Paybis started out as a thought experiment from founders Innokenty Isers, Konstantin Vasilenko and Arturs Markevich who, in 2014, saw potential in the future of cryptocurrencies. The company is based in the UK.
During these early stages, the three friends were more involved with the gaming industry, as they came from a background of competitive e-sports. The trio was initially working on the development of a gaming platform but eventually chose to focus on Paybis in response to the increased demand for cryptocurrencies.
On 22 May 2014, the domain was bought and the exchange officially started its operations in 2015. It was during this time that Konstantin Vasilenko, the third founder, officially joined the company, leaving behind his position as CRM Delivery Manager in Accenture.
During the first year of operations, the founders focused more on the technical aspects of the platform, improving its usability, interface, and security.
It is only a year later that the platform really started taking off, becoming a viable cryptocurrency exchange platform. Paybis.com currently holds key partnerships with Israel-based payment processor Simplex, cryptocurrency exchange Kraken and BlueOrange bank. Paybis.com further supports payment systems like Credit cards, SEPA Bank Transfers in Europe and Skrill/Neteller among others.
The exchange supports BTC, ETH purchase with credit cards,, LTC, XRP, BCH, NEO and is one of the first cryptocurrency exchanges, aside from Binance, to support BNB coin.
All throughout their history, Paybis did not receive any external funding or investments and is fully self-funded by its founders.
In September 2018, Paybis created a subsidiary company called CryptoCash, the first cryptocurrency embassy in the Baltics. Cryptocash has a physical office in the center of Riga where local cryptocurrency enthusiasts can attend crypto meetups, educate themselves, buy crypto-related merchandise or buy cryptocurrency with cash.