February 5, 2023

Chainalysis: cryptocurrency payment processing grew by 65% ​​in the first half of 2019

Chainalysis conducted a study and found that the number of transactions through 16 processing services, grew by 65% ​​from the beginning of this year to July. Moreover, bitcoin accounts for about 89% of transfers.

The current dynamics are fundamentally different from the onethat Chainalysis saw last year, when bitcoin use in retail was declining. This time, the company decided to also analyze transactions in Tether, Litecoin and Bitcoin Cash.

"Current results of the studythey may indicate that confidence in cryptocurrencies is steadily growing, ”said Chain Graysis senior economist Kim Grauer.

Retail Payments Area Usingcryptocurrencies are developing steadily. Recently, the Intercontinental Exchange announced plans to launch consumer cryptocurrency payments based on its Bakkt platform in the first half of next year. For this, a partnership with Starbucks has been entered into. BitPay and other processing services are constantly adding support for new coins, this also increases the number of transactions.

The total amount of cryptocurrency payments in commercial activities in July amounted to approximately $ 5.5 million per day, in January the indicator was in the region of $ 3 million.

Analysts also note that stablecoinTether became more often used in commercial transactions - over the study period, the number of transfers increased 5 times. From January to July, USDT accounted for about 9% of such payments.