CoinsPaid Reports Revenue Increasing by 67% in Fiscal Year 2022

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Sep 28, 2023, 05:00 ET

TALLINN, Estonia, Sept. 28, 2023 /PRNewswire/ -- International crypto payment ecosystem CoinsPaid has passed an annual financial audit by Crowe DNW Ltd ("Crowe"), a member of Crowe Global, an international network of accounting firms. In 2022, CoinsPaid grew in total revenue by 67% compared to 2021.

2022 was a year rife with adverse events for the crypto industry, the declines of the Terra network and FTX exchange being primary examples. However, Crowe auditors confirmed that the impact of these changes on CoinsPaid's business model and revenues was ultimately insignificant.

Compared to the results of 2021, the company recorded a 67% growth in revenue, as well as a 32% increase in net profitability. Also, CoinsPaid's 2022 profitability in relation to its total assets (ROA) increased by 5.84% compared to the previous year. The data shows that despite the decline in investor sentiment that took place in the crypto market in 2022, the company successfully managed to maintain its growth.

Going forward, CoinsPaid is planning to expand the array of services and payment methods offered to its clients alongside adopting new risk management practices. Implementing these developments stands to increase the company's profitability even further in the future.

The results of the independent audit confirmed that CoinsPaid retains its stability and efficiency as a player in the cryptocurrency market, as well as the company's compliance with the demands of regulators.

"Our team worked diligently and productively under a harsh business environment, and these efforts are reflected in the positive results that we've achieved in the fiscal year 2022. Even amidst market turmoil and events that can greatly affect the price of Bitcoin and other digital assets, people continue to conduct their transactions. This means that our business gets to avoid the harshest backlash of such downtimes. We are deeply grateful to our clients for their continued support and intend to deliver even better performance going forward," – says Max Krupyshev, CEO of CoinsPaid.

About CoinsPaid

CoinsPaid is a leading payment ecosystem of innovative crypto solutions for businesses. Being an EU-licensed legal entity with a team having 9+ years of crypto expertise and over 800 merchant accounts serviced, CoinsPaid aims to satisfy the world's everyday needs using cryptocurrency. CoinsPaid product offerings include Payment Gateway, Business Wallet, Exchange & OTC Desk, Crypto SaaS, Hot Wallet, and Explorer.

SOURCE CoinsPaid