CoinsPaid offers crypto payments for Estonian auto parts retailer

Monday 4 March 2024 08:30 CET | News

Estonia-based cryptocurrency payment gateway CoinsPaid has partnered with auto parts retailer ALVADI to enable crypto payments for its customers.


ALVADI is an Estonia-based auto parts retailer with over 300 thousand clients and five million details in stock. By February 2024, they had delivered over 1 million orders worldwide. By integrating crypto payments, ALVADI expects to gain access to a broader and more tech-savvy audience and streamline the payment experience for its customers.

CoinsPaid has partnered with auto parts retailer ALVADI to enable crypto payments for its customers.

Crypto adoption on the rise

The partnership between CoinsPaid and ALVADI reflects a growing trend of crypto adoption and indicates a shift in business and consumers' attitudes toward the way money is operated. According to a CoinsPaid survey, over 64% of the respondents are interested in cryptocurrency as a means of payment. While 75% engage in digital currencies for investment purposes, 41% use them for purchasing goods or services, with this figure rising to 58% among the 25-34 age group.

Executives from CoinsPaid said their company helps businesses get paid in digital assets in a simple way. Collaborating with ALVADI enables them to introduce cryptocurrency payment options to a wider audience. As crypto becomes more accepted, partnerships like this one demonstrate how they can be used in everyday life. Estonia's tech-savvy setup is just the right place for such innovations.

Officials from ALVADI said that partnering with CoinsPaid provides our customers with a greater variety of payment options, enhancing convenience and security. It reflects their ongoing effort to adopt technologies that improve customer service. Estonia has always been ahead in digital transformation, and by incorporating cryptocurrency payments, they contribute to this legacy.

CoinsPaid’s run-in with hackers

In January 2024, CoinsPaid has experienced its second security breach in six months. Detected by Cyvers, a Web3 security firm, the breach involved unauthorised transactions totalling USD 7.5 million. On January 6, 2024, irregular transactions were identified, resulting in the withdrawal of USD 6.1 million in various digital assets, including Tether, Ether, and CoinsPaid's native token CPD. The attacker exchanged CPD tokens for ETH and transferred funds to external accounts and cryptocurrency exchanges. CoinGecko data showed a 39.5% decline in CPD's value.

Further investigation revealed unauthorised transactions involving BNB, bringing the total stolen to nearly USD 7.5 million. Although CoinsPaid has not issued an official statement, WhiteBit confirmed awareness of attempts to deposit stolen funds to their exchange and froze the funds to comply with AML standards.

What does CoinsPaid do?

Crypto payment gateway with a vast product offering for the B2B audience, and 800+ merchants across various sectors, from iGaming to Real Estate and Luxury. It allows businesses to accept cryptocurrencies from their clients in a legal cost-efficient way. Since 2019, CoinsPaid has operated in Estonia under Dream Finance OÜ, registered and licensed as a provider of virtual currency services.

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Keywords: cryptocurrency, survey, partnership, digital assets, digital payments
Categories: DeFi & Crypto & Web3
Companies: ALVADI, CoinsPaid
Countries: Estonia
This article is part of category

DeFi & Crypto & Web3




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