collect funds and convert them to other currencies on the spot. 



<figure class="wp-block-image size-large is-style-default"><img loading="lazy" width="1024" height="530" src="https://wp-blog-assets.coingate.com/2023/02/85463fcb-dappradar-casestudy-image-blog_02-1024x530.png" alt="crypto to fiat conversion" class="wp-image-6579" srcset="https://wp-blog-assets.coingate.com/2023/02/85463fcb-dappradar-casestudy-image-blog_02-1024x530.png 1024w, https://wp-blog-assets.coingate.com/2023/02/85463fcb-dappradar-casestudy-image-blog_02-300x155.png 300w, https://wp-blog-assets.coingate.com/2023/02/85463fcb-dappradar-casestudy-image-blog_02-150x78.png 150w, https://wp-blog-assets.coingate.com/2023/02/85463fcb-dappradar-casestudy-image-blog_02-768x397.png 768w, https://wp-blog-assets.coingate.com/2023/02/85463fcb-dappradar-casestudy-image-blog_02-1536x794.png 1536w, https://wp-blog-assets.coingate.com/2023/02/85463fcb-dappradar-casestudy-image-blog_02.png 1856w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



CoinGate allows to:



<ul><li>Collect payments in more than +70 cryptocurrencies; </li><li>Immediately convert the collected funds to a fiat currency;</li><li>Withdraw all the collected funds periodically or on-demand to a bank account with a single payment request.</li></ul>



<h3>How does CoinGate’s solution lift DappRadar’s burdens?</h3>



By allowing its clients to pay via a CoinGate solution, DappRadar alters the typical process of converting crypto to fiat, saving money, time, and resources as a result.



<ul><li>Instead of receiving payments to their wallet, DappRadar receives funds to its CoinGate account and pays a 1% flat fee for processing. It is the only fee that the company pays during the whole process;</li></ul>



<ul><li>Instead of sending funds to a centralized exchange (and paying a network’s fee), exchanging it to fiat (and paying an exchange fee), and then sending that fiat to a bank account (and paying a withdrawal fee), CoinGate exchanges the DappRadar’s funds to a fiat currency on-the-spot;</li></ul>



<ul><li>Instead of waiting for the funds to arrive in a bank account from a centralized exchange (which could take up to a week), CoinGate sends the exchanged funds to a bank account within 24 hours without triggering red flags in the receiving bank;</li></ul>



<ul><li>Instead of having a team member handle the whole procedure, DappRadar employs a CoinGate service that is mostly automated and thus requires significantly fewer management resources.</li></ul>



<figure class="wp-block-image size-large is-style-default"><img loading="lazy" width="1024" height="530" src="https://wp-blog-assets.coingate.com/2023/02/3ab3efd6-dappradar-casestudy-image-blog_04-1024x530.png" alt="" class="wp-image-6581" srcset="https://wp-blog-assets.coingate.com/2023/02/3ab3efd6-dappradar-casestudy-image-blog_04-1024x530.png 1024w, https://wp-blog-assets.coingate.com/2023/02/3ab3efd6-dappradar-casestudy-image-blog_04-300x155.png 300w, https://wp-blog-assets.coingate.com/2023/02/3ab3efd6-dappradar-casestudy-image-blog_04-150x78.png 150w, https://wp-blog-assets.coingate.com/2023/02/3ab3efd6-dappradar-casestudy-image-blog_04-768x397.png 768w, https://wp-blog-assets.coingate.com/2023/02/3ab3efd6-dappradar-casestudy-image-blog_04-1536x794.png 1536w, https://wp-blog-assets.coingate.com/2023/02/3ab3efd6-dappradar-casestudy-image-blog_04.png 1856w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



Since implementing the CoinGate solution, DappRadar saved a significant amount of money on fees and began exchanging funds faster than ever before, all without encountering any unjustifiable compliance check-ups.



“We are very happy about CoinGate’s performance. Firstly, because everything happens very fast. Secondly, the team is very flexible. And finally, everyone is very friendly. It’s basically a full package”, Modesta adds.



<h2>Even more ways to utilize the CoinGate payment gateway&nbsp;</h2>



There are many other ways a company can implement cryptocurrency payment processing services and utilize a multitude of tools to take advantage of growing crypto markets. <a href="https://coingate.com/blog/post/how-to-accept-bitcoin-payments" target="_blank" rel="noreferrer noopener">Learn more.</a>

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