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Nov 8, 2021

Who Adopted Crypto Payments in 2021

The year 2021 has been a pivotal year for cryptocurrency performance and adoption. We believe that crypto payment acceptance is still in its early stages and that it will increase significantly in the future years. In this blog post, we will look at some of the prominent companies that have embraced crypto payments.

According to Coinflip, the total number of cryptocurrency-accepting businesses reached 23,600 in September 2021. This figure has increased by 277 per cent since the beginning of 2020, as business owners see that crypto payments open up new prospects for them.

Merchants who accept digital currencies earned $9.4 billion in 2020. A typical crypto-friendly company received $552 941 in Bitcoin and other digital assets. Also, the cryptocurrency market has increased by 1107 per cent, and business owners who favour holding over withdrawal have multiplied their income.

Companies that have joined the industry in 2021

For several months, Elon Musk and his Tesla have been the center of attention in the cryptocurrency world. Tesla has officially begun accepting cryptocurrency payments from April 2021. At the moment, holders can only buy electric automobiles with BTC.

More interesting news for crypto holders arrived in the summer of 2021. Pavilions Hotels & Resorts, which has hotels in over 14 countries, have also included a crypto payment option — besides Bitcoin, travellers may use 40 other digital assets. Xiaomi, a well-known consumer electronics brand, has enabled crypto payments for Portuguese customers.

The month of September saw the addition of two more massive crypto-supportive corporations: AMC, a theatre chain, added BTC payments and is now considering other digital currencies, while Magnum, the largest real estate company in New York, also joined the "light side."

With crypto rumours, the community expects that Amazon and Walmart will be among the crypto-accepting firms. Giant corporations recognize crypto coin payments are more than simply another innovation — they empower business owners to reach new heights.

Crypto payments as a breath of fresh air for small and medium businesses

According to a recent poll, 36% of US small and medium-sized enterprises have already incorporated a Bitcoin payment option. This innovation provides a significant advantage for merchants who have the opportunity to outrun competitors. Assume your target audience has unexpectedly increased by 300 million customers (that is a number of crypto holders globally).

Furthermore, crypto payments provide a business owner with a twofold opportunity. On the one side, you get a larger customer base and more sales, while on the other hand, merchants have easy access to an investment instrument that generates higher returns than stocks, gold, and other investment possibilities.

How can a business accept cryptocurrency payments?

Merchants usually consider many factors and are wary of innovation. Meanwhile, there is a solution that eliminates all hazards. This solution connects your website to cryptocurrency payment APIs, making the entire process safe and simple for customers.

For merchants, there are two possibilities. Businesses can convert cryptocurrencies into fiat money immediately after a customer sends them, or they can receive digital assets on a secure multifunctional wallet and decide what to do with BTC, ETH, USDT, and other coins, stablecoins, or tokens.

Get Started Accepting Cryptocurrencies Today

If you would like to start getting paid, please sign up for a merchant account and have a look out our guides for non-developers and programmers.

COINQVEST is also available for WordPress, WooCommerce, Shopify and Magento.

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Martin Dominic Banguis Head of Marketing