Crypto Payments Reach All Time High

Crypto Payments Reach All Time High

By KMatt | Blogging Crypto | 11 Jan 2024


Cryptocurrency payments saw record growth in 2023, according to data published by CoinGate*.
In total, 1.29 million cryptocurrency payments were made, an increase of more than 40% compared to 2022.

*CoinGate is a cryptocurrency payment and conversion platform that operates in 200 countries around the world.

The most used cryptocurrencies currently are Bitcoin (35.6%), USDT (25.4%), Litecoin (9.5%), Ethereum (9.3%) and Tron (7.15%).
The release of BUSD has greatly favored the use of USDT which is recording large increases in use for payments (+15.1% compared to 2022).

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The report also mentions some of the platforms that contributed most to this growth, namely Binance Pay and Crypto.com Pay. The first payment solution covers 8.2% of all payments made, while the second covers 6.3% (Information not present in the report, but based on my personal research).

It should be noted that the report does not mention payments made with crypto cards such as Nexo Card, Bybit and others, despite the fact that they offer the possibility of making payments with deposits in cryptocurrencies. The reason is quite simple: when using this type of cards, you make a payment in fiat currency, but the transaction is converted into cryptocurrency "behind the scenes" and obviously CoinGate does not have access to this data.
In any case, according to a Statista report, in 2023 payments made with cryptocurrency cards amounted to 15 billion dollars, a figure that seems destined to grow thanks also to new competitors who are entering the market such as Bitget, Kucoin and others Still.

Whatever you want to say about these platforms and "crypto" cards, but these are data that confirm the growing popularity of cryptocurrency payments, which are becoming increasingly accepted by merchants around the world.

 

 

 

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KMatt
KMatt

Welcome to my blog <3 I love playing videogames, interested in crypto, support #lgbtqi+ and human rights


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