Product design
Madrid Crypto Capital
Bitcoin payment solution for local businesses in Chile Madrid Crypto Pay is a platform designed to help businesses in Chile easily, securely, and legally accept payments in Bitcoin. The app enables merchants to receive BTC payments and automatically convert them into Chilean pesos, eliminating volatility and simplifying crypto adoption in local commerce. At Kinto, we developed their mobile application and backend system to deliver a seamless experience for both merchants and users.
Additional project information
A comprehensive project developed for an investment firm in Chile called Madrid Capital. We developed the design system, the Android and iOS apps, the administration panel, and the entire Blockchain tokenization system, using a system as sophisticated as the one currently used by central banks in various countries with their digital currencies (CBDC). This resulted in a highly advanced and optimized payment system for receiving Bitcoin and automatically converting it to Chilean pesos.
Functional Requirements
- User registration and authentication
- Free registration for local businesses.
- 24-hour approval process to start accepting Bitcoin payments.
- Receiving payments in Bitcoin
- Generation of unique wallet addresses for each transaction.
- Real-time notifications when payments are received.
- Automatic conversion to Chilean pesos
- Option to automatically convert received Bitcoin into Chilean pesos.
- Conversion completed in under 24 hours to reduce market volatility risk.
- Fund management
- Option to hold funds in Bitcoin within the app.
- Real-time balance and transaction tracking.
- Merchant dashboard
- User-friendly dashboard to monitor payments and conversions.
- Payment history and downloadable transaction reports.
Security & Compliance Requirements
- Compliance with Chile’s Fintech Law
- Registration and authorization by the Financial Market Commission (CMF).
- Implementation of governance and risk management policies.
- Data protection and security
- Encryption of sensitive data in transit and at rest.
- Two-factor authentication (2FA) for secure login.
- Anti-money laundering (AML) and Know Your Customer (KYC)
- Identity verification of registered merchants.
- Transaction monitoring to detect suspicious activities.
Technical Requirements
- Integration with crypto conversion APIs
- Connection to services for real-time Bitcoin to Chilean peso conversion.
- Live exchange rate updates.
- Mobile application development
- Native apps for Android and iOS, available on Google Play and App Store.
- Mobile-friendly and intuitive user interface.
- Scalable cloud infrastructure
- Cloud deployment to ensure scalability and high availability.
- Backup and disaster recovery systems.
✅ Project Outcome
After successfully implementing all technical and functional requirements, Madrid Crypto Pay established itself as an innovative and reliable solution for cryptocurrency adoption in local Chilean commerce. The platform achieved the following:
- 🛒 Enabled small and medium-sized businesses to accept Bitcoin payments, with no technical expertise required.
- 🔄 Automated cryptocurrency-to-Chilean peso conversion, minimizing volatility risk and increasing merchant confidence.
- 📱 Delivered an intuitive and efficient mobile app, available on both Android and iOS, allowing real-time payment management from anywhere.
- 🛡️ Complied with Chile’s Fintech regulations, positioning the platform as a secure and legally compliant solution.
- 🌐 Laid the groundwork for future expansion, both in terms of onboarded merchants and potential growth into other Latin American markets.
Madrid Crypto Pay became a key tool in digitizing payment methods in the Chilean retail market, bridging blockchain technology with real-world usability for local businesses.