CoinGate data revealed that Cryptocurrencies’ role is continuously increasing in the online payment options among e-commerce websites despite the ongoing financial downfall in the Crypto sector.
CoinGate is a Lithuanian-based Crypto company, which provides cryptocurrency payments for all kinds of businesses easily. This Crypto payment solution provider company aims to provide a simple way for any online or retail business to accept Bitcoin & few other flagship digital assets.
On behalf of the data, which represents the use of its platform in the payment systems by the e-commerce platforms, CoinGate published a research report on 4 Jan 2023 and noted that CoinGate affiliated merchants accepted 927,294 crypto payments, which is 2.7 times higher numbers over 2021. So, from 2021 to 2022, Crypto payment usage surged by approximately 63%.
The research noted that 48% of the Crypto payment in 2022 were processed on the Bitcoin network, which was 7.6% low in 2021, and the rest of them were processed on USDT(Tether) (14.8%), Ethereum (10.9%), Litecoin (9.6%), and TRON (5.8%). This is showing that altcoins are gaining dominance in the Crypto market.
Despite the downfall in the price of the majority of the Crypto assets and money inflow in the whole crypto market, CoinGate secured 48% growth in the number of newly registered merchants in 2022.
These data results are showing that modern Crypto payment solutions, which convert crypto assets into direct fiat, are better for companies. But the report still noted that companies didn’t find yet any unique reason to implement Crypto payments in their businesses.
In the present time, there are more than one dozen reputed Crypto companies, which provide Crypto supported payment solutions for small & big companies.
Read also: UK launches “Crypto Cell” against scammers
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