For the analysis of the market, the crypto payments industry is segmented into three sectors namely crypto on and off-ramps, crypto payments for real-life uses, and blockchain-native payments. Through a combination of qualitative and quantitative analysis, the research studies the business model of market players and estimates the market size of each sector. It also covers discussions on cutting-edge payment methods such as money streaming and offers profiles of major market players including Alchemy Pay and Moon Pay.
Key Trends of the Crypto Payments Industry
Despite a challenging bear market for cryptocurrency in 2022, the crypto payments industry continues to witness rapid growth, reflected in more and more top brands embracing crypto, the entrance of many new market players, and the growing number of regulations being put in place worldwide.Nevertheless, the research finds that the penetration of cryptocurrency into the real economy is still less than 1%, with the biggest hurdle being the strong network effect created by the existing user base of traditional payments.
But based on the estimated growth of the global payments industry and a sensitivity analysis of the market size of crypto payments for real-life uses, the report forecasts that the size of the crypto payments market will grow to hundreds of billions within three years.
Essential Factors Driving Industry Growth and Shaping Competition
It emphasizes that the urgent directions for technological developments are to address security risks and ease trust between transaction parties. Although with two decades of development, the efficiency and usability of crypto payments have been greatly improved. The security and trust issues are not fundamentally solved.In terms of the competitive landscape, compliance, and merchant networks are expected to become the most important dual factors determining a crypto payment company's success in the future. Against this backdrop, no single market player will be able to dominate the market easily. And the developing markets where e-payment methods are yet deeply rooted are expected to have the largest potential for growth.
By producing this report, Bing Ventures and Alchemy Pay intend to equip enthusiasts and builders in Web3 and blockchain with knowledge of the crypto payments industry and draw attention to the opportunities and challenges that are present to facilitate the development of the industry and mass adoption of crypto payments. To access this report, visit Bing Ventures website.
About Bing Ventures
Founded in 2021 by former J.P. Morgan and Standard Chartered bankers, Bing Ventures is a pioneering venture capital firm that backs startups and entrepreneurs driving the next wave of Web3 and blockchain innovations. Its team of crypto veterans and natives collectively brings decades of experience in investing in, incubating, developing, and marketing Web 3.0 projects. With a sector-agnostic, value-investing approach, it now has a portfolio spanning DeFi, NFT, GameFi, DAOs, infrastructure, Web3, and more. Bing Ventures is headquartered in Singapore and has team members decentralized across Asia, the UK, and the US.For more information, please visit https://www.bing-ventures.com/.