• Crypto payments on e-commerce platforms are booming despite market conditions, with Cardano (ADA) and Binance Coin (BNB) entering the top 10 most spend crypto.
• According to a report from payment processor Coingate, people spent a lot of their crypto in 2022, with an average of 312,500 crypto payments per year.
• In 2022, the number of crypto transactions increased by 63%, 2.7 times the yearly average in a macroeconomic environment unfavorable for these assets.
Crypto payments have been on the rise in recent years, with more and more people turning to digital currencies as a preferred payment method. According to a report from payment processor Coingate, over 927,294 payments with Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Cardano (ADA), and Binance Coin (BNB) were made in 2022, a 63% increase compared to the yearly average. This surge in crypto payments is all the more remarkable considering the current bear market, which suggests that even a negative macroeconomic environment does not necessarily discourage people from engaging in crypto-based transactions.
In fact, Cardano (ADA) and Binance Coin (BNB) managed to break into the top 10 most spent crypto, showing that digital currencies are becoming an increasingly popular payment option. The report gathered data from 2014 and determined that e-commerce shops have received 2.5 million crypto payments during this period, with an average of 312,500 crypto payments per year. This number was more than tripled in 2022, a testament to the growing adoption of crypto as a payment method.
The report also highlighted the increasing number of online merchants that are now accepting crypto payments. This is not surprising, given the various advantages of using digital currencies as a payment option, such as low transaction fees, faster settlements, and increased security. In addition, the increasing liquidity of crypto markets means that merchants can convert crypto payments into fiat quickly and easily.
It appears that crypto payments are here to stay, and with rising prices and benefits, they are likely to become an even more popular payment option in the coming years. With the increasing number of online merchants now accepting crypto payments, it is clear that digital currencies are becoming an increasingly attractive option for shoppers around the world.