A service for selling cryptocurrency and withdrawing rubles to bank cards can be initiated without needing to build from scratch. The ONLY team offers the Cryptomat — a Telegram bot with a mini-application based on the ONLYP2P service. Owners can brand it with their own name and logo.

ForkLog has explored how P2P exchanges have transitioned from chats to mini-apps, what partners receive in a white-label model, and what factors influence their earnings.

The Evolution of P2P

In direct exchanges (or P2P), participants negotiate rates and transfer methods in chats and forums. Without any guarantor, the party sending money first risks not receiving the corresponding payment.

Platforms like LocalBitcoins and P2P sections of exchanges introduced listings, ratings, and dispute resolution. Escrow services emerged as protection: the platform holds the cryptocurrency during the transaction and releases it to the buyer once payment is confirmed.

However, users remain dependent on the intermediary's decisions. In August 2023, KuCoin and OKX imposed restrictions on Russian users: the former banned P2P transactions through Sberbank and T-Bank, while the latter halted transactions involving rubles. In September 2023, Binance sold its Russian business to CommEX, which subsequently announced the platform's closure in March 2024.

Risks related to transfers persist. In its analysis of the Russian P2P landscape, ForkLog highlighted issues such as payments from third parties, fraudulent schemes, and lack of transparency regarding the source of rubles. While escrow services mitigate the risk of transaction failure, they do not verify the legality of the fiat funds' origin.

Exchanges Within Telegram

Telegram mini-apps provide a web interface within the messenger. Through this interface, users can submit requests and track their status.

In ONLYP2P, the algorithm selects a counterparty. Users deposit funds, provide their details, and wait for a payer. They then confirm the receipt of rubles via their banking app. This automated matching saves users from searching for listings, although they still must verify payments manually.

Cryptomat operates on a white-label model, allowing partners to utilize the provider's infrastructure under their brand. An API connects the mini-application with ONLYP2P.

The primary format for ONLY is a standalone Telegram bot with a mini-application. The owner can offer it to clients of an existing exchange or launch it as an independent service with a new name and logo.

Cryptomat accepts USDT in the TRC-20 standard (starting from 10 USDT), Litecoin, and Bitcoin. Users can deposit any cryptocurrency through the xRocket Telegram wallet. Rubles are credited after transaction confirmation, allowing users to withdraw them to their bank cards.

Connection to the service is free. ONLY handles technical aspects, updates, transaction processing, and user support. The partner is responsible for promotion and receives a management panel to set customer markups, view statistics, and manage rewards.

In addition to the bot, ONLY is preparing two launch options: a separate web version under the partner's brand and a section on the subdomain of an existing exchange. The team describes the latter option in a proposal for exchange owners, with initial partners currently in pilot mode.

Setting up this section involves three steps. An address like cryptomat.exchange.ru is directed to ONLY's infrastructure, and the partner provides their logo, name, and link to the main site. They then add a banner or menu item.

Initially, the service retains Cryptomat's standard design, integrating the client's branding and a button for returning to the main site. The branding colors are customized individually.

Understanding the Markup

Cryptomat credits clients with rubles at a rate higher than the exchange rate for coins. This markup is referred to as the "additional payment." Together with the partner's earnings, it amounts to 8% of the deposit amount. The service owner decides how to split this markup. Each percentage deducted from the markup increases the partner's earnings:

  • 7% markup for the client, 1% for the partner;
  • 6% markup, 2% for the partner;
  • 5% markup, 3% for the partner, and so forth.

As of the time of this report, the demo version offered a 7% markup: 94.9 rubles for 1 USDT at a market price of 88.7 rubles. A user who deposits 1000 USDT would receive 94,900 rubles, while the partner would earn 1% of the total, or 10 USDT. If the rate is lowered to 5%, the client would receive approximately 93,100 rubles, with the partner's earnings increasing to 30 USDT.

ONLYP2P explains that the markup arises from the difference between the exchange rate and the price at which payment services are willing to buy rubles. The partner's profit depends on turnover, repeat transactions, customer acquisition costs, commissions, and taxes.

The Cryptomat store offers AML checks and the rental of Energy on the TRON network. According to ONLY's terms, the service is managed by a team, while the partner sets the final prices. They receive a percentage from each sale, with the size and model of compensation agreed upon separately.

Who Could Benefit from This Launch?

Cryptomat is targeted at projects whose audiences regularly sell cryptocurrency for rubles. The team estimates that the product performs best with an average transaction size of 3,000 to 5,000 rubles. Potential partners for ONLY include:

  • owners of exchanges that accept requests via Telegram managers;
  • owners of exchange websites lacking their own mini-application;
  • administrators of Telegram channels focused on cryptocurrency and P2P;
  • crypto bloggers and owners of paid crypto communities;
  • owners of bots for renting TRON Energy and AML services whose clients seek to withdraw in rubles.

Partner rewards are turnover-dependent, making the model primarily suitable for projects with an active user base. Even a 7% markup on deposits yields low income with minimal traffic.

The partner is responsible for four key tasks:

  • deciding on the format: independent service or supplement to an existing exchange;
  • preparing branding: name, logo, and advertising channels;
  • configuring the offer: markup for clients and pricing for additional services;
  • organizing promotion: attracting users and evaluating results through statistics in the management panel.

The interface can be viewed in the Cryptomat app. Branding and connection conditions are discussed with a representative from ONLY. Links to products can be found in the ONLYP2P channel.

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