March 28, 2024

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

Chainalysis conducted a study and found that the number of transactions carried out through 16processing 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 studymay signal that confidence in cryptocurrencies is steadily growing,” — Chainalysis senior economist Kim Grauer noted this.

Retail payments area usingcryptocurrency is developing steadily. Intercontinental Exchange recently announced plans to launch consumer cryptocurrency payments on its Bakkt platform in the first half of next year. To achieve this, a partnership was entered into with Starbucks. BitPay and other processing services are constantly adding support for new coins, which 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.

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