Swapin CEO Evald-Hannes Kree explains why the crypto industry’s future is still bright and how both businesses and individuals can alleviate concerns surrounding crypto with innovative Swapin solutions.
His concerns come amid the high scepticism surrounding the crypto market and the low trust.
What is Swapin for those who do not know it yet? How do you differentiate from your main competitors?
Swapin is a leading crypto-to-fiat payment provider, licensed and regulated in Europe. All Swapin B2B and B2C products and services instantly convert crypto assets to GBP or EUR and deposit them into a bank account. Popular tools include InstaPay, InstaFill, CoinCollector, and the E-Com widget.
Swapin is an ultra-fast crypto-to-fiat payment solution for both individuals and businesses. Customers can use it to conveniently send money to their friends and family or pay a bill from a dentist, for example. Swapin connects web3 wallets and other types of crypto wallets you control with any bank account.
We also help businesses to accept crypto and instead get fiat money into their bank account. Businesses don’t need to hold crypto assets themselves, which is attractive for companies reluctant to enter the crypto space.
Can you portray the average Swapin crypto payment user?
The average Swapin user is also the ideal crypto user and is an EU resident with a SEPA bank account in EUR or GBP.
The majority of Swapin users earn regular income in cryptocurrencies through mining, GameFi, staking, trading, NFT art, or even salaries, yet they need to spend that income in the real world.
Another growing segment of Swapin users is wealthy crypto holders seeking to use their sizeable digital asset holdings to make expensive purchases like real estate, automobiles, fine jewellery, and more. They need a solution that makes paying in crypto fast and safe.
What about in the B2B area, who are the fast adopters of crypto in your ecosystem? What about the slow adopters, what stops them from offering/accepting crypto payments?
The earliest adopters of crypto at Swapin are businesses that want to exchange crypto for themselves or to pay salaries with crypto. Typically, these businesses have a revenue model based around digital assets ranging from small and medium-sized fintech companies to startups.
Large corporations are notoriously slow to adopt new technologies like crypto, which is fine – traditional businesses have more to risk and often hesitate due to mistrust in the crypto industry. However, we know that crypto is the future of finance, so until it becomes more acceptable in the traditional setting, Swapin will become the missing link between the two worlds.
For example, SwapinCollect is for traditional offline, invoice-based businesses, such as big-ticket purchases like real estate, yachts, exotic cars, luxury watches, and more. Meanwhile, the E-Com solution helps business customers pay via crypto using a convenient checkout widget.
If you were to portray the perfect crypto market (in terms of crypto user adoption, regulator’s stance, local officials’ view of crypto, etc.) what would that look like?
Like all markets with integrity, the crypto market should be well-regulated with strict guidelines for businesses and individuals to follow, but without stifling innovation. Both customers and companies alike should feel secure and protected by the appropriate entities yet allow for new brave technologies and solutions to flourish.
Let’s assume that many banks will start offering crypto products and services. How can crypto providers compete with these, and what are their strengths?
Unfortunately, traditional banking is inflexible and does not pay much attention to making a product a handy tool for customers. That’s where crypto-to-fiat payment providers can give users a hand, providing them with an innovative, tailor-made solution.
For instance, Swapin has been in operation since 2017, and our highly experienced team helps us better understand our customers’ unique needs and develop a reliable and necessary solution.
Users require a reliable and instantaneous solution to connect popular cryptocurrencies with a bank account to facilitate the seamless transfer of fiat. By combining crypto with traditional banking services, crypto users get the flexibility to pay from anywhere, for anything, with the lowest fees possible.
What are the main features that you are personally passionate about in crypto payments? How would you convince sceptics to join the crypto train?
The Swapin team is full of crypto enthusiasts who have been involved in crypto for many years, some since its inception. Compared to typical international payment solutions, the appeal of fast, borderless transactions with ultra-low fees was impossible to ignore.
As long-time crypto users, Swapin has witnessed many boom-and-bust cycles in crypto, and our passion remains the same. For the sceptics, we recommend you learn more about the technology, and soon, like the Swapin team, you will realise the incredible opportunity and potential behind it.
About Evald-Hannes Kree
Swapin Founder and CEO Evald-Hannes Kree is an early adopter and crypto enthusiast, now developing innovative crypto-to-fiat payment solutions.