Payments Processor ChainPay Launches to Challenge Coinbase, BitPay
A bootstrapped startup in the Isle of Man has launched a payment processor called ChainPay that it hopes will compete with the likes of BitPay and Coinbase in the European market.
The firm, called AltXE, says it is focused on signing up European merchants to use its payment processor and that its fee schedule and personal attention to customers will distinguish it from its much better funded competitors.
“If you sign up with Coinbase you might be just another merchant in their box. If you sign up with us, we’ll be engaged with the merchant, making sure that everything is functioning well,” said AltXE co-founder James Carter.
Carter also pointed to his firm’s fee schedule as another possible benefit to customers. ChainPay takes 1% of every transaction and offers bitcoin exchange rates from Kraken or Bitstamp, depending on which provides the better rate any given time.
ChainPay also imposes a lower withdrawal limit on merchants for pounds sterling funds than BitPay, for example. Merchants can withdraw as little as 500 from ChainPay, but must withdraw at least double that amount at BitPay.
However, BitPay’s limit for euro withdrawals is just 20 euros, while ChainPay’s is 400.
This post was published at Coin Desk on February 6, 2015.