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XRP emerged among the most used crypto assets for payment transactions on BitPay in 2023, recording a 42% volume increase.
BitPay, a leading crypto payment facilitator, has released a report highlighting the substantial volume of global merchant payments processed via cryptocurrencies like XRP throughout 2023.
In the report, BitPay noted that in 2023, more than ever, users utilized multiple blockchain networks to conduct payments. Among the top-ranking cryptocurrencies used for global payment purposes to merchants was XRP.
XRP Saw a 42% Increase in Spending Volume
According to the crypto payment processor, crypto enthusiasts used XRP to facilitate 7,310 payments to businesses across 113 industries.
Furthermore, BitPay remarked that the recorded XRP-based payments amounted to a significant 42% increase compared to the transaction volume of the previous year. As a result, BitPay dubbed XRP a “Comeback Kid,” stating:
“The XRP community rallied with a 42% increase in spending volume over last year.”
Most Used Crypto For Payment Trades
Meanwhile, while XRP was among the top 10 most used tokens, Bitcoin (BTC), the most valuable cryptocurrency, emerged as the top choice for BitPay users.
In particular, crypto enthusiasts used BTC for 296,689 payments. Surprisingly, Litecoin closely trailed Bitcoin in settlement transactions, with 213,647 payments, while Ethereum (ETH) recorded far lower payment volume.
Specifically, ETH facilitated 81,619 payments, nearly three times short of the volume recorded for Litecoin.
Other top ten most used cryptocurrencies for payment purposes through BitPay in 2023 were Dogecoin (DOGE), Bitcoin Cash (BCH), and Polygon (MATIC). Stablecoins such as Binance USD (BUSD) and DAI also featured, while Tether USD (USDt) failed to rank among the top ten despite its prominence.
BitPay Welcomes Gucci and Ferrari
Remarkably, BitPay observed that crypto payments occurred in nearly every corner of the world, spanning 175 countries. However, BitPay noted that spenders in the USA made more payments than any other country.
Significantly, companies across 113 industries accepted crypto payments in 2023. The top ten sectors included Precious Metals, Sports, VPN/Hosting, Retail Industry, Luxury Goods & Jewelry, Automotive, Internet, Information Technology, Computer Networking, and Gaming.
Besides, BitPay welcomed new merchants into the fold of accepting crypto payment transactions, including renowned brands such as Gucci and Ferrari.