2023 Was a Record Year for Crypto Payments, According to CoinGate

2023 Was a Record Year for Crypto Payments, According to CoinGate
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The year 2023 marked a significant milestone in the world of cryptocurrency payments, with CoinGate, a leading payment intermediary in the industry, reporting a record-breaking year. CoinGate processed over 1.29 million crypto payments in 2023, equivalent to one payment every 24 seconds. 

The data indicates that the total number of crypto payments reached 1,294,058, marking a 40% increase from the 928,517 transactions recorded in 2022. It’s noteworthy that almost one-third (32.35%) of all transactions over the past decade took place in 2023 alone. 

A key factor contributing to this surge was the incorporation of the Binance Pay wallet into CoinGate’s payment services in March 2023. Interestingly, Binance Pay was responsible for a substantial 8.2% of all crypto payments in 2023. This highlights the pivotal role it played in the expansion of crypto payments.

The consistent growth in its usage is noteworthy. It began with 4.5% of monthly payments in March, escalated to 6.1% in April, further increased to 8.6% in May, rose to 9% in June, and ultimately peaked at 13% by December. This trend demonstrates a significant progression in its adoption over time. 

Binance Pay, Bitcoin, and Tether Lead the Way in CoinGate’s Crypto Transactions

2023 Was a Record Year for Crypto Payments, According to CoinGate

Bitcoin (BTC) and the stablecoin Tether USD (USDT) dominated the crypto payments, accounting for 35.6% and 25.4% of all payments made on the platform, respectively. Interestingly, Bitcoin’s dominance fell from 47.8% in 2022, while USDT grew from its 15.1% dominance. The data revealed that Tether (USDT) surpassed Bitcoin (BTC) in dominance during November and December, claiming 36.5% and 39.1% of the market respectively.

The Lightning Network, a crucial element of Bitcoin transactions, has demonstrated considerable growth and heightened adoption, indicating its maturation. Litecoin (LTC) was another protagonist in CoinGate’s 2023, with 9.5% of all crypto payments, followed by Ethereum (ETH) with 9.3%, and Tron (TRX) with 7.1%.

To sum up, the provider of crypto payments envisions a prosperous future for individuals and businesses engaging in cryptocurrencies globally. The upcoming year 2024 already hints at exciting prospects and hurdles on the horizon. CoinGate is excited to continue its journey, focusing on innovation and customer satisfaction, as it strives to make cryptocurrency payments a norm rather than an exception.


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