Chief Financial Officer, Cryptopay Ltd
Exclusive Interview - Alexei Sidorov, Chief Financial Officer at Cryptopay - Fintech Unplugged 2025
At the Fintech Unplugged event in Limassol, FinanceFeeds Editor-in-Chief Nikolai Isayev interviewed Alexei Sidorov, Chief Financial Officer at Cryptopay. The conversation focused on the practical use of crypto payments in brokerage operations and the steps required to implement them.
Cryptopay provides crypto payment processing and settlement tools to businesses. The company enables merchants and brokers to accept stablecoins and manage fund flows across jurisdictions. Its infrastructure includes regulatory licensing and conversion services, and it supports clients entering or operating in mo...
Transcript (48 segments)
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Interviewer0:12
Hey everyone, Finance Speed is back here at Fintech Unplugged event in Lima, Cyprus. I'm joined by Alexei Sidrov, CFO of Crypto Pay. Alexei, thanks for joining me.
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Alexey Sidorov0:24
Yeah, it's a pleasure. I want to get some insights about crypto from you as the CEO of Crypto Pay.
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Interviewer0:31
Yeah.
My first question is about the advantages of cryptocurrencies over traditional fiat in a broad sense. Well, your perspective. Yeah, it's a common but good question.
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Alexey Sidorov0:53
I'd say two things: speed and cost. Crypto transactions are way faster than fiat, especially for international transfers. Swift takes days or weeks; crypto flows in seconds. Also, lower fees provide significant savings for merchants. We see more businesses using crypto for international payments to reduce costs and get money faster.
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Interviewer2:07
Yeah.
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Alexey Sidorov2:08
Without the hassle of traditional banking.
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Interviewer2:12
Do you think transaction costs will decrease as the crypto ecosystem evolves, with more infrastructure and competition?
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Alexey Sidorov2:45
As a CFO, I wouldn't want it to decrease, but it is decreasing with adoption. More providers and competition bring costs down. But there's an underlying cost for IT, security, and infrastructure that we pay. So some cost will remain.
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Interviewer3:38
Yeah, of course.
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Alexey Sidorov3:39
Looking at the market, it's going down compared to two or three years ago.
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Interviewer3:48
So the question is to what level?
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Alexey Sidorov3:52
I think a reasonable level will be reached, mutually beneficial for us and clients. Even with lower fees, bigger adoption and turnover will sustain the business.
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Interviewer4:13
Yeah. The volumes are
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Alexey Sidorov4:15
increase further and further. We'll still have some share and hopefully proceed as we did.
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Interviewer4:25
What challenges do traditional CFD brokers face when integrating crypto payments? They're used to credit cards, Skrill, Wise, but traders now ask for crypto.
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Alexey Sidorov5:16
Three main challenges: First, integration – it's similar to traditional providers but the underlying technology is different, so efficiency and security matter. Second, security – you don't want funds to disappear due to code issues. We have 10+ years of experience and have learned. Third, compliance – you need a provider that balances preventing illicit activity without blocking all your business.
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Interviewer5:40
Uhhuh.
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Alexey Sidorov5:59
Secure integration is key. Many companies offer crypto processing, but security is a major concern.
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Interviewer6:18
Yes.
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Alexey Sidorov6:20
Some brokers think about building their own solution, but security is always the worry.
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Interviewer6:31
Uhhuh.
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Alexey Sidorov6:31
We've talked to several, and the major concern is security.
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Interviewer6:37
Security. You can develop your own, use a cheap new provider, but you don't want funds to disappear. We've seen it happen.
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Alexey Sidorov6:55
And we saw it many times. We have over 10 years of operations. We've made mistakes and learned. Now we know how to keep funds secure.
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Interviewer7:02
Uhhuh.
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Alexey Sidorov7:03
We've been through this. The second point is security, the third is compliance. Compliance is always a discussion. You need a provider with the right balance to prevent illicit activity without stopping your business.
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Interviewer7:30
It's important to integrate with a provider that has that balance.
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Alexey Sidorov7:38
Between compliance that stops bad activity and compliance that halts all transactions.
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Interviewer7:46
Uhhuh.
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Alexey Sidorov7:47
And if compliance blocks everything, it's no different from traditional finance.
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Interviewer7:51
Right. That's very important. Regulatory regimes are fragmented – SEC, MiCA, VARA, etc. Compliance must understand all nuances.
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Alexey Sidorov8:03
Exactly. We're on both sides of the equation – we handle compliance for clients, and banks do compliance toward us. Sometimes I see practices I wouldn't want to impose on my clients. It's always a hot topic.
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Interviewer9:27
Uhhuh.
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Alexey Sidorov9:28
I don't want to do that to my clients. That's how it shouldn't be done. It's a hot topic.
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Interviewer9:42
Always will be.
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Alexey Sidorov9:43
Of course. Now, how can crypto payments help forex and CFD brokers expand globally? Untapped markets like LatAm, Africa, parts of Asia are underbanked but have potential. Does crypto offer a gateway?
We recently did this for large clients. They wanted the fastest go-to-market. So they connect with local banks, but accepting crypto is the shortest route. Crypto adoption is rising; about 10% of turnover may be crypto, 90% traditional. But for those who already use it, it's simple: they send USDT, we convert to local currency, handle transfer costs. Also, expatriating funds across borders is seamless with stablecoins.
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Interviewer11:14
Uhhuh.
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Alexey Sidorov11:16
Yes. And we realize that even if the target audience is underbanked, they need to learn how to use crypto. But for those who already do, it's straightforward. You can launch a broker with just crypto acceptance, test the market quickly without huge investment.
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Interviewer12:56
So you can launch without fiat infrastructure, just crypto, test it, and then scale.
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Alexey Sidorov13:11
Yeah.
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Interviewer13:12
Right, test and then accept.
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Alexey Sidorov13:15
Yeah, test your hypothesis. You want to test as quickly as possible to not burn investment. Integrate crypto, see demand, then add traditional payments. It's the fastest way to market.
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Interviewer13:44
Awesome. Thanks for your time, Alexei. It's a pleasure to meet you.
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Alexey Sidorov13:59
Hopefully we'll all enjoy the event. Good luck to you and Crypto Pay. Let's chat in the future about the evolution of crypto.
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Interviewer14:10
I'd love to. It's been a pleasure.
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Alexey Sidorov14:12
Great. Thank you so much. Have a good evening.