Kuna is the first public cryptocurrency exchange in Ukraine, founded by fintech entrepreneur 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.
In 2023, Kuna represents a group of companies operating in one ecosystem under the common name Kuna. One of those is KUNA Pay — a crypto payment processing platform allowing businesses to accept crypto payments. As a B2B provider, KUNA Pay allows clients to easily integrate cryptocurrency into their payment options. It increases the business’s appeal to crypto users by enabling them to receive payments using multiple cryptos, benefit from invoice and turnover management, auto-conversion, and many other features, all combined in a single convenient interface.
Why did Kuna decide to use Corefy?
Operating a cryptocurrency exchange implies having clients who might want to deposit funds into their accounts, trade on the exchange, and then withdraw money. Considering this, Kuna's primary goal was to set up flawless payment processing. So, the company started establishing direct integrations with various payment processors and acquirers. But the more integrations they had, the more complex and resource-draining their transaction handling became.
As the cost of their connections maintenance almost eroded the value of having them, Kuna thought of hiring a team of developers and payment experts to develop their own payment processing solution. But considering this action plan, the business collided with certain challenges. That's why they considered opting for a ready-made solution. See how Corefy helped Kuna to overcome them and streamline their project development.
3 core challenges Corefy helped Kuna to overcome
Time-consuming and expensive development
The lack of development resources and expertise for building a reliable solution to process payments was at the top of our client's mind. Hiring a team of experienced developers was an obvious solution, but it required months of time and tens of thousands of dollars. Moreover, the created solution would require subsequent support and maintenance, which means paying salaries and suffering losses in case of mistakes or downtimes. So, business experts from Kuna decided to opt for Corefy's solution. The onboarding process took about a month. After that, they got a complete solution to accept payments and make payouts with a bunch of additional features and smart tools.
Resource-draining direct integrations & their maintenance
Kuna realised a strong need to offer their clients a wide choice of payment options. This meant establishing direct integrations with payment vendors, including their further support. Several direct integrations covered this requirement at the outset, but then Kuna stumbled upon the draining costs of processing fees and the constant need to connect the emerging payment methods. On top of that, each integration required developers' assistance and updates.
Integrating Corefy's payment orchestration platform provided Kuna with a payment team as a service and allowed them to reach dozens of providers and twice as many payment methods with their support and maintenance on our side. Thus, our client got the opportunity to broaden their list of supported payment methods without any need to hire more developers. Additionally, Kuna can request new connections with vendors that are not on our list: our integration team has established 13 new integration flows for Kuna.
Tangled payment flows
Using different PSPs and direct acquirers made Kuna’s payment flows quite tangled and impended their payment processing cost-efficiency due to the fees. After only one integration with Corefy’s unified payment platform supporting 650+ providers and 400+ payment methods, Kuna managed to attract more customers from abroad and reduce costs on fees. With the help of our smart payment routing and cascading features, our client set the most relevant route for each transaction type to boost conversion and get armed against PSPs downtime. Kuna also got a unified payment dashboard that allows them to conveniently monitor all payment processes and analyse them in a snap with the help of Analytics.
Kuna got a holistic and scalable solution which allowed them to fully focus on their business tasks and relationships with clients without getting distracted by the technical support of their payment processing solution. After a single integration with Corefy, our client started accepting payments and making payouts in different currencies and methods preferred by their clients and got the opportunity to expand the list of payment options painlessly.
Having chosen our out-of-the-box solution, they got:
- Payment orchestration platform for payments processing;
- User-friendly unified Dashboard for convenient monitoring, reconciliation, and analysis of transactions data;
- Routing & cascading features 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.
Partnering up with Corefy, Kuna got a set of smart tools at their fingertips. Our business intelligence allowed for substantial savings on payment processing and a 10% conversion boost and gave Kuna the potential for upward movement.
Corefy acted as a technical partner in the launch of UAX — Cryptohryvna™
During the period from late February to late March 2020, Kuna went through the technical launch of the project Cryptohryvna™ 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 and enables 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 already been integrated into the Kuna.io platform, in the Paytomat and Trustee wallets. 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.
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