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Record-breaking year for crypto payments in 2023 – CoinGate report

Record-breaking year for crypto payments in 2023 - CoinGate report

Cryptocurrencies are more than just an investment product for price speculation in the short, mid, and long terms. Actually, the different use cases – like crypto payments – bring value and organic demand for the cryptocurrency market to grow healthy.

Notably, a report published on January 10, 2024, by CoinGate evidenced this growth, with 4 million transactions processed. In 2023 alone, the platform recorded over 1.29 million crypto payments, or one payment every 24 seconds.

CoinGate is one of the leading payments intermediaries in the industry, registering outstanding numbers since its foundation.

In this context, 2023 was the most relevant year for the segment, holding one-third of all CoinGate’s transactions. The 1,294,058 crypto payments are 40% superior to 2022’s 928,517 numbers, reported by Finbold one year ago.

Payments in crypto over the years. Source: GoinGate

Bitcoin and USDT lead crypto payments on CoinGate

Meanwhile, the volume spotlight goes to Bitcoin (BTC) and Tether USD (USDT). Both dominated 35.6% and 25.4% of all payments made on the platform, respectively.

Interestingly, Bitcoin’s dominance fell from 47.8% in 2022, an already lower ratio of 2021’s 54.8%. On the other hand, USDT grew from its 15.1% dominance after CoinGate delisting Binance’s stablecoin BUSD.

In particular, USDT outperformed BTC in November and December with 36.5% and 39.1% dominance, respectively

Litecoin (LTC) was another protagonist in CoinGate’s 2023, with 9.5% of all crypto payments. Followed by Ethereum (ETH) with 9.3%, Bitcoin’s Lightning Network with 7.8%, and Tron (TRX) with 7.1%.

Popularity of crypto in 2023. Source: CoinGate

Additionally, Binance’s payment service made 8.2% of all transactions after Binance Pay’s implementation in March. CoinGate also mentioned a relevant growth in crypto-friendly merchants using its services.

“The horizon of 2024 is already promising new opportunities and challenges. We’re excited to continue our journey, focusing on innovation and customer satisfaction, as we strive to make cryptocurrency payments a norm rather than an exception.”

— CoinGate report

In conclusion, the crypto payment provider foresees a bright future for people and merchants using cryptocurrencies worldwide. 2024 might present itself as another relevant year of growth and adoption, which could positively impact cryptocurrency investments.

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