Crypto Card Spending Rises to $759 Million in July, Up 2.5-Fold From Year Earlier
JH Kim
Summary
- Spending on crypto payment cards reached $759 million in July, up about 2.5-fold from a year earlier.
- PaymentsScan data showed that RedotPay drove the overall growth.
- Crypto card use is expanding into payments for real-world goods and services, but it remains a niche market.
Forecast Trend Report by Period
Spending on cryptocurrency payment cards climbed about 2.5-fold from a year earlier in July.
Unfolded reported on August 18 that spending on crypto payment cards reached $759 million in July, up from about $306 million in the same month last year.
Data compiled by PaymentsScan using on-chain records and card issuer data showed that RedotPay drove the overall growth.
Use of crypto cards is expanding for purchases of real-world goods and services. Even so, it remains a niche market compared with the traditional credit and debit card industry.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.