A Singapore-based pioneering venture capital and research firm, Bing Ventures, has published a market research report on the Crypto Payments Industry. This report, developed in collaboration with Alchemy Pay, the leading fiat-crypto payment gateway, delves into the history, existing market status, and prospects of the industry from various perspectives, including technological, commercial, and regulatory aspects. Offering a holistic view, the report highlights the key factors and trends that are driving future growth, fostering technological innovation, and shaping the competitive landscape.
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/.
About Alchemy Pay
Founded in Singapore in 2017, Alchemy Pay is a payment gateway that seamlessly connects crypto and global fiat currencies for businesses, developers, and users. With its Ramp Solution, Alchemy Pay supports payments from 173 countries – Visa, Mastercard, Google Pay, Apple Pay, popular regional mobile wallets, and domestic transfers with a focus on emerging markets. Its offramping capability remits to users in 50+ local fiat currencies. In addition, Alchemy Pay’s NFT Checkout enables direct purchases of NFTs using fiat payment methods. The Crypto Card Solution, tailored specifically for businesses, empowers them to provide their users with branded virtual and physical cards, which enable instant global shopping and can be easily topped up with mainstream tokens. ACH is the Alchemy Pay network token on Ethereum and BNB Chain.
