ChainPay, a new payment processor headquartered in the Isle of Man, is about to compete with the bitcoin conglomerates Coinbase and BitPay.
AltXE, a startup in the Isle of Man, is launching ChainPay which is going to have reasonable fees (1 percent from each transaction) and easy payment methods in order to attract more clients and be able to rival other important bitcoin firms. It also offers exchange rates from either Bitstamp or Kraken. It depends on which rates are better at the time.
Several days ago, the company posted a 4-minute video showing the process of installing its plugin, placing an order and paying it. James Carter, founder of AltXE, comments on the quality of ChainPay’s service:
“If you sign up with Coinbase you might be just another merchant in their box. If you sign up with us, we’ll be engaged with the merchant, making sure that everything is functioning well.”
The startup AltXE launches its first product focusing on “the simple integration in ChainPay’s plugin,” Mr Carter told CCN.
“The integration should be easy, Bitcoin is not complicated, really it’s just like any other kind of money transmission. It should be easy! Easy as PayPal, even easier in some cases. We wanted to make sure it was less than a 10 minute job when it came to it. Even we were surprised how easy it was when it came to the video!”
Actually, not so many customers are using the plugin launched by AltXE, but Carter is optimistic and says that soon the company will be able to “get more businesses on board accepting bitcoin as a method of payment,” reports CCN.
Speaking about bitcoin acceptance by large companies such as Microsoft, Mr Carter added a question and answered promoting its brainchild:
“Why should just multinationals be able to take Bitcoin? Bitcoin is for everyone, and ChainPay is helping make that a reality.”
According to Carter, ChainPay would like to be so powerful as its competitors are, but it’s not the company’s focus at the moment:
“Coinbase and BitPay are currently growing very fast, with extensive VC funding behind them. Whilst we would love to partner directly with businesses, and we can give them some really important personal features, we are currently growing our user base and proving out our technology.”
In last September, the company linking bitcoin businesses with banks – CTS (Capital Treasury Services) – decided to cut ties with digital currency. It was bad news for ChainPay which was to be launched earlier, but the company didn’t manage to follow the plan because of that unsuccessful relationship.
At the time Carter said:
“The plan was to tell everybody… We were going to come here and tell everyone we were ready to go. But CTS has pulled out and it has been really disappointing.”
Anyway, the founder of AltXE is convinced that the Isle of Man where ChainPay headquarters, is a great place for bitcoin. According to Carter, the government there is “really progressive on many things”:
“They really see the benefit of crypto, and how it’s the way of the future in terms of financial lifestyle.”
In general, Carter has big plans for his new firm:
“I’m funding ChainPay myself, so we’ve got a reasonable amount of runway. We can do the next 12 months.”
Eugenia graduated from Minsk State Linguistic University with a degree in Intercultural Communication, Translation/Interpretation (Italian, English). Currently she works as a business analyst, freelance interpreter and tutor. She’s fond of numismatics, photos, good books and sports, adores travelling and cooking.