A Year of Remarkable Growth in Cryptocurrency Payments, CoinGate’s 2023 Report Highlights

The report shows unprecedented growth in cryptocurrency payments in 2023.

The year 2023 was a landmark year for cryptocurrency payments, according to CoinGate’s impressive growth statistics.

On a report published on January 10, 2024, leading player in the crypto payment industry CoinGate highlights a significant increase in crypto payment volume. The platform processed 4 million transactions, with over 1.29 million crypto payments recorded in 2023 alone, translating to one payment every 24 seconds.

The year 2023 was particularly significant for the industry, accounting for one-third of all CoinGate’s transactions. The platform recorded 1,294,058 crypto payments, marking a 40% increase from the 928,517 transactions reported in 2022.

Bitcoin (BTC) and Tether USD (USDT) were the most dominant cryptocurrencies, accounting for 35.6% and 25.4% of all payments on the platform, respectively. Interestingly, Bitcoin’s dominance decreased from 47.8% in 2022, a further drop from 2021’s 54.8%. Conversely, USDT’s dominance increased from 15.1% after CoinGate delisted Binance’s stablecoin BUSD. Notably, USDT surpassed BTC in November and December, with a dominance of 36.5% and 39.1%, respectively.

Litecoin (LTC) also played a significant role in CoinGate’s 2023 performance, accounting for 9.5% of all crypto payments. It was closely followed by Ethereum (ETH) with 9.3%, Bitcoin’s Lightning Network with 7.8%, and Tron (TRX) with 7.1%.

Following the implementation of Binance Pay in March, Binance’s payment service accounted for 8.2% of all transactions. CoinGate also reported a significant increase in the number of merchants adopting crypto-friendly services.

Looking ahead to 2024, CoinGate is optimistic about the future for individuals and merchants using cryptocurrencies globally. The year 2024 could be another pivotal year for growth and adoption, potentially influencing cryptocurrency investments positively.