Swaps was born out of a desire to streamline the cryptocurrency buying process after becoming frustrated with its complexity. Since its launch in 2019, the platform has worked tirelessly to remove obstacles and make cryptocurrency accessible to everyone, from regular users to businesses.
With a team of world-class talent, Swaps introduced a sleek platform that reimagines crypto transactions. We spoke with Georgios Kalmpazidis, Swaps' CEO and co-founder, to learn more about the project and how it stands out in the ever-growing crypto space.
What inspired the creation of Swaps, and how does it fit into the evolving landscape of decentralized finance (DeFi)?
2021 was a turning point for the crypto world. Cryptocurrency prices grew, funds invested large sums in blockchain projects, and Bitcoin was recognized as the official currency. I have seen with my own eyes how the topic is gaining popularity.
It became clear that companies would soon want to massively use crypto as a means of payment. But conducting financial transactions with cryptocurrency through gray schemes is risky, so businesses need a tool that allows them to legally buy, sell, and transfer coins.
I thought that I could make money not by investing in crypto, as everyone else did, but by creating a convenient tool for using it.
Just like during the gold rushes, you need to concentrate not on finding gold but on selling shovels to gold miners.
Can you share the key features that make Swaps unique in providing a user-friendly experience for buying, selling, and receiving crypto?
Buy is the main product and functionality. It can be used by both end users and businesses. With end users, everything is simple: a person chooses which crypto he wants to purchase and what fiat currency he is willing to pay for. The Cell feature is the same - the end user can sell or exchange his cryptocurrency for fiat, of which there are currently 12 available, including EUR, USD, GBP, etc. And do this absolutely safely and without the risk of being blocked by the bank.
Swaps for Business is an entire infrastructure that is integrated into the website and allows you to accept payments from clients. We take care of all issues related to payments: we provide protection against the risk of working with fraudsters, carry out the KYC procedure, that is, we identify the identity of each client, and carry out the transaction itself.
With Swaps, companies can make cross-border payments with low fees. For example, real estate and tour agencies have a website where clients can select a tour or property and pay for it. If the client is from another country, then when making international payments through regular banking systems, the overpayment can be 10–15% or higher due to commissions and unfavorable currency exchange rates.
In order not to lose customers, the company integrates Swaps into its website via API. The client pays for the purchase in his usual currency with a commission of 3.99%, and the seller receives the equivalent of the payment amount in crypto. After this, the company can withdraw the crypto in fiat currency to a bank account and card; this will be displayed as a transfer from a European company. Or it can pay with the same crypto to counterparties and customers. The same product, Receive, is available to any user who needs to accept a payment or transfer in cryptocurrency from another person, regardless of where he is located and without complex verification procedures.
How does Swaps contribute to making cryptocurrency transactions more accessible for users, especially those new to the crypto space?
Making crypto payments accessible is part of Swaps' mission. The user just needs to go to https://crypto.swaps.app/buy-crypto, select the required direction for the transaction, go through simple verification once and complete the transaction, which occurs immediately.
In the context of security, what measures and technologies does Swaps employ to ensure the safety of user funds and transactions?
Swaps is a fully compliant and regulated European company that holds operating licenses in Estonia and Canada and focuses on data protection and payment security.
Swaps uses and supports:
- Automatic risk scores
- Customer-defined policies for safety and compliance
- AML/KYC verifications with a risk-based approach
- Fraud monitoring
- Blockchain analytics
- Data storage according to PCI DSS standard
- 100% security against chargebacks
What cryptocurrencies or tokens does Swaps currently support? Are there any plans to expand the range of supported assets in the future?
Swaps supports 31 blockchains and 1000+ tokens. At the moment, 30 tokens are available for operations in the widget, and this portfolio can be scaled instantly if there is demand.
How does Swaps simplify the process of acquiring and managing crypto assets for users, and what kind of feedback have you received from your user community?
Swaps doing everything to make crypto-payments accessible and without cross-border limits. Using cutting-edge technology, strict security regulations and an intuitive UI/UX, transactions in Swaps take moments
In terms of innovation, are there upcoming features or developments in Swaps that users can look forward to in the near future?
Yes, we are actively working on new product areas, such as crypto-to-crypto exchange, expanding geography and payment methods, to make the service even more convenient for our users.
How does Swaps view the future of decentralized finance, and what role do you envision Swaps playing in shaping this future?
Of course, decentralized finance is a convenient tool for many, but at the same time, it makes the risk of fraud and loss of funds increasingly obvious. Also, looking at the trends, we can see that many countries are taking fundamental steps opposite to decentralization, for example, travel rules in the UK. We make all efforts to comply with all security policies and act only to protect the interests and peace of mind of our users
Are there specific features or tools within Swaps tailored for businesses?
Swaps for business is an entire infrastructure that is integrated into the website and allows you to accept payments from clients. We take care of all issues related to payments: we provide protection against the risk of working with fraudsters, carry out the KYC procedure, that is, we identify the identity of each client, and carry out the transaction itself.
With Swaps, companies can make cross-border payments with low fees. For example, real estate and tour agencies have a website where clients can select a tour or property and pay for it. If the client is from another country, then when making international payments through regular banking systems, the overpayment can be 10–15% or higher due to commissions and unfavorable currency exchange rates.
In order not to lose customers, the company integrates Swaps into its website via API. The client pays for the purchase in his usual currency with a commission of 3.99%, and the seller receives the equivalent of the payment amount in crypto. After this, the company can withdraw the crypto in fiat currency to a bank account and card: this will be displayed as a transfer from a European company. Or it can pay with the same crypto to counterparties and customers.
What plans does Swaps have for expansion or collaboration within the B2B sector, and how does it align with the evolving needs of businesses in the crypto space?
We are actively developing new partnerships in the B2B sector, regardless of the size and scale of companies, from startups and small businesses to large enterprises. We provide excellent conditions and support for this. We are also always open and welcome to incoming offers.
Looking ahead, what milestones or goals does Swaps aim to achieve in terms of B2B market penetration and collaboration with industry players?
The most ambitious. We are not limited by company size or business line. Our products can be adapted to any business segment where crypto payments are relevant. In our fast-paced times, everything changes, including the market, and we try to adapt to new realities, remain flexible and open to everything new and any partnerships #EverythingSwaps
What advice would you give to people interested in exploring job opportunities in the Web3 space?
Web 3 is a very dynamic and rapidly developing area. I am sure that even greater development awaits us, and I think being part of this is an opportunity that can bring many advantages.
Swaps are hiring! Check out their job openings on LaborX.
