Trust Payments have been chosen by innovative peer-to-peer cryptocurrency lending start-up CoinLoan to provide payment gateway and acquiring services
Trust Payments and acquiring.com have announced today that they have begun life in the cryptocurrency vertical after being chosen to provide payment gateway and merchant acquiring solutions for CoinLoan, a peer-to-peer lending platform for crypto-asset-backed loans. CoinLoan allows users to borrow up to 60% of the cryptocurrency’s current market value, thereby allowing and encouraging people to invest on crypto currencies without making them cash poor. Trust Payments’ payment solutions have been taken on-board as they integrate seamlessly with CoinLoan’s existing platform.
CoinLoan will benefit from Trust Payments/acquiring.com’s OCT (Original Card Transaction) system, which allows refunds to be processed without referring to the original authorisation. These refunds can be of a greater value than the original transaction and be paid out to a different card than the one used to pay, making the system ideal for CoinLoan.
“CoinLoan take pride in allowing our customers to withdraw funds directly to their cards quickly and securely when requested,” Max Sapelov, Co-Founder at CoinLoan said. “Trust Payment’s OCT system facilitates this by processing the withdrawal effectively as a refund, with extra funds added to the amount.”
“The acquiring arm of our business, acquiring.com, is located in Malta, dubbed the world’s first ‘Blockchain Island’, and we have announced several new business initiatives connected with new Blockchain legislation in Malta,” Craig Brightly, Head of Sales at Trust Payments. “We are building a forward-thinking culture in relation to Blockchain and cryptocurrency and are delighted that CoinLoan have bought into this and integrated us into their payments ecosystem.”