Petr Kozyakov is the Co-Founder and CEO of Mercuryo, a leading payments infrastructure platform bridging the gap between traditional finance, web2, and web3. With over a decade of experience in the payments industry, Petr combines sharp business acumen with a keen eye for detail. He began his career in fintech in the late 2000s, leading the development of cross-border settlement systems and card processing solutions. Since shifting focus to the cryptocurrency space, he has worked to bring greater efficiency and accessibility to digital token payments, aiming to make them a practical tool for both businesses and everyday users. A natural leader, Petr oversees international teams, drawing on his deep fintech expertise and strong understanding of the European market and beyond to guide Mercuryo’s growth.
Why did you decide to start Mercuryo after a decade in cross-border payments and card processing?
There were two key moments that led to Mercuryo.
One was personal: in 2018, I was in Bali trying to pay a lawyer in the US. I tried everything—card-to-card, PayPal—but nothing worked. Someone suggested crypto.
I was hesitant, thinking cryptocurrencies weren’t for ‘respectable’ use. But after some effort with exchanges and wallets, I managed to send Tether (USDT). The lawyer confirmed receipt 15 seconds later — that was eye-opening.
Professionally, I’d been working in payments since the late 2000s with companies like PayOnline and PayU. Around 2017, we noticed crypto volumes rising across our services, causing confusion among partners who didn’t realise it was being driven by rising Bitcoin prices.
It then dawned on me that we had the skills to integrate crypto into the payments world in a meaningful way. We launched Mercuryo to make digital asset payments simple and accessible for both businesses and individuals.
What were the biggest challenges in scaling Mercuryo, and how has the company adapted to today’s crypto landscape?
Scaling from five people in a chat group to a company of hundreds globally was naturally demanding. In the early days, it was just the founders and a few developers trying to create a kind of crypto-Revolut. The first version of our app was rough, but it worked.
The major challenge was transitioning from a scrappy startup to a structured organisation. Getting our crypto licence in 2018 forced us to level up quickly in terms of compliance and legal frameworks. It was a steep learning curve.
Focus was another challenge. We originally launched as a wallet, but when B2B on-ramps gained traction — particularly with partners like Bitfinex — we decided to shift direction.
Hiring also took work. We needed people who were proactive and adaptable, and scaling across cultures required thoughtful integration.
As for the industry, we’ve seen bull markets, regulatory crackdowns, and everything in between. We’ve adapted by being flexible — adding card payments when needed, for instance — and focusing on practical use cases.
From the beginning, we’ve taken compliance seriously, which has helped us stay resilient amid market swings.
How does Mercuryo help bridge the gap between crypto-native firms and traditional fiat services, and what are the main friction points?
Our goal is to make crypto and fiat interoperable.
For crypto-native companies, we offer tools like on-ramps and acquiring so they can accept digital payments easily.
For traditional finance players, we provide infrastructure for things like stablecoin settlements and card issuance linked to crypto balances.
The biggest friction points today are regulation, user experience, and liquidity. Regulation is fragmented — Europe has MiCA, but the US remains inconsistent, and emerging markets vary widely, which puts off traditional institutions.
The user experience is improving, but still lags behind traditional apps. Web3 interfaces remain complicated for newcomers. There’s also a shortage of experienced professionals in areas like compliance, product, and sales.
Liquidity can be a challenge, too. Transferring value between crypto and fiat still sometimes hits roadblocks like banking delays or limited stablecoin reserves.
We’re working on all of these, but they remain industry-wide challenges.
What’s Mercuryo’s approach to entering new markets like Indonesia, and what specific challenges come with expansion into emerging economies?
Indonesia is a major move for us. It has a large population, strong demand for better payment options, and growing crypto adoption. Our strategy starts by understanding local needs.
In this case, that meant prioritising fast on-ramps and practical spending solutions. We customise our product stack accordingly and often partner with local firms who understand the regulatory and cultural landscape.
Compliance remains core to our approach, helping us navigate legal complexities. But emerging markets come with their own challenges: unclear regulation, inconsistent infrastructure, and cultural barriers.
Internet access and banking coverage aren’t always reliable, so we can’t assume users have the same access as in Europe.
Explaining crypto to first-time users or merchants also takes care. Local fintechs tend to move quickly, so we need to be even more agile to prove the strength of our technology in these environments.
How do you see crypto payments evolving in the next few years, and how is Mercuryo preparing for that future?
Crypto payments are on the verge of mainstream adoption. I believe stablecoins will play a key role in cross-border transactions and everyday spending. Cards connected to crypto wallets will continue to grow, but eventually, mobile wallets will likely replace physical cards altogether.
The focus is shifting from speculative holding to practical usage. Stripe acquiring Bridge is one example of where things are headed — crypto being used to pay and settle, not just to invest.
Regulatory frameworks like MiCA are helping, and we expect more jurisdictions to follow with clear rules, including the US.
At Mercuryo, we’re positioning ourselves to support this shift. We’ve launched Spend and plan to expand it with partners in 2025. This will offer global card issuance linked to crypto assets, not just IBANs, meeting demand for everyday usage.
We’re also expanding our acquiring and swaps capabilities, enabling merchants to accept crypto and users to easily switch between stablecoins like USDC and USDT.
Our strength lies in our regulatory compliance and agility — we’ve been licensed from the beginning and can pivot quickly without chasing trends.
Our focus remains on building the infrastructure that makes crypto functional in the real world. That’s how we intend to lead.