Two-Year Surge: CoinsPaid's Total Transaction Volume Jumps 232% Since 2021
News provided by PRCrypto
CoinsPaid is an international crypto payments ecosystem that offers tailored solutions for B2B clients, allowing businesses to easily adopt cryptocurrencies in their operations. The company has recently revealed the results of its growth in operating activities across 2021-2023.
An overall 216% increase in the number of transactions and a 232% increase in their volume were recorded when comparing the spring periods of 2021 and 2023, according to CoinsPaid's year-over-year (YOY) data.
In spring 2023, the company completed 6.5M transactions against 4.5M in the same period of 2022, noting a 42% surge in the usage of the platform's services. The volume of processed funds grew as well, showcasing a 26% rise from €2.9B in 2022 to €3.7B in 2023.
Bitcoin remains the most popular cryptocurrency used on the CoinsPaid platform. However, compared to previous years, we can see that it is gradually losing ground in favour of other currencies. Between the springs of 2021 and 2023, BTC's transaction share dropped from an overwhelming 72% to only 46% of the overall number of transactions conducted on the platform.
On the other hand, the share of payments made with USDT, LTC, and ETH rose by 31.6%, 31.5% and 16.7%, respectively, when comparing the springs of 2022 and 2023. There are several potential reasons why this could be happening. Bitcoin's transaction fees have been steadily increasing, which, in addition to slower processing time compared to other crypto, makes it less practical for smaller day-to-day transactions.
Meanwhile, USDT is not only more consistent in its price but also offers faster transaction processing. Litecoin's integration of Lightning Network technology stands to enhance its usability as a transaction medium in 2023. And Ethereum, continuously being adopted by major corporations and financial institutions, has vastly increased its credibility as a currency.
An overall 216% increase in the number of transactions and a 232% increase in their volume were recorded when comparing the spring periods of 2021 and 2023, according to CoinsPaid's year-over-year (YOY) data.
In spring 2023, the company completed 6.5M transactions against 4.5M in the same period of 2022, noting a 42% surge in the usage of the platform's services. The volume of processed funds grew as well, showcasing a 26% rise from €2.9B in 2022 to €3.7B in 2023.
Bitcoin remains the most popular cryptocurrency used on the CoinsPaid platform. However, compared to previous years, we can see that it is gradually losing ground in favour of other currencies. Between the springs of 2021 and 2023, BTC's transaction share dropped from an overwhelming 72% to only 46% of the overall number of transactions conducted on the platform.
On the other hand, the share of payments made with USDT, LTC, and ETH rose by 31.6%, 31.5% and 16.7%, respectively, when comparing the springs of 2022 and 2023. There are several potential reasons why this could be happening. Bitcoin's transaction fees have been steadily increasing, which, in addition to slower processing time compared to other crypto, makes it less practical for smaller day-to-day transactions.
Meanwhile, USDT is not only more consistent in its price but also offers faster transaction processing. Litecoin's integration of Lightning Network technology stands to enhance its usability as a transaction medium in 2023. And Ethereum, continuously being adopted by major corporations and financial institutions, has vastly increased its credibility as a currency.