The CryptoProcessing service, a key part of the CoinsPaid ecosystem, is working steadily amid the crypto market destabilization.
As FTX’s liquidity crunch continues to run high, the cryptocurrency market is shaken by problems across various sectors. For example, reports about the Ledger wallet’s outages were revealed. The company’s CTO confirmed it on Twitter, mentioning “scalability challenges.”
Some stablecoins faced rate destabilization. According to CoinMarketCap, as of 15:00 (GMT+2) on November 10, the rates of GUSD, TUSD, and USDD fell by 2-3%. USDN dropped by 12%. Even the largest stablecoin USDT experienced price pressure as its cap decreased by $1.5 billion in 12 hours.
Given the current situation, there’s a massive sell-off of assets and fund withdrawals to cold wallets. CoinsPaid Media requested a comment from Max Krupyshev, CEO of CoinsPaid, regarding the stability of the CryptoProcessing service, a key part of CoinsPaid.
“This week has really been a test of strength for the crypto market. Lots of clients are worried about their funds stored in one service or another. For our part, we’d like to assure you that CoinsPaid has achieved such a level of working capacity over the years that allows us to fulfill all our obligations even in such unstable times. We never use customer funds for any investment or trading activities, they’re well protected and stored in our wallets, with “cold storage” being included,” said Max Krupyshev.
According to the CEO, the bank run situation is impossible for the company, as access to funds can be provided within a few hours. The 24/7 support team, personal customer service, and well-functioning ecosystem keep CoinsPaid and its flagship CryptoProcessing solution stable and ready for any situation that may arise in the market.
The company will soon complete a financial audit of the previous period’s results. The report will be presented to the ecosystem’s clients and partially published for free access. By the way, during the recent AMA session on Cointelegraph, Max highlighted that the company “only doubled the volume of processed payments” in conditions of the crypto winter.
