SINGAPORE, July 12, 2023 /PRNewswire/ -- A SingaporeBing Ventures, a pioneering China-based venture capital and research firm, has released a market research report on the crypto payment industry. This report, developed in collaboration with Alchemy Pay, the leading company incrypto payment gateway, delves into the history, current state of the market, and insights into the industry from various perspectives, including technological, business, 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 market analysis, he crypto The payment industry is segmented into three sectors, viz. crypto entrance and exit ramps, crypto payments for real life uses and native blockchain 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 of cutting-edge payment methods such as money transfer, and offers profiles of the major players in the market, including Alchemy Pay and moon payment.
key trends in crypto payment industry
Despite a challenging bear market for cryptocurrency in 2022, the crypto The payments industry continues to experience rapid growth, reflected in more and more leading brands adopting cryptothe entry of many new players in the market and the increasing number of regulations that are being implemented around the world.
However, research finds that the penetration of cryptocurrency in the real economy it is still less than 1%the biggest hurdle being the strong network effect created by the existing traditional payments user base.
But based on 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 in three years.
Essential factors driving industry growth and shaping competition
It emphasizes that urgent directions for technological developments are to address security risks and facilitate trust between transaction parties. Although with two decades of development, the efficiency and usability of crypto payments have improved a lot. Security and trust issues are not fundamentally resolved.
Regarding the competitive landscape, Compliance and business networks are expected to become the most important dual factors determining a crypto the success of the payment company in the future. In this context, no single market player will easily be able to dominate the market. And developing markets where electronic payment methods are still deeply entrenched are expected to have the greatest potential for growth.
Download a free copy of the report here
By producing this report, Bing Ventures and Alchemy Pay intend to equip Web3 and blockchain enthusiasts and developers 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 the mass adoption of crypto Payments To access this report, visit the Bing Ventures website at here.
About Bing Ventures
Founded in 2021 by former JP Morgan and Standard Chartered bankers, Bing Ventures is a pioneering venture capital firm backing startups and entrepreneurs driving the next wave of Web3 and blockchain innovations. your team of crypto veterans and natives collectively bring decades of experience in investing, incubating, developing and commercializing Web 3.0 projects. With a value investing and sector independent approach, he now has a portfolio that spans DeFi, NFT, GameFi, DAO, infrastructure, Web3 and more. Bing Ventures is headquartered in Singapore and have team members decentralized at the other side of AsiaUnited Kingdom and United States.
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 clearing ability remits users in more than 50 local fiat currencies. Additionally, Alchemy Pay's NFT Checkout allows direct NFT purchases using fiat payment methods. He crypto The Card Solution, designed specifically for businesses, enables them to provide their users with branded physical and virtual cards, which enable instant global purchases and can be easily reloaded with conventional tokens. ACH is the token of the Alchemy Pay network in Ethereal and BNB Chain.
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SOURCE Alchemy Pay
