A recent study conducted by CoinLedger has revealed the sectors that are embracing cryptocurrencies as a preferred payment option.
We see that retail and e-commerce top the list, with as many as 60 companies now accepting cryptocurrencies as a form of payment.
In second place we find the Food & Dining sector with 54 companies following this trend, while Luxury Retail comes in third with 35 adopting companies. In fourth place is Travel & Hospitality, while Internet & Online Services completes the top five.
Summary
Sectors and industries adopting cryptocurrencies as a payment alternative
As expected, a recent study conducted by CoinLedger, a cryptocurrency software company, has revealed that the retail and e-commerce sectors are leading the way in terms of the number of companies embracing the use of cryptocurrencies as a form of payment.
The survey collected data on over 300 prominent companies that have adopted cryptocurrency payments, breaking them down by sector to identify the most favourable to the use of cryptocurrencies as a payment method.
The retail and e-commerce sector comes out on top, with no less than 60 companies accepting cryptocurrency as a form of payment. This sector includes well-known clothing and accessories stores such as Adidas, Yankee Candle and H&M, as well as popular online shopping platforms such as Etsy.
In second place is the Food & Dining sector, with a total of 54 companies having implemented this option.
Examples include brands such as Chipotle, Chuck E Cheese’s, Domino’s, Hard Rock Café and delivery services such as DoorDash and Uber Eats. In addition, some of these options have gradually become available in different countries.
For example, Burger King in Venezuela has been accepting payments in Bitcoin since 2020.
In third place is the luxury retail sector, with 35 companies offering the option to pay with cryptocurrency.
This sector includes prestigious fashion names such as Gucci and Ralph Lauren, as well as renowned luxury watch retailers such as Hublot and jewellers such as Jewelry Affairs and CRM Jewellers.
Versatility and potential of blockchain technology, says Kemmerer
Further down the list, the travel and hospitality sector comes in at number four, with 31 companies adopting cryptocurrency payments.
This sector includes a range of services, from commercial airlines such as Norwegian Air and Vueling to private jet rentals such as Fast Private Jet, LunaJets and PrivateFly.
Also on the list are cruise lines such as Royal Caribbean and Princess Cruises, and travel planning sites such as GetYourGuide.
Internet and online services companies complete the top five, with 28 companies accepting cryptocurrency as a form of payment.
These companies offer services that can be used online via devices such as phones and laptops, including household names such as Google Play and Spotify, as well as VPN services such as CyberGhostVPN, ExpressVPN and FrootVPN.
Commenting on the results, David Kemmerer, Co-Founder and CEO of CoinLedger, said
“The increasing number of companies accepting cryptocurrency payments reflects the growing acceptance and adoption of digital currencies in the mainstream economy.
This trend not only aligns with the evolving preferences of tech-savvy consumers but also offers benefits such as reduced transaction fees and increased security. From major retailers to small businesses, the diversification of sectors embracing cryptocurrencies demonstrates the versatility and potential of blockchain technology.
As this trend continues, it’s likely to contribute to the broader acceptance of cryptocurrencies as a legitimate form of payment, paving the way for a more decentralized and accessible financial landscape.”
