How merchants and businesses can benefit from crypto
- Posted on December 5, 2022
- News
- By Mark Otto
- 207 Views
1TN is a global IT product crypto processing project developing a unique solution for the cryptocurrency ecosystem. The crypto payment gateway allows users and merchants to accept crypto payments easily and has continued to onboard more users in recent months. 1TN platform allows merchants to accept multi-currency transactions without abandoning the usual benefits of traditional payment processors.
These developments have attracted the attention of many, so we reached out to CEO Denys Ustymenko to discuss his journey and the key features of 1TN.
Q: Can we get to know you and your experience in the fintech industry?
A: I’m an IT entrepreneur with extensive experience in the fintech and IT industries. I had previously created products in the fintech space and, in 2016, with partners established Pokermatch, an online poker room operating in major jurisdictions worldwide.
As a CFO and partner, my world involved all parts of the commercial process, including marketing, business development, account management, partnership development, and performance optimization. I also created financial and legal structures in the company to ensure smooth operations.
Pokermatch achieved impressive growth during this period and was sold in 2021 to Parimatch Holding. After the acquisition, I decided to develop my own IT projects to help businesses grow and to build a unique platform for merchants.
Q Why did you decide to move into the crypto industry?
A: I have been on the side of the merchant for the last 10 years, I clearly know what problems businesses face by selling products on the internet. Some of these include issues with the conversion of payments, abandoned carts by consumers, transaction limits, and the problems connected to bank payment systems. As well, companies experience tough KYC verification issues, which has forced many merchants to adopt a strategy of ‘pay first’ before verification as seen in the gambling industry.
Apart from these, merchants face the problem of integration having to spend high costs on IT specialists to properly install payment products on their platform. These are the reasons why I decided to develop a more convenient solution that will mitigate these problems and help businesses accept payments using a fast and reliable system.
Q: What is 1TN?
A: 1TN is an international IT product crypto processing project. We’re currently developing a unique solution for the cryptocurrency ecosystem. The headquarters is located in Portugal and we’re in the later stages of receiving a license from the National Bank of Portugal and intend to expand our operations into the Iberian market (Portugal and Spain). Our perspective plans also include the LATAM market.
1TN is to become the safest and most reliable cryptocurrency platform due to innovative security solutions. We’ve partnered with top IT giants like Fireblocks, Chainanalisys, and Finerymarkets to ensure top-class security and custody of users’ assets.
Q: What is the value proposition of 1TN?
A: 1TN offers services that can be utilized directly by e-commerce or as a white-label offering thanks to the integration options that we make available. Some of our value proposition includes
- Low transaction fees
- Fast and easy setup for merchants
- User-friendly dashboard
Support for more than 20 cryptocurrencies including Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and Tether.
Beyond this, we’ve integrated different ways in which users can send and receive payments via the web, email, smartphones, and wallet addresses. This ensures that our goals to increase financial inclusion among merchants and e-commerce is paramount. As a result, the payment landscape of our clients across the crypto-world can be extended, making cross-border transactions quicker, safer, and more convenient.
Q: What differentiates 1TN from other options available?
A: The traditional payment system is limited for e-commerce platforms and merchants due to high transaction fees and fragmented payment channels. Cryptocurrencies provide an alternative for businesses to get full value for their services and grow their businesses beyond their locality. There is no conversion fee and merchants can buy and sell digital assets at the best possible rate on exchanges.
They can also get live real-time data on digital asset/fiat prices and sell with zero fees while attracting users willing to spend cryptocurrencies. 1TN offers a solution that provides these features and many more. Merchants can accept payment in fiat and buyers get the option to choose the appropriate cryptocurrency to make payments. Once the payment is completed, 1TN automatically converts it to fiat and the merchant receives the exact amount in their local currency.
Q: What have been your biggest achievements so far with 1TN?
A: In times of turbulence, I would say launching offices and building a team of specialists with extensive experience in the crypto and fintech industries. We’ve expanded by opening three locations across Europe in Portugal, Latvia, and Bulgaria. In addition, we’re constantly working on product improvement and innovative platform development. Our main aim is to help our clients to use blockchain technology to enable speedy, secure, and low-cost payment processing services, enable third-party processors, and money transfer wait times and make cross-border payments easier.
This development shows that we’re on the right path toward ensuring crypto payment adoption globally.
Q: What are the future developments planned for 1TN?
A: We have a few products that we intend to launch in the coming months. Firstly we’ll be launching the crypto payment gateway and scaling it to help businesses grow. Our team is also ready to assist companies’ growth by providing simple ways to store, accept and transfer digital assets. We also have our sights on expanding to new markets including Portugal, Germany, France, Spain, Denmark, and Brazil.
Source: Bitcoinist.com
