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Cryptopayments - the current state of adoption


  • Merchants

    • Service providers and retailers are increasingly accepting cryptocurrency payments.

    • This is especially true for digital services like hosting and software as accepting payments and integrating digital asset platforms is typically not a problem.

    • Merchants may likewise profit from accepting crypto payments and working with digital asset platforms because of the absence of chargebacks or illicit activities related with these transactions.


  • Volumes and adoption

    • Cryptocurrency payments are already being used in a lot of real-world transactions. All around the world, the volume of cryptocurrency transactions increased to $15.8 trillion out of 2021, up 567% from 2020.

    • While those figures fail to measure up to worldwide Gross domestic product, standard acceptance of crypto for payments isn't an issue of if, yet when and how.


  • Mainstream adoption examples

    • Dubai's retail giant has cooperated with digital asset platform Binance to accept cryptocurrencies at its 29 shopping centres and 13 hotels - this shopping centre had 175 million visitors in 2021.

In summary, in terms of the adoption cycle for crypto payments, we are somewhere close to the early adopters and the early majority part. The majority of people will not yet choose cryptocurrency over fiat for everyday transactions.


New to digital asset platforms? Trade with us by downloading the GlobalBlock app today!


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GlobalBlock EU ApS is a company incorporated and registered in accordance with the applicable laws of the Kingdom of Denmark as virtual asset service provider, with registration number (CVR-number) 45126382. GlobalBlock EU ApS is wholly owned by GlobalBlock Holdings., a company registered in England and Wales with registration number 15929099 . GlobalBlock EU ApS is not a licensed financial services provider and is not supervised as such by the Danish Financial Supervisory Authority. GlobalBlock EU ApS is supervised with respect to anti money laundering by the Danish Financial Supervisory Authority within the scope of the Danish Act on Prevention of Money Laundering and Terrorist Financing and other legislation stemming thereof.

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GlobalBlock Europe, UAB is a company incorporated and registered in accordance with the applicable laws of the Republic of Lithuania as a virtual currency depository wallet operator and virtual currency exchange operator, with registration number 306045642. GlobalBlock Europe, UAB is wholly owned by GlobalBlock Holdings Ltd., a company registered in England and Wales with registration number 15929099,  GlobalBlock Europe, UAB is not a licensed financial services provider and is not supervised by the Bank of Lithuania. GlobalBlock Europe, UAB is supervised by the Financial Crime Investigation Service under the Ministry of Interior of the Republic of Lithuania within the scope of the Law on Prevention of Money Laundering and Terrorist Financing of the Republic of Lithuania and other legislation stemming thereof.
 
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Cryptoasset Notice

Cryptoasset services are provided by GlobalBlock Europe, UAB (“GlobalBlock”).   Cryptoassets are not regulated in any jurisdiction and the value of your assets can increase or decrease. You should note that your cryptoasset profits may be subject to Capital Gains Tax.

The service you obtain through the website or the app in the UK, contains cryptoasrvices not regulated by the Financial Conduct Authority. Please be aware that:

  • You will have no recourse to the Financial Ombudsman Service in the event of a complaint relating to cryptoasset services.

  • Your cryptoasset account is not protected by the Financial Services Compensation Scheme.

  • Cryptoassets may experience frequent price volatility resulting in a high degree of risk.

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