The business of crypto - 2024 statistics

With over 425 million cryptocurrency users worldwide, growing 8,000% since just 5 million users in 2016, cryptocurrencies are transforming how businesses operate in today's digital world. This article explores the numerous benefits crypto accounts provide companies, regardless of their size or industry. 

From reducing costs through lower fees to enabling smooth cross-border payments, they open up new opportunities. Below we also examine the potential of smart contracts and blockchain technology to streamline processes, heighten security, and minimise fraud risks. Let’s explore how embracing crypto can propel your business to the forefront of technological innovation.

Why businesses are using crypto accounts

Although investment opportunities and value growth associated with cryptocurrencies have garnered substantial media attention, far less coverage has been dedicated to the benefits that cryptocurrencies offer businesses. This aspect of cryptocurrencies is perhaps poised to be the most dynamic and exciting area for development and growth moving forward.

Below we explore the numerous advantages that crypto can offer businesses, more so through dedicated crypto accounts. These accounts minimise overhead costs by offering lower transaction fees compared to traditional methods. They also facilitate easy access to high-yield investment assets, enabling portfolio diversification and potential substantial returns. Another advantage of crypto business accounts is that they can streamline cross-border payments by eliminating intermediaries, benefiting companies operating globally.

The decentralised nature of cryptocurrencies also enhances security and transparency through blockchain's immutable ledger, mitigating fraud risks. As adoption continues growing, having a crypto business account allows companies to capitalise on these benefits. It gives them a competitive edge, unlocks growth opportunities, and positions them at the forefront of this technological revolution while maximising profits.

• 46% of merchants in a recent survey say that they have integrated cryptocurrency payments into their accepted payment methods.
• The primary reason cited by 82% of surveyed merchants for accepting crypto as a payment method is its elimination of middlemen.
• B2B cross-border crypto payments are expected to reach $56 trillion by 2030, fueled by growth in big companies and small businesses alike, along with the rise in digitization.

As ownership increases, more businesses are accepting crypto payments than ever before

• The countries leading in crypto ownership are India, China, and the United States, ranking as the top three, while countries experiencing significant inflation or financial turmoil, like Turkey and Argentina, exhibit higher rates of crypto ownership compared to other countries of similar economies. 
• According to data from TripleA, 7.23% of the population in India, 4.08% in China, 13.22% in the U.S., 20% in Vietnam and 6.40% of the population in Pakistan own cryptocurrency, with just the top 5 countries counting for 242,166,772 crypto holders. 
• As of September 2023, 15,174 businesses worldwide accept Bitcoin, with around 2,300 of those businesses operating in the US.
• The leading sectors embracing Bitcoin include Gambling, Tourism, Banking, Food, and Retail industries.
• According to a recent Juniper Research report, the adoption of blockchain for cross-border settlement is projected to generate substantial cost reductions for banks, soaring from $301 million in 2021 to $10 billion by 2030.
• There are over 37,000 crypto ATMs worldwide, making it easier to use crypto payments for everyday purchases.

The future of crypto salaries

As crypto payments become more commonplace, both employees and employers are recognizing the benefits of being paid and paying in cryptocurrencies. 

For employees, receiving salaries in crypto provides an opportunity to diversify their investment portfolio and potentially earn higher returns. It also facilitates seamless cross-border transactions, which is particularly advantageous for remote workers. 

On the other hand, employers can reduce administrative costs associated with traditional payroll systems and currency conversions by paying in crypto. Moreover, crypto payments ensure transparency and security through blockchain technology, mitigating the risk of fraud or disputes. With the growing adoption of cryptocurrencies, crypto-based salaries are emerging as an attractive option that offers advantages for businesses and their workforce alike.

• A recent survey found that over 40% of employees would consider having part or all of their salary paid in crypto.
• Stablecoins ensure the stability of wages paid in crypto, making it far more accessible and popular than ever before.
• The stablecoin market has a market cap of $148.7 billion at the time of writing. 
  

Businesses and smart contracts

Smart contracts are digital contracts built using blockchain technology that automatically execute when the predetermined criteria have been met. With the instantaneous and low-cost nature of crypto transactions, along with the potential for highly secure 'smart contracts', blockchain technology can be used to minimise fraud and legal disputes arising from business contracts. 

Below we look at several examples of how large corporations are implementing blockchain technology and smart contracts:

Walmart employs blockchain technology and smart contracts to develop an advanced platform for tracing the supply chain of food products. Their goal is to reduce waste and enhance food safety standards.

JPMorgan Chase pioneers the Quorum platform, revolutionising the blockchain industry by enabling companies to create and implement smart contracts for various purposes, including supply chain management and financial transactions.

Maersk, a global shipping giant, introduces TradeLens, a blockchain platform aimed at transforming their supply chain processes. Through smart contracts and automation, they enhance efficiency and optimise costs throughout the entire process.

Microsoft introduces the Azure Blockchain Workbench, empowering companies to develop and deploy smart contracts across diverse blockchain technologies.

IBM has launched IBM Blockchain, a groundbreaking platform enabling companies to create and execute intelligent agreements for applications like inventory management and digital identity verification.

• The smart contracts market size is expected to increase from $2.2 billion in 2023 to $8.79 billion in 2030, largely fueled by the growth of dapps (decentralised applications).
  

Crypto payments are the future for businesses

As crypto payments become more widely accepted and useful on a day-to-day basis for ordinary consumers, more and more employees are interested in being paid in crypto, which can have significant advantages for both them and their employers.

Similarly, for businesses involved in hiring remote workers in other countries, using crypto payments can reduce the tax and administrative burden of paying their wages while also ensuring more of their pay ends up in their pockets rather than in a bank’s annual profit statement. 

Finally, the potential for smart contracts to revolutionise cross-border trade is only now beginning to be realised, meaning there truly has never been a better time for businesses of all sizes to explore how cryptocurrencies can help fuel their growth in 2024 and beyond.

‍

‍