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Financial Services and Internet Industry Lead in BitPay Payments With 23% of Companies Using Crypto

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23 Percent of Companies Using Bitpay Payment Use Crypto

Recent years have witnessed a surge in the use of blockchain payment technology, with thousands of companies across the world utilizing it for faster, more secure, and less expensive financial transactions.

As one of the leading players on the market, BitPay has had a huge role in transforming how businesses and people send, receive, and store money around the world.

According to data presented by Aksje Bloggen, financial services and internet industry lead in BitPay payments, with around 23% of companies using crypto.

Over 101,000 Average Transactions per Month in 2020

BitPay provides payment processing solutions for businesses that want to accept cryptocurrency payments for their products and services. Its payment protocol offers users a more secure and streamlined cryptocurrency checkout process. All customers need to do is select crypto as their payment method where the vendor supports BitPay, and pay the invoice directly from their wallet.

Behind financial services and the internet industry as the leading markets, the prepaid card market ranked as the third-leading sector in BitPay payments, revealed Statista and BitPay data. Over 16% of companies operating in this industry accepted cryptocurrency payments as of July.

Statistics show the Virtual Private Network (VPN) market ranked as the fourth sector on this list, with 10.4% of companies that have accepted cryptocurrency. Computer games, food and beverages, and currency exchange follow, with 4.2%, 3.2%, and 3.1% share, respectively. The BitPay data revealed that only 1.9% of businesses in the IT industry use blockchain payment systems.

Statistics also indicate the BitPay payments witnessed a steady rise in 2020. In February, the average number of transactions per month stood at 98,500. After a 4% drop in March, it rose to more than 100,700 in April and continued growing. By the end of July, the average number of monthly BitPay transactions jumped to nearly 110,000, an 11% increase in five months.

57% of Users Pay with BitPay or Blockchain Wallet

Statistics also indicate that over 88% of businesses use Bitcoin for cryptocurrency payments. Bitcoin Cash and Ethereum follow, with 4.3% and 3.9% of all BitPay transactions in July.

Analyzed by type of wallet, the BitPay wallet represents the leading digital wallet for BitPay transactions, with a 36% share among all users. Blockchain Wallet ranked as the second most-used crypto wallet, with a 21.6% market share as of July. Electrum Wallet, Coinbase and Exodus wallet follow, with 7.1%, 5.2%, and 3.3% share among users, respectively.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Cryptocurrency

Pizza Hut Joins Burger King, Church’s Chicken to Accept Crypto Payments in Venezeuela

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Pizza Hut has joined other global fast-food chains like Burger King and Church’s Chicken already accepting crypto payments in Venezuela.

This was confirmed by a crypto services firm, CryptoBuyer, on November 27 after pizza Hut stores in the South American nation partnered with Mega Soft to drive adoption in Venezuela by encouraging crypto payments in its over 20,000 shops and businesses in the country.

Pizza Hut nowadays cannot be detached from these technological advances and all those incorporating new approaches for daily necessities,” said Richard ElKhouri, General Director for Venezuelan operations of the pizza chain, in an interview with local news outlet ElAxioma. “It is important that we accommodate young people, modern adults, and people technologically knowledgeable.”

According to Elkhouri, customers can buy pizza with Bitcoin (BTC), Litecoin (LTC), Dash (DASH), Binance Coin (BNB), Binance USD (BUSD), Ether (ETH), Tether (USDT), Dai (DAI), and its native token XPT.

This will further help deepen cryptocurrency adoption in the country and across the South American region.

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Cryptocurrency

Bitcoin Rebounds; Gained 7 Percent to $18,116 Per Coin Amid Renewed Demand

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Bitcoin recovered most of its lost ground in the last 24 hours after dropping about $3,000 from $19,400 it exchanged a week ago to $16,800 per coin.

The world’s most dominant cryptocurrency gained 7.01 percent to close at $18,116.31 per coin on Monday morning at 8:46 am Nigerian time.

Investors jumped on the digital currency after Guggenheim Funds Trust filed an amendment with the U.S. Securities and Exchange Commission to allow its Macro Opportunities Fund to invest as much as 10 percent or $500 million of its $5 billion net asset in Bitcoin through Grayscale Bitcoin Trust (GBTC).

The news bolstered Bitcoin attractiveness as cryptocurrency investors interpreted as a new capital inflow that could aid the coin above the $20,000 per coin obstacle or resistance.

According to the amendment filed: “The Guggenheim Macro Opportunities Fund may seek investment exposure to bitcoin indirectly through investing up to 10% of its net asset value in Grayscale Bitcoin Trust (“GBTC”), a privately offered investment vehicle that invests in bitcoin. To the extent the Fund invests in GBTC, it will do so through the Subsidiary.”

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Cryptocurrency: Facebook Owned Libra to Launch Stablecoin in January 2021

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Facebook Inc led Libra Association is planning to launch Libra stablecoin pegged to only the United States Dollar as early as January 2021, according to three anonymous people quoted by the Financial Times.

The stablecoin was initially proposed to be pegged to a basket of multiple currencies before the group faced several setbacks after the US parliament pressure Facebook on data breach and other issues that allegedly allowed Russia to meddle in the 2016 US presidential election.

The social media giant has now cut down on its ambition to focus on US dollar-pegged stablecoin in an effort to reduce regulatory bottleneck.

PayPal Inc., one of the first members of Libra Association that pulled out after regulators increased scrutiny on Facebook operations, has since started a cryptocurrency exchange business.

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