Making Crypto Accessible: Paybis Focuses On Seamless Onboarding And Bridging Web2 With Web3

In Brief

Konstantinos Vasilenko highlighted the company’s mission to bridge Web2 and Web3 by simplifying crypto access for retail users and businesses, while navigating compliance and onboarding challenges.

During the recent Hack Seasons conference in Singapore on October 2nd, several industry leaders shared insights on their projects, the evolving cryptocurrency landscape, and future plans. Among them was Konstantins Vasilenko, Co-Founder and CBDO of cryptocurrency exchange Paybis, whose mission is bridging Web2 and Web3 to make cryptocurrencies accessible for both individuals and businesses.

“The main mission of Paybis is to help bridge Web2 and Web3, making it simple and bringing more people and companies into crypto,” Konstantins Vasilenko explained.

According to him, one of the most promising bridges today is institutional adoption

“We see right now that a lot of traditional institutions are starting to get into crypto, especially last year. Wall Street became a big bridge for institutional clients to crypto, and it also helped accelerate the bull market and adoption among retail users.”

He added, “When retail people see Wall Street in crypto right now, they stop thinking this is some kind of scam. They think, maybe I should invest in Bitcoin as well if they see people from Wall Street doing that.”

Konstantins Vasilenko noted that Web3 companies are also actively targeting Web2 users, aiming to simplify the onboarding process and make the first steps into the cryptocurrency realm as intuitive as possible.

Paybis To Simplify First-Time Crypto Purchases While Navigating Global Compliance

However, he acknowledged the challenges of balancing fast onboarding with global regulatory requirements

“Paybis wants to build a seamless interface for customers where they can easily get their first cryptocurrencies, while following all regulatory requirements worldwide.”

He elaborated: “What we have found right now with our licenses in select jurisdictions is that we can allow customers to buy up to 1,000 dollars per person per year without KYC. All these regulations are about money laundering and compliance, so with small amounts of money, there is very low risk. We are able to control it, and it makes it simple for users who want to buy cryptocurrency for the first time just to try it out.”

Konstantins Vasilenko compared this experience to traditional online shopping:

“You make a first purchase like with Apple Pay, as if you were buying a pair of shoes, and get your first piece of crypto. If you like it, you can continue. But once you have trust in your partner—that is, your wallet or exchange—you are more willing to evolve through KYC.”

Compliance Challenges In Crypto Payments For Traditional Businesses

Konstantins Vasilenko also discussed the growing challenges of cryptocurrency payments for traditional businesses

“The biggest problem now with crypto payments is that there are a lot of blockchain analytics tools, and compliance requires a user to evaluate every transaction. What happens is a normal Web2 business, trying to use stablecoins for payments, doesn’t understand the blockchain analytics. For example, somebody asks them to pay on Polygon when they have stablecoins on Ethereum. They find some DEX, bridge from one network to another, and send this money to an exchange like Paybis. What we get is high-risk assets, but they had no idea because they simply used the DEX.”

He continued, “This is the problem right now. With traditional money, money comes from a bank account, and no one is tracking where it came from ten transactions before. In crypto, we see that. If the same token passes through 10 wallets and one of them is later labelled as bad, the whole chain is marked as bad, and you could fall into a problem you weren’t involved in. This is the biggest challenge that needs to be solved.”

Paybis To Simplify Crypto Access Globally, Focusing On Seamless Payments And User Experience

Regarding market prioritization, Paybis’ Co-Founder emphasized that the platform currently focuses on working with the resources and payment options they have available. Globally, many payment methods still do not support cryptocurrencies, and some users are unable to purchase crypto assets, because some providers understand the space while others do not.

“It’s more now about getting these payment methods onboard, which would be happy that their customers can buy crypto. That is what we are looking for,” Konstantins Vasilenko explained.

Paybis’s ultimate goal is to simplify cryptocurrency access not only for retail users but also for businesses and their customers

“Make the conversion funnel as smooth as possible. We focus on UI and UX a lot—this is kind of what this brings us to others,” he added.

Looking ahead, Konstantins Vasilenko projected a future in which people may understand cryptocurrency and treat it as naturally as euros or US dollars.