Crypto Payments Now Accepted by 312 Major Brands: Study

• Retail and E-commerce dominate in crypto payments.
• Sixty companies in this sector now accept cryptocurrency payments.
• CoinLedger looked at major firms that accept crypto. 

Crypto payments are becoming increasingly available to users, especially in retail. A recent study by CoinLedger has highlighted the diverse sectors now embracing cryptocurrency as a viable payment method. 

The retail and e-commerce sector leads the way, with major brands such as Adidas, H&M, and Etsy now accepting digital currencies. 

Understanding the Crypto Adoption Landscape

On Wednesday, January 3, crypto tax software company CoinLedger published a study on adopting crypto payments. The company’s research team undertook a comprehensive analysis between September 27th and October 4th, 2023, researching 312 major companies that accepted crypto.

These companies were then categorized based on industry sectors to determine which sectors are most receptive to using cryptocurrencies as a payment method. 

The study revealed that the Retail and e-commerce sector is leading the charge in crypto adoption. This includes brands like H&M and Etsy. Notably, 60 out of the 312 companies analyzed were in that sector. The study also highlights Adidas. While crypto payments are not accepted on its official website, Adidas sells its Into the Metaverse NFTs on OpenSea, which accepts crypto payments.

Coming in second, the Food and Dining sector has 54 companies now accepting cryptocurrencies. This includes Chipotle, Domino’s, and delivery services like DoorDash and Uber Eats, now accepting cryptocurrency. Early adopters such as Burger King Venezuela started accepting Bitcoin in 2020. 

The Luxury Retail sector is not far behind, with 35 companies now accepting cryptocurrency. Major brands like Gucci, Ralph Lauren, and Hublot all accept crypto. 

Travel and Hospitality rank fourth, with 31 companies, ranging from airlines like Norwegian Air to cruise companies like Royal Caribbean. The study also identified 28 Internet and Online Services that accept crypto, including Google Play and Spotify. 

Crypto Payments Beyond the Numbers

David Kemmerer, the Co-Founder and CEO of CoinLedger, sheds light on why crypto is becoming a popular payment method across various sectors. These include their decentralized nature and security. He points out that benefits include lower transaction costs, especially for international transfers. 

While CoinLedger’s study on cryptocurrency shows interesting trends, its methodology warrants a closer examination. Key questions include the selection and sorting criteria for the 312 companies. This selection and the data collection span might not fully capture the evolving trend of cryptocurrency usage. 

On the Flipside

• The inherent volatility of cryptocurrencies and security concerns remain major considerations for businesses.
• Despite the regulatory push, crypto adoption is stalling in some crypto-friendly areas. For example, El Salvador struggles with low adoption of Bitcoin payments. 

Why This Matters

The trends highlighted by the CoinLedger study reveal the growing adoption of crypto payments. As more sectors adopt cryptocurrencies, it paves the way for more use cases for end users. 

Read more about El Salvador’s struggle with adoption: 
El Salvador Struggles to Spark BTC Adoption Despite Efforts

Read more about the illicit crypto usage in China: 
Chinese Officials Take Cold Wallet Bribes Despite Crypto Ban