Bing: Crypto Payments Set for Record Figures

Bing Ventures Report Forecasts Explosive Growth for Cryptoasset Payments

A market research report by Bing Ventures, together with Alchemy Pay, has forecasted that the cryptoasset payments market is set to soar to hundreds of billions of dollars within the next three years. The findings shed light on the history, current status, and prospects of the cryptoasset payments industry, providing insights into its growth potential.

The Cryptoasset Payments Industry Report

The report segments the cryptoasset payments industry into three key sectors:

• Cryptoasset on and off-ramps
• Cryptoasset payments for real-life applications
• Blockchain-native payments

The report projects the market size for each segment and analyses the business models of market players through both qualitative and quantitative analysis. The report indicates that the cryptoasset payments industry is resilient, despite facing challenges during the bear market of 2022. The proliferation is visible in the widespread adoption of digital currencies by well-known brands, the arrival of new players in the market, and the introduction of regulatory frameworks around the world.

XEROF’s Response

XEROF CEO Marc Taverner commented, “Stablecoins such as USDT and USDC help to reduce frictions, cut costs, and accelerate settlement speeds, particularly for cross-border payments involving supply chain and trading partners. XEROF is well-positioned to capitalise on these high-growth market opportunities. Our Brokerage and OTC desks are witnessing significant expansion, particularly in facilitating cross-border payments. Our merchant service, XEROF Pay, is also perfectly poised to cater to customers and merchants seeking seamless trading in digital currencies.”

Although the research reveals that digital currency integration into the real economy remains at less than 1%, primarily due to the strong network effect of traditional payment systems. The report projects an extraordinary surge in the cryptoasset payments market within the next three years. The findings are based on estimating global payments industry growth and a sensitivity analysis of the market size for cryptoasset payments in real-life use cases.

Furthermore, the research underscores the pivotal role of compliance and merchant networks in shaping the competitive landscape of the cryptoasset payment industry. XEROF, as a leading player in the cryptoasset payments space, is strategically positioned to capitalise on the opportunities arising from the market's swift expansion. With a strong presence in brokerage and OTC desks to support cross-border payments and a robust merchant service, XEROF Pay, designed for seamless trading in digital currencies, is ready to cater to the evolving demands of customers and merchants alike.

If you are keen to learn more about XEROF's services or have any questions, please do not hesitate to contact us to arrange a meeting.