PIA spoke with Tobias Sorn, CEO of Coinsbee, about how Saw founded the company as a way to use cryptocurrency in everyday life. We also discussed some of the cybersecurity threats in the cryptocurrency world and how he sees cryptocurrency evolving in the next few years.
Private Internet Access: Tell me about how Coinsbee started and how the company has grown since launching in 2019?
Tobias Sorn: Coinsbee was founded by me and my co-founder in 2019. At the time, we were surprised at how few options there were to pay with cryptocurrencies in everyday life.
Our platform has evolved significantly in the 3 years since we launched in 2019. The range of gift cards has expanded significantly due to the increase in the number of international and national brands. Coinsbee currently offers over 25,066 products for purchase from over 1,991 brands in 184 countries.
Since 2019, our team has grown to 6 employees working from Germany and Ukraine, which undoubtedly accelerates our development.
In 2021, we started a strong partnership with Binance and Remitano, and in the same year, Coinsbee was registered as an international brand.
PIA: Who is your ideal customer?
TS: Our ideal client is a person who believes in the spread and popularization of cryptocurrencies and also keeps up with the times, because this person knows what cryptocurrencies are and how to use them.
Some of our ideal customers particularly value privacy or security, while others simply appreciate the convenience and speed of purchases that can be made using cryptocurrencies.
PIA: What are your most popular gift cards?
TS: We can identify the top 4 categories of brands that people buy the most gift cards from.
First of all, of course, this is electronic commerce. This includes such leading brands as Amazon, JD.COM or Walmart. As you already understood, such gift cards give you the opportunity to buy a huge number of things: from toilet paper to a robot vacuum cleaner.
The second is game gift cards. This includes popular brands like Playstation, Steam, iTunes, Xbox, Google Play, and many more gift cards for individual games like League of Legends. Gift cards like this give you the opportunity to pay for a monthly subscription, buy in-game currency, skins and much more that gamers know about.
There are also among the leaders payment gift card brands, with which you can pay for almost everything on the Internet. The leading brands are My Prepaid Center Mastercard, PCS or Flexepin.
Well, another leader can be called mobile communication providers, gift cards that will allow you to top up your prepaid mobile phone with cryptocurrency. Gift cards from more than 440 brands in 165 countries are available for purchase, not to mention gift cards from leading brands such as Vodafone, Turkcell or EE.
PIA: What are the biggest cybersecurity threats to cryptocurrency?
TS: Because cryptocurrencies are very young and still relatively loosely regulated, investing and holding them can carry certain risks.
Of course, these risks include cyber security threats.
I would like to start with general things. The most common threat, it seems to me, is the general inexperience of the user in working with cryptocurrencies and not knowing what they are, because cryptocurrencies have only just begun to touch the mainstream, and the principle of their operation and the blockchain are quite complex. things
A large number of users know that a very important factor in the security of cryptoassets is the password code, which is individual for each user. A well-known and sad saying in the crypto world says: “He who owns the key to the password owns the assets.” You should keep your password safe as there are threats such as phishing and malware.
For security reasons, we cannot discuss in detail how coinsbee.com deals with cyber security threats.
PIA: Online privacy is a hot topic, especially when it comes to cryptocurrency. Do individuals and businesses need a good VPN to protect their data and privacy?
TS: VPN services can be a useful tool to help a user use the Internet more securely and privately.
A VPN can also help prevent hackers from accessing your personal data, as well as prevent your personal information from being misused by well-known services like Facebook. But still, if you trade your privacy for any services (Amazon, Meta or Google), which happens to the average user all the time, you put your personal data at risk.
PIA: How do you protect the privacy of your users?
TS: We take the protection of personal data of our customers very seriously and responsibly. For example, our website uses SSL or TLS encryption software. Payment transactions using conventional payment methods (Visa/MasterCard, debiting your bank account) are processed exclusively over encrypted SSL or TLS connections.
Of course, we treat personal data as confidential information in accordance with data protection regulations and this Data Protection Declaration.
We store all customer data in encrypted form. Also, unlike our competitors, we do not use any internal trackers or services that are not designed to process payments.
PIA: How do you see the near future of cryptocurrency, is it becoming more mainstream or stable?
TS: In our opinion, cryptocurrencies have indeed already had a significant impact on our world and continue to develop. Considering that this is a relatively young phenomenon, but one that is developing very rapidly, I think that the future of this industry is very promising.
We believe in the global adoption of cryptocurrencies such as Bitcoin and Ethereum. With the help of cryptocurrencies, payments can be made very quickly, securely and with the possibility of tracking. At Coinsbee, we make it possible to pay for everything you need in your everyday life. So you don’t need a bank account.
PIA: Thank you, Tobias, for taking a few minutes to share your idea with our readers.