The Times Australia
News From Asia

.
Beatbot

.

Crypto Payments Market Size to Reach Hundreds of Billion Dollars in Three Years, Report by Bing Ventures

SINGAPORE - News Direct - 12 July 2023 - A Singapore-based pioneering venture capital and research firm, Bing Ventures, has published a market research report on the Crypto Payments Industry.

The report, jointly produced by Bing Ventures and Alchemy Pay, presents the history, existing market status, and prospects of the crypto payments industry from technological, commercial, and regulatory perspectives, offering holistic insights into the key factors and trends driving the future growth, technological innovation, and competitive landscape.



For the analysis of the market, the crypto payments industry is segmented into three sectors, namely, crypto on and off-ramps, crypto payments for real-life uses, and blockchain-native 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 on cutting-edge payment methods such as money streaming and offers profiles of major market players like Alchemy Pay and Moon Pay.



Key Trends and Analysis of the Crypto Payments Industry:

Despite a challenging bear market for cryptocurrency in 2022, the crypto payments industry continues to witness rapid growth, reflected in more and more top brands embracing crypto, the entrance of many new market players, and the growing number of regulations being put in place worldwide.

Nevertheless, the research finds that the penetration of cryptocurrency into the real economy is still less than 1%, with the biggest hurdle being the strong network effect created by the existing user base of traditional payments.

But based on the 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 within three years.

It emphasizes that the urgent directions for technological developments are to address security risks and ease trust between transaction parties. Although with over a decade of development, the efficiency and usability of crypto payments have been greatly improved, the security and trust issues are not fundamentally solved.

In terms of the competitive landscape, compliance and merchant networks are expected to become the most important dual factors determining a crypto payment company’s success in the future. Against this backdrop, no single market player will be able to dominate the market easily. And the developing markets where e-payment methods are yet deeply rooted are expected to have the largest potential for growth.

Download A Free Copy of the Report Here:
https://www.bing-ventures.com/fe-common/crypto_payments_industry_research_report.pdf

By producing this report, Bing Ventures and Alchemy Pay intend to equip enthusiasts and builders in Web3 and blockchain 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 mass adoption of crypto payments.

We welcome feedback and exchange of ideas to better understand this quickly evolving market.

Bing Ventures also regularly produces insightful analysis and research on various topics including market trends, sector analysis, and emerging projects. These articles can be accessed at https://www.bing-ventures.com/insights.























The issuer is solely responsible for the content of this announcement.

About Bing Ventures

Founded in 2021 by former J.P. Morgan and Standard Chartered bankers, Bing Ventures is a pioneering venture capital firm that backs startups and entrepreneurs driving the next wave of Web3 and blockchain innovations. Its team of crypto veterans and natives collectively brings decades of experience in investing in, incubating, developing, and marketing Web 3.0 projects.

With a sector-agnostic, value-investing approach, it now has a portfolio spanning DeFi, NFT, GameFi, DAOs, infrastructure, Web3, and more.

Bing Ventures is headquartered in Singapore and has team members decentralized across Asia, the UK, and the US.

For more information, please visit .


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. The Alchemy Pay Ramp Solution is integrated, via plugin or API, with platforms and dApps, providing an easy on-ramp from fiat currency to crypto. Alchemy Pay supports payments from 173 countries - Visa, Mastercard, Discover, Diners Club, Google Pay, Apple Pay, popular regional mobile wallets, and domestic transfers with a focus on emerging markets. Its off-ramping capability remits to users in 50+ local fiat currencies. ACH is the Alchemy Pay network token on Ethereum and BNB Chain.

The Times Features

Finding the Best SMP Clinic in Perth: Tips and Recommendations

Hair loss can be a tough experience. It’s not just about losing hair; it can feel like you’re losing a part of your confidence, too. That’s why Scalp Micropigmentation, often cal...

How Does iCare And High-Quality Clinical Support Aid Patient Recovery?

Recovering from a workplace injury, automobile accident or managing a chronic condition can be overwhelming. Whether you're a patient or a family member, you may ask: “How can I ...

How can brands recognise the very important role that visual content plays in the real world?

For nearly three decades, Getty Images and iStock have developed unparalleled expertise in understanding the impact of visual content on our world. During this time, one truth ...

Long COVID appears to be driven by ‘long infection’. Here’s what the science says

Around 5–10%[1] of people with COVID infections go on to experience long COVID, with symptoms lasting three months or more. Researchers have proposed several biological mechan...

Evaluating Costs and Benefits of DIY Plumbing vs. Professional Services in Newcastle

Plumbing is an essential service for homes and businesses in Newcastle, ensuring the smooth flow of water and sanitation facilities. As residents and businesses strive to maintai...

Tasting Australia welcomes Journey Beyond as new presenting partner

One of the country’s longest running food and beverage festivals, Tasting Australia has announced Journey Beyond as the festival’s new presenting partner for 2025 and beyond. Th...

Times Magazine

Here is a great checklist for organising your wedding flowers

For many, flowers are a big component of a wedding day, and if you are soon to be married and you are considering your flower arrangements, this post is for you. Working out the details for a wedding is a big job, that's why we've compiled this che...

Creating a Workplace Where People Thrive: Your Role in Psychological Safety

Many people mistakenly believe that creating a psychologically safe workplace is solely the responsibility of the leadership team within an organization. However, creating a psychologically safe environment is a collaborative effort. Every sin...

Take Control of Your Time with a Monthly Wall Planner

Benefits of a Monthly Wall Planner Organizing your life can be a difficult task. With so many tasks, obligations, and deadlines to remember and keep track of, it can seem like an insurmountable challenge. To make matters worse, our lives are const...

Cadbury CHOCBUSTER store opens in Sydney

Following the exciting launch of Cadbury Choc Tops in Australia, Peters Ice Cream and Cadbury are teaming up again to bring you the ultimate blast from the past, along with 8,000 FREE Choc Tops and freshly made popcorn for the perfect movie night...

The perfect place: how to properly use a jewellery box

There is nothing worse than going to wear one of our favourite pieces only to realise it has depreciated with time. It’s a sad disappointment to see special pieces suffer with time, and for this reason many people invest in high quality jewellery...

The Paddle Board Offers the Ultimate Adventure

Types of Paddle Boards  Paddle boarding is one of the most popular outdoor activities and it is no surprise why. It’s a great way to explore nature, get some exercise, and just have fun! But before you invest in a paddle board, it’s essential to ...