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Startup of the day #17. Startup Quppy launched “a super wallet” on the blockchain, this is how it works

Startup of the day #17. Startup Quppy launched “a super wallet” on the blockchain, this is how it works

24 Feb 2020

Deposits in different currencies, cards, wallets with cryptocurrencies — one person can easily have plenty of accounts. And far from always, transactions undergo without any problems.

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We talk to startups and investors, you get the value.

So to make it easier, Estonian team of developers launched Quppy — a digital paying ecosystem. Creators of the service told us how everything works and how the market met the solution.

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Quppy startup

How does Quppy work

You can connect apps where you store money to the Quppy virtual wallet and service will allow you to exchange cryptocurrency and fiat in one place, open new IBAN accounts, have a multicurrency wallet, invest and receive payments in cryptocurrency. The service supports Bitcoin, Bitcoin Cash, Altcoins as well as dollars and euros.

In the Quppy wallet, you can plan constant payments and optimize them with the help of an AI-assistant. Another functional feature — the ability to work with gift-cards. In Quppy, you can consolidate and resell them.

All the information about transactions is stored in a distributed ledger, so it is secured from being hacked or mal-changed. We try to create a simple and comprehensible product with maximum possible technical and financial possibilities.

The service is monetized by a commission from each transaction. The rate depends on the type and sum of the transaction, region, and other factors.

Quppy startup
Click on the image to see Quppy's profile on Rocket DAO

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Security

Quppy is structured in Estoniа and works in correspondence to EU legislation. To start working, the service had to receive European licenses for cryptocurrency acquisition and storage.

The additional security is provided by a system of personal keys. They are saved only on one user device and the platform doesn’t have access to them. At the moment, when the key is required to confirm the transaction, it is instantly sent to the blockchain that processes the transaction. Quppy only sees the result of the transaction. This ensures the confidentiality and security of crypto assets.

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Quppy startup

The results of the first year

Quppy started working in 2018. In less than a year, we reached a milestone of 200 thousand active users around the world. And this number is constantly growing. Today, the majority of clients are from Europe. Quppy services are also used in Russia, Latin America and Asia.

Quppy is used by physical and legal entities, as well as by merchants. Our client is any private user or company, that keeps up with times and is in search of optimization possibilities for their financial activities in the widest sense.

The most effective promotion channels for us are Facebook and Instagram. We solve the problem of many people, and that’s why working on mass media platforms brings good results. We are also actively developing a community of clients in social networks. It helps us to grow loyalty and LTV.

The situation in the world economy and politics became our main driver of growth. Bank deposits are no longer a reliable way to keep savings, you need to know how investments in various assets work and think about their safety. Moreover, more and more international payments are made in cryptocurrencies because it is cheaper and faster. These and many other factors help Quppy to grow faster.

Project founders have more than 15 years of experience in digital security and finance in the world largest technological companies. Dmitriy Nikiforov, the CEO of the project, has more than 10 years of experience as CFO in companies with a revenue >$1 billion, and Valeriy Krasnikov, the CFO of the project, has 10+ years of experience in managing corporate finances and Treasury Department.

Quppy founders clearly understand the structure of traditional financial services and institutions from the inside, and that’s why they can offer the client new innovative solutions.

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Quppy startup

Technical challenges

Quppy started as a cryptocurrency exchange service but we have been actively upgrading functionalities and now we have the whole “harvester” for processes with money. It gives the best experience to our clients but makes developers’ lives more complicated. The process of implementing new features one by one in the large system takes more time than in the beginning.

What is more, the development team is constantly working to maintain the maximum safety of customer data and funds.

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Development plan

We’re planning to issue our own payment cards in January 2020, as well as to launch a service for paying for mobile communications through the Quppy application in more than 30 countries. In addition to launching services for bank cards and accounts consolidation and the marketplace of the secondary market for gift cards, one of our main operational goals is to obtain an EMI license in the EU and Money Service Business license in the USA.

Quppy startup

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Attracting investments

Currently, we are attracting investments in Round B. Quppy is an international project that has a considerable client-base. The previous round which amounted to $1,5 million, we attracted in August 2017.

The funds will be used to develop new directions such as bank cards and accounts consolidation as well as the marketplace of the secondary market for gift cards. These are our main directions for future development.

24 Feb 2020

 

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