Key Insights:
- CoinGate’s 2023 report highlights a record-breaking year with over 1.29 million crypto transactions.
- Bitcoin and USDT lead the way in crypto payments on the platform.
Crypto Beyond Investment: A Surge in Payments
Yello Paradisers! 2023 has been a landmark year for cryptocurrencies, not just as investment vehicles but as practical payment solutions. CoinGate’s latest report, published on January 10, 2024, underscores this trend with a staggering 4 million transactions processed last year. This translates to an average of one crypto payment every 24 seconds, showcasing the growing acceptance and use of digital currencies in everyday transactions.
CoinGate: A Leader in Crypto Payments
As a leading payment intermediary in the crypto industry, CoinGate has consistently posted impressive numbers since its inception. 2023 emerged as the most significant year for the platform, accounting for one-third of all its transactions. The 1,294,058 crypto payments processed in 2023 marked a 40% increase from 2022’s figures.
Dominance of Bitcoin and USDT
Bitcoin (BTC) and Tether USD (USDT) dominated CoinGate’s payment volume, accounting for 35.6% and 25.4% of all transactions, respectively. Notably, Bitcoin’s dominance has decreased from previous years, while USDT has seen a surge, especially in the latter months of 2023.
Other Key Players in Crypto Payments
Litecoin (LTC), Ethereum (ETH), Bitcoin’s Lightning Network, and Tron (TRX) also played significant roles in CoinGate’s 2023 transactions. Additionally, Binance Pay contributed to 8.2% of all transactions since its integration in March 2023.
The Rise of Crypto-Friendly Merchants
CoinGate reported a notable increase in merchants adopting its crypto payment services, indicating a broader acceptance of cryptocurrencies in the commercial sector.
Looking Ahead to 2024
CoinGate remains optimistic about the future, anticipating new opportunities and challenges in 2024. The platform is committed to innovation and customer satisfaction, aiming to make crypto payments commonplace.
The Future of Crypto Payments
The report concludes with a positive outlook for the continued growth and adoption of cryptocurrencies in payments, suggesting that 2024 could be another pivotal year for the industry, potentially influencing cryptocurrency investments globally.
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