WhiteBIT, the largest cryptocurrency exchange in Europe by traffic, has announced that WhiteBIT Nova, its crypto card supported by Visa, has processed over a million transactions, as per the reports shared with Finbold on Thursday, April 3.
The numbers are a major milestone not only for WhiteBIT but the broader crypto industry, as they highlight the increasing adoption of digital assets as an everyday spending alternative to fiat.
The growing adoption of crypto payment solutions
By some estimates, nearly one in five crypto holders is expected to use digital assets for everyday purchases by 2026.
The projections are expected given that over 560 million people now own crypto, meaning there is a vast potential user base for emerging crypto cards which incentivize adoption with enhanced privacy, simplified borderless transactions, the ability to convert digital assets into fiat, and various rewards.
Another statistic worth noting is that the crypto credit card market, valued at $1.3 billion in 2024, is predicted to reach no less than $220.46 billion by 2033 — an annual growth rate of 8.6%.
The most commonly spent digital currencies right now include USD Coin (USDC), Bitcoin (BTC), Ethereum (ETH), and WhiteBIT Coin (WBT), and they are used for a wide range of transactions, for example, on platforms like Spotify, YouTube, and PlayStation.
Luxury retailers are also seeing significant engagement, although everyday grocery shopping, dining, and online subscriptions remain the most popular spending categories.
Crypto card incentives
Rewards like cashbacks remain the top incentive for crypto card adoption.
For instance, grocery purchases account for the largest share of cashback (22.8%), followed by food and café spending (20.4%) at number two and subscription services (14.1%) at number three.
This, among other reasons, is why 88.52% of WhiteBIT Nova users opt for the digital version of the card.
The trend also aligns with the growing digital wallet adoption, which has been projected to grow by 53% from 2022 to 2026, reaching 5.2 billion users.
