CoinPayments, a global cryptocurrency payment processor, has announced an airdrop launch of its own utility token – the CPS Coin. The company also plans to lower its transaction and conversion fees for token holders and enhance its user interface in 2018.

Founded in 2013, CoinPayments is a global cryptocurrency payment processor with a reach of over 1,000,000 vendors across 182 countries, says the company’s blog. CoinPayments offers a cloud payment solution allowing merchants to accept Bitcoin and hundreds of other coins through their plugins, APIs and point of sale (POS) interfaces.

“CoinPayments has created a special place in the world of cryptocurrency users with intuitive digital wallets, which include shopping cart plugins that can be easily integrated by online merchants making it appealing to their customers” said Alex Alexandrov, founder and CEO of CoinPayments in an interview with Insight Success.

The company is set to launch two mega projects in 2018. Firstly, CPS Coin - the CoinPayments token - will lower transaction and conversion fees for merchants. Secondly, a revamped version of their existing user interface - called CoinPayments 3.0 - will provide online merchants and wallet holders with “even more user-friendly experience” company representatives said.

Airdrop to all users

The CoinPayments team reported to Cointelegraph that the company launched an airdrop of 100 CPS Coins to all current users, as well as new signups on the CoinPayments platform until August 1, 2018. The value for the 100 CPS coins is €10. Any user who purchases CPS coins starting on May 4th will receive two CPS coins for the price of one, or three for one on orders totalling over €500,000 within a 24 hour period.

The CPS Coin is a utility token used within the CoinPayments platform, and provides discounts and rebates for using various CoinPayments services. Users wanting to buy CPS Coins can buy directly from CoinPayments at a rate of €0.10 per token.

There is a wide range of discounts and rebates available for CoinPayments services, including merchant fees, conversion fees, withdrawal fees, initial coin offering (ICO) participation and as a preferred payment method in their own decentralized marketplace.

For example, merchant fees may be reduced by half. Merchants have the option to pay the 0.5 percent processing fee with CPS Coin by checking a box on their account. If they choose this option, they will only have to pay a 0.25 percent processing fee in CPS Coins based on a €0.10/CPS Coin rate. If their CPS Coin wallet doesn’t contain enough CPS Coins to pay the fee then the required amount of CPS Coins will be purchased automatically from the CoinPayments pool using the fee collected at the time of the transaction.

As for conversion and withdraw fees, users will receive a 50 percent rebate if they pay from CoinPayments directly into the user’s CPS Coin wallet.

Regarding ICO participation, CoinPayments will negotiate an allocation of tokens from hosted ICOs at a discounted rate from the public ICO price and CoinPayments users will have the option to participate in this allocation using CPS Coin.

Additional tokens

“As an extra incentive, users can collect an additional 25 CPS Coins every time a new user signs up through their affiliate link” said a company representative.

The CoinPayments affiliate program pays affiliates 25 percent of transaction fees collected from all referred users for a duration of 5 years. This includes merchant transaction fees, commercial deposit fees and ICO signup fees. In the future, this will also include debit card transaction fees, fiat settlement fees and much more.

Users can register at the company’s website and follow the affiliate help link to easily start the referral process immediately.