November 24, 2020
4 min
We gave the first cryptocurrency exchange in the CIS region a single place to manage its operations and provide payment services to other businesses.
Kuna is the first public cryptocurrency exchange in Ukraine, founded by entrepreneur and think tank Michael Chobanyan in 2015. The platform allows people to exchange fiat money for cryptocurrencies and vice versa. Paired with bitcoin, they trade their own token, KUN, as well as Ethereum, Bitcoin Cash, Ripple, Litecoin, Zcash, Dash, Stellar, Golos-Gold, EOS, TrueUSD, Waves, XEM, and others. The platform also allows for trading within a mobile application.
3 core challenges Corefy helped Kuna to overcome
The cryptocurrency exchange process implies that clients might want to deposit funds into their accounts, trade on the exchange, and then withdraw money. It meant that the primary goal for Kuna was a flawless way to make payments and payouts. Kuna partnered with a variety of payment processors and acquirers through direct integrations. But the more integrations they had, the more complex their payment handling became. And without smart routing schemes, the maintenance costs of all the connections almost eroded the value of having them.
Hiring a whole team of experts to develop Kuna's own processing solution could help. But considering this action plan, the business collided with specific challenges. See below how we helped Kuna fulfil all their business needs and even more.
Challenge #1: developing a processing solution is time-consuming and expensive
So, the lack of development resources and expertise for building a reliable solution to process payments and payouts was at the top of mind. Hiring a team of developers turned out to be quite a complex and time-consuming plan. Moreover, the created solution would require subsequent support and maintenance. So, business experts from Kuna decided to gain the support of Corefy. The onboarding process took about a month. After that, they got a complete solution to accept payments and make payouts.
Challenge #2: direct integrations are expensive
The client also realised a strong need to support a range of various payment methods and providers, respectively. Several direct integrations covered this requirement at the outset, but then Kuna stumbled upon the draining costs of transactions and the constant need to connect the emerging payment methods. On top of that, each integration required developers' assistance and updates. One integration with the Corefy platform allowed Kuna to reach hundreds of providers and payment methods without any need to hire IT specialists.
Challenge #3: tangled payment flows
Using different PSPs and direct acquirers made the payment flows quite tangled and impended the business processes' cost-efficiency. Corefy provided Kuna with a payment orchestration platform supporting 650+ providers and 400+ payment methods. It helped their business significantly reduce commission costs and meet the requirements of their customers from abroad. Intelligent routing and cascading of payments allowed them to set the most relevant route for each transaction to boost conversion and protect themselves from PSPs downtime. Kuna got a unified dashboard to monitor all processes and analyse them in a snap with the help of reports and analytics features.
Long-run benefits
Kuna decided to rely on the Corefy platform in the realm of payment processing first. But our team provided a comprehensive, scalable solution that allowed the business to entirely focus on their clients without getting distracted by the development and technical support of payment solutions. We provided a full-fledged solution to process all the transactions hassle-freely. One integration with Corefy allowed Kuna to accept payments in currencies and methods preferred by their clients and make payouts quickly and easily. Having chosen a sophisticated out-of-the-box solution from Corefy, they got:
- Payment orchestration platform for smooth payments processing;
- User-friendly unified dashboard for convenient monitoring, reconciliation, and analysis of transactions data;
- Smart routing & cascading for costs optimisation and diversification of risks;
- White label payment provider to deliver payment services to their merchants;
- White label checkout with a customised design for frictionless user experience and trust due to the brand identity;
- P2P terminal — a cost-efficient way to accept payments and make payouts.
Utilising the Corefy platform, Kuna got a set of intelligent tools at their fingertips. Our business intelligence allowed for substantial savings, a 10% conversion boost and gave Kuna a potential for upward movement.
Corefy acted as a technical partner in the launch of UAX — Cryptohryvnia™
From February 20 to March 20, 2020, Kuna went through the technical launch of the project Cryptohryvnia™ or UAX — a type of stablecoin with a 1:1 ratio to the Ukrainian Hryvnia. The UAX token is created and transferred on the blockchain, enabling users to take full advantage of the distributed ledger. The token exists on the Ethereum blockchain, written on the ERC 20 and 865 standards.
The UAX token has been already integrated into the Kuna.io platform, the Paytomat wallet and the Trustee Wallet. Users will also be able to store the UAX token on any wallet which supports digital tokens created on the Ethereum blockchain. Corefy acted as a technical partner in the launch of UAX and has also integrated it into the platform. We are always open to cooperation!
