The Future of Global Payments: A Comprehensive Analysis of the Web3 Payment Sector (2024)

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Payments are a crucial aspect of the cryptocurrency ecosystem, with tens of thousands of crypto transactions occurring both on-chain and off-chain daily. A new cryptocurrency often appreciates in value due to its practical use in payments, making payments an important bridge between the Web2 and Web3 worlds.

In the Web3 payment business, some people make a fortune by providing payment channels, while others focus on developing more secure wallet technologies. So, how exactly are funds transferred in the Web3 world? This article will take you through various business scenarios and projects within the Web3 payment industry.

1. Traditional payment industry layout Web3

Last August, PayPal announced the launch of a stablecoin pegged to the US dollar, “PayPal USD,” for transfers, payments, and other services. This April, the financial infrastructure platform Stripe stated that stablecoin payments would be integrated into its payment suite within a few weeks and would begin supporting USDC payments this summer. In June, Mastercard announced the first introduction of infrastructure features for peer-to-peer transactions called Mastercard Crypto Credential, allowing users in Latin America and Europe to achieve cross-currency cross-border payments on the blockchain. Why have traditional payment industry giants been high-profilely entering the Web3 payment industry in the past two years?

1.1 What is the traditional payment process

Before uncovering the reasons, let’s first understand what payment is. The essence of payment is the flow and transfer of funds. In the traditional payment industry, users complete the flow of funds through cash payments, card/bank transfers, and third-party payments. Completing a cross-border payment typically requires the support of multiple participants. Using the card payment network as an example, let’s briefly introduce the participants and the cross-border payment process.

Cardholder (User/Buyer): The user selects goods/services at the merchant’s location and initiates the payment.
Merchant: The merchant needs to connect to the payment service provider’s payment gateway to receive and process payments through the integrated payment gateway.
Payment Service Provider: Offers services such as payment gateway and payment processing. The payment information entered by the user is sent as a payment request through the payment gateway. Some payment service providers also offer acquiring services.
Acquirer: The bank or financial institution that partners with the merchant. The acquirer receives the payment request and forwards it to the card network, and is responsible for clearing and settlement after transaction authorization.
Card Network (e.g., MasterCard, VISA): Processes payment card transactions on a global network. The card network receives the payment request from the acquirer, sends an authorization request to the issuing bank, and forwards the authorization response back to the acquirer, ensuring that the transaction request is approved by the issuing bank.
Issuing Bank: The issuing bank receives the authorization and payment request from the card network, verifies the user’s identity and account status, authorizes or denies the transaction, and disburses funds upon successful authorization.
Settlement: The final stage of the payment process, involving the transfer of funds from the user’s account to the merchant’s account. Settlement is typically coordinated by the acquirer and the issuing bank, and the actual transfer of funds may occur through an interbank clearing network.

The above payment process shows the clear division of roles and high maturity of traditional cross-border payments, with advantages such as high acceptance, relative security, and the ability to handle large-scale transactions. However, traditional cross-border payments also have some limitations:

Payment processing time is relatively long: Due to the involvement of multiple participants, cross-border payments processed through international card networks usually require at least T+1 day to complete, meaning it takes at least T+1 day for the funds to reach the merchant’s account. This weakens the immediacy of the delivery.
Multi-layered fee structure: A transaction involves many related parties, resulting in a multi-layered fee structure. For example, a credit card payment incurs different fees charged by the acquiring institution, banks, and card networks.
Limited transparency and time-consuming traceability: If credit card fraud occurs, it typically takes several business days to trace and query the transaction.
Dependence on traditional banks: With slow technological advancement, traditional banking systems are inadequate in meeting emerging payment demands.
These limitations have driven technological innovation, leading us into a new era of Web3 payment networks.

1.2 Why traditional industries are laying out Web3 payment

In today’s well-developed traditional payment landscape, why are major players increasingly turning their attention to Web3?

1.2.1 Considerable industry profits

In 2023, Mastercard reported a net profit of $11.2 billion with approximately 33,400 employees. In contrast, Tether, the company behind the stablecoin USDT in the crypto industry, achieved a net profit of $6.2 billion in the same year with around 100 employees. Compared to traditional payment companies, the wealth generated per employee is significantly higher in the crypto sector, reflecting a higher return on investment.

1.2.2 Fierce competition and high operating costs in traditional payment business drive the discovery of new business

We can see from the chart that from 2018 to 2023, the compound annual growth rate (CAGR) for cryptocurrency adoption reached 99%, significantly outpacing the 8% growth rate of traditional payment methods. During the same period, the growth rate of cryptocurrency adoption surpassed that of several major U.S. payment giants.

In 2022, facing intense industry competition and relatively high operating costs (which accounted for 70.8% of gross profit), PayPal also began to focus on cryptocurrency business. The importance of cryptocurrency to PayPal’s overall revenue has been gradually increasing.

In one year, cryptocurrency-related operating expenses grew from $800 million to $1.2 billion, an increase of 50%, while cryptocurrency-related net profit rose from $700 million to $1.1 billion, a growth of 57%. The increase in cryptocurrency-related operating expenses reflects PayPal’s continued investment and confidence in this area, including technology upgrades, security measures, and market expansion.

The significant growth in net profit not only highlights the profitability of cryptocurrency but also demonstrates PayPal’s effective operational strategy in the cryptocurrency market and its optimism about the future growth potential of cryptocurrencies. Therefore, PayPal is motivated to continue exploring new industry opportunities.

1.2.3 BTC halving and BTCETF compliance have brought more recognition and payment demand to the crypto industry

BTC halving and the regulatory approval of BTC ETFs have brought more recognition and payment demand to the crypto industry. The Bitcoin halving event, by reducing the rate at which new bitcoins are created, increases its scarcity and value growth expectations, attracting widespread market attention. The introduction of Bitcoin ETFs offers traditional investors a low-barrier, convenient investment channel, boosting market confidence. The anticipated launch of Ethereum ETFs has further sparked interest in the Ethereum ecosystem and innovative applications. These factors collectively drive more people to understand and engage with Web3 payments.

Additionally, the increased demand for deposits and withdrawals has also driven the need for conversion services between fiat currencies and cryptocurrencies. Services providing these conversions include centralized exchanges, independent deposit and withdrawal payment institutions, cryptocurrency ATMs, and POS machines that support cryptocurrency payments. Through these channels, users can conveniently convert between fiat and cryptocurrencies, thereby promoting the widespread use and adoption of cryptocurrencies.

1.2.4 Payment advantages based on blockchain network and demand for payment diversity

Microsoft began accepting Bitcoin for payments in its online Xbox store in 2014. Twitch, a leading game streaming platform owned by Amazon, accepted Bitcoin and Bitcoin Cash for its services. Shopify, a major e-commerce platform abroad, supports Bitcoin payments through integration with payment processors like BitPay. The support of cryptocurrencies by leading companies across various industries demonstrates the expanding possibilities of Web3 payments.

Reducing Exchange Rate Risk

Cross-border e-commerce often involves transactions between multiple currencies, which carries a certain risk of exchange rate fluctuations. Using cryptocurrencies for purchases can reduce this risk because cryptocurrencies eliminate the need for currency exchange and its associated losses.

Lowering Transaction Costs

Traditional cross-border payments are typically accompanied by high transaction fees and the involvement of multiple intermediaries. In contrast, cryptocurrency transactions generally have lower fees because they bypass banks and other financial intermediaries. On-chain payments usually incur only a network fee, which is typically low. If the transaction is processed through a payment service provider (such as Coinbase or BitPay), there will be an additional service fee. Compared to the multiple layers of fees imposed by traditional payment institutions, this means that for high-volume cross-border e-commerce, transaction fees can be significantly reduced. For example, traditional cross-border payments might incur fees of 3-5%, while cryptocurrency payments can reduce this percentage to below 1%. Due to the high transaction fees on the Ethereum mainnet, there has been a push for other public chains to innovate and provide cheaper network fees. As shown in the diagram, since transaction network fees are not dependent on the transaction amount but on network congestion, large cross-border on-chain payments may incur fees of less than $0.50, greatly reducing the cost of transaction fees.

Source：dune @bnbchain

Strengthening Payment Security

The decentralized and distributed ledger characteristics of blockchain technology ensure that every transaction is transparent and immutable once recorded. This reduces the likelihood of fraud and hacking attacks. Due to the transparency of blockchain, both merchants and consumers have increased trust in transactions. Consumers know their payment information is secure, while merchants face reduced risks of fraud and chargebacks.

Accessing Global Markets

Using cryptocurrencies for payments is not restricted by the international banking system, allowing transactions to be completed quickly. Additionally, cryptocurrency transactions can occur 24/7, unaffected by holidays or business hours. Many consumers in various countries and regions might not have access to traditional payment methods for cross-border e-commerce platforms, but they can use cryptocurrencies as an alternative.

1.2.5 Tax avoidance demand

Both cryptocurrency industry companies and individual investors are attracted by tax incentives. For example, Portugal does not tax personal cryptocurrency gains; Singapore does not impose capital gains tax on cryptocurrencies; Bermuda, with its secure and transparent regulatory environment and the Digital Asset Business Act, has become a major hub for token issuance companies, cryptocurrency custodians, and blockchain development enterprises.

Since 2019, the Bermuda government has allowed taxes, public utilities, and other administrative service fees to be paid in USDC. Additionally, the decentralized nature of Web3 transactions often bypasses many centralized institutions and banks, avoiding conventional tax processes. Consequently, some digital asset companies also distribute bonuses in the form of stablecoins.

1.2.6 Fund hedging demand caused by local currency value

For decades, Argentina has faced economic turmoil, with extreme currency devaluation periodically damaging residents’ savings and making daily financial activities difficult. As a result, Argentina is one of the most active cryptocurrency regions in Latin America. In 2023, Argentina’s inflation rate reached 211.4%. According to Chainalysis data, approximately 10.9% of Argentina’s population, around 5 million people (out of a total population of 45.8 million), use cryptocurrency for daily payments.

To avoid the devaluation of the peso, Argentinians often convert their peso-denominated salaries into USDT or USDC immediately. Nearly everyone is aware of the exchange rate between the dollar and the peso. Similarly, Turkey is another country with rapid cryptocurrency development. Thus, in regions where devaluation is a concern and where legal and regulatory conditions permit, cryptocurrencies are likely to become a “hard currency” and facilitate the expansion of cryptocurrency-related payment activities.

1.2.7 Cash purchase channels for political needs

For the United States, cryptocurrencies have become a powerful tool for political campaigning. In the current election, Donald Trump has prominently promoted a friendly stance towards cryptocurrencies while criticizing the Biden administration’s antagonistic approach. Trump has encouraged his supporters to make donations via Coinbase Commerce, and several meme coins associated with Trump’s campaign have seen significant popularity. Ahead of the election debate at the end of June, these meme coins experienced notable fluctuations.

For Venezuela, cryptocurrencies serve as a weapon against dictatorship. During the COVID-19 pandemic in 2020, the interim government led by Juan Guaidó decided to use cryptocurrencies to provide direct aid to the country’s doctors and nurses. This decision was made because the Maduro regime’s corruption and control over banks made it difficult for international aid to be delivered through conventional channels. The program directly assisted 65,000 doctors and nurses, who at that time had an average monthly salary of $5. With cryptocurrency aid, each person received $100. Thus, decentralized cryptocurrency payments effectively supported the local democratic movement.

2. What is Web3 payment

Web3 payments, based on blockchain technology, enable the transfer of cryptocurrencies over a blockchain network as long as the recipient’s “wallet address” is known. This allows for immediate visibility and traceability of transactions, facilitating decentralized peer-to-peer payments. This approach addresses issues found in traditional payments, such as low transparency, long transaction times, and high costs due to multiple intermediary institutions.

2.1 Market size

With the approval of BTC ETFs, the upcoming BTC halving, and the anticipated launch of ETH ETFs, more countries are bringing cryptocurrency payments under regulatory frameworks, and increasing amounts of individual and institutional funds are flowing into the crypto market. As of June 23, the market capitalization of BTC has reached $1.27 trillion, while Ethereum has reached $15.2 billion.

According to a report by Tripple A, by 2024, the global penetration rate of cryptocurrencies has reached 6.9%, with approximately 560 million people owning cryptocurrencies, up 33% from 420 million people last year. Asia is the continent with the highest cryptocurrency ownership, while South America and Oceania have experienced the fastest growth in ownership rates (116.5%). Dubai has the highest proportion of cryptocurrency owners, with a population penetration rate of 25.3%. The city’s financial freedom zones and tax advantages, including exemptions from personal income and capital gains taxes, explain why many exchanges and crypto companies have set up their headquarters there in recent years.

The high and rapidly growing cryptocurrency ownership rates in various regions are largely driven by lenient policies and real-world transaction needs, providing ample opportunities for the exploration and development of crypto payments.

From an enterprise perspective, prominent brands in traditional sectors like Starbucks, Coca-Cola, Tesla, and Amazon have already embraced cryptocurrencies. This year, more traditional companies are beginning to accept cryptocurrencies and expand their payment options. Ferrari, for instance, has partnered with Bitpay to accept Bitcoin, Ethereum, and USDC payments in the US and plans to extend this option to Europe and other regions in early 2024. In Singapore, Grab users can now use Bitcoin, Ethereum, Singapore dollar stablecoins, USDC, and USDT for rides and food deliveries. The adoption of crypto payments by major B2B companies not only validates the cryptocurrency industry but also opens the door for B2C users through the endorsem*nt of established businesses.
From a user perspective, Binance, the world’s largest cryptocurrency exchange, had 3 million registered users in 2021. By June 2024, Binance’s registered user count has surged to 200 million, with daily trading volumes reaching $189 billion. This significant growth indicates that more people are joining the ranks of cryptocurrency users, making crypto payments a burgeoning field with substantial potential.

According to on-chain data, from January 2020 to March 2024, on-chain transaction volumes and activity levels have consistently grown. Driven by a series of positive events, these indicators have repeatedly reached new historical highs and are on the verge of surpassing the $150 billion mark.

In the Web3 space, many projects and exchanges have recognized the industry’s upward trend and the vast opportunities in crypto payments. They are accelerating their applications for regional payment licenses, expanding card issuance services, and developing other business models that link Web3 payments with the physical economy. Additionally, they are speeding up the construction of exchanges and on-chain wallet setups.

Recently, Coinbase announced the launch of its self-custody wallet platform. This platform integrates features such as asset and identity management, purchasing, sending, exchanging, NFTs, and transaction history, offering users a more convenient on-chain transaction experience. This move not only provides greater convenience for Coinbase’s user base but also plays a significant role in the Onchain Summer event, further advancing the development of Web3 payments.

3. Classification of Web3 payment scenarios

3.1 Category 1: deposits and withdrawals

3.1.1 Deposit

definition:

The process of converting fiat currency (such as USD, EUR, etc.) into cryptocurrency is essentially the entry point into the cryptocurrency economy. Payers transfer fiat currency through centralized exchanges or third-party decentralized deposit platforms. Centralized exchanges can directly convert the fiat into cryptocurrency and deposit it into the on-chain wallet; third-party decentralized deposit platforms use market makers to exchange cryptocurrency. Market makers, upon receiving the fiat, transfer the equivalent amount of cryptocurrency to the payer’s on-chain wallet.

Market makers here are typically crypto-friendly banks (such as the now-defunct Silvergate Bank, Silicon Valley Bank, and Signature Bank). After these banks’ closures, more stablecoin issuers (Tether, Circle) and payment service providers (BCB Group) have taken on the role of liquidity providers.

How to deposit:

Centralized exchanges: Users can create an account at a centralized exchange after completing KYC. They can purchase cryptocurrency using fiat currency through a bank account, credit card, or e-wallet.
Peer-to-peer platforms: These platforms directly connect buyers and sellers to facilitate the exchange of fiat currency for cryptocurrency. Transactions are usually escrowed by a third party until both parties complete the agreed actions.
Over-the-counter (OTC) desks: OTC desks facilitate large-scale cryptocurrency transactions directly between buyers and sellers. These are typically used by institutional investors or high-net-worth individuals.
Decentralized cryptocurrency wallets: The most common type of cryptocurrency wallet is a self-custody wallet, which allows users to fully control their cryptocurrency without involving third parties.

Subjects involved in deposits:

Centralized exchanges, third-party decentralized deposit and withdrawal platforms, banks, liquidity providers (crypto-friendly banks, stablecoin issuers, payment service providers)

Fee structure:

Payment channel fees: Fees charged by credit card issuers, PayPal, Apple Pay, etc.
Fiat to cryptocurrency exchange rate fees: USD and USDT are not always 1:1 (usually the intermediaries profit from the exchange rate difference)
Network fees (Gas fees required to transfer from self-custody wallets to other wallet addresses)

3.1.2 Withdrawal

definition:

3.2 Category 2: Use cryptocurrency to purchase goods or services in the real economy (independent card payment, third-party payment platform)

3.2.1 Independent card payment (physical card/virtual card)

Traditional payment card issuers or Web3 native payment card issuers support the use of cryptocurrency for consumption in the physical economy. There are four main entities involved: technical service providers for card issuers, issuers (traditional card issuers, Web3 native issuers), card organizations.

In the current market environment, prepaid crypto debit cards are quite popular: they do not require linking to an existing bank account; users only need to convert cryptocurrency into fiat and load it onto the card.

Entity 1: Virtual Card/Physical Card Technical Service Providers

Issuing credit and debit cards is traditionally a domain of banks in the Web2 world, with high technical and qualification barriers. However, this is not the case in the crypto payment card space.

Card issuance technology service providers offer “issuance-as-a-service” solutions. When users see a crypto card with a VISA logo, it is actually a collaboration between the issuer and the technology provider. The card issuance technology provider’s API is integrated with payment networks like Visa and MasterCard, and they also establish partnerships with issuing banks and other industry players to provide real-time transaction authorization, fund conversion, and other services.

Issuers only need to comply with regulatory requirements or hold necessary licenses and utilize the technology provider’s API or SaaS solutions to issue and manage crypto credit/debit cards.

Technology providers often hold multiple regional licenses and offer services including necessary security technology, payment processing systems, and user interfaces to support crypto card issuance, currency conversion and payment, transaction monitoring, and risk management.

Entity 2: Traditional Payment Card Issuers
Visa has partnered with Web3 infrastructure provider Transak to launch cryptocurrency withdrawal and payment solutions via Visa Direct. Users can directly withdraw cryptocurrency from wallets like MetaMask to Visa debit cards and convert the cryptocurrency into fiat, which can then be used at Visa’s 130 million merchants. The key advantages of traditional payment card issuers in the crypto payment card space are their established payment licenses, brand credibility, large user and merchant base, and substantial financial strength.

Entity 3: Web3 Payment Card Issuers Hardware wallet providers like Onekey and Dupay launched virtual and physical cards last year, allowing users in mainland China to purchase OpenAI’s ChatGPT. Their business model primarily involves earning card issuance fees and transaction fees, with different card levels having varying limits and fee structures. Besides Web3 native card issuers, major exchanges also offer unique business models. For example, Binance’s crypto payment card offers BNB cashback, similar to real-world cash back, while Crypto.com’s card provides fee waivers and other payment benefits based on staking different amounts of the platform’s CRO token. Exchanges leverage their user traffic, brand credibility, and natural post-transaction spending scenarios to expand C-end payment applications through card issuance. This approach benefits from lower educational costs for users and enhanced experience due to seamless integration with existing exchange apps.

Entity 4: Card Organizations Visa and Mastercard license their networks to technology service providers and earn profits through these collaborations. The more cryptocurrency payment transactions and international transactions they process, the higher their transaction fees and revenue. They do not need to issue cards themselves but can profit from “authorization fees” due to their payment network and credit card brand endorsem*nts.

Evaluation While the roles in the card issuance chain differ, each participant has its own logic and advantages. For example, virtual/physical card issuance technology service providers focus on SaaS; once they establish licenses and technology and aggregate Web3 ecosystem transaction channels, this business model becomes replicable and easy. It caters to a broad audience, serving not only Web3 native issuers but also extending to other payment sectors through compliance and technology advantages. Web3 native issuers can outsource technology to earn transaction fees and reach more Web3 communities with lower acquisition costs for crypto users. Traditional card issuers or payment giants benefit from financial depth, extensive user bases, and strong brand endorsem*nts, which can facilitate acceptance among virtual card users, non-crypto users, and B-end authorization fees from payment service providers.

3.2.2 Third-party payment platform

Traditional and Web3-related third-party payment platforms are expanding their deposit and withdrawal services and cryptocurrency payment solutions to enable the use and consumption of cryptocurrencies in the real economy. The following two platforms each have their unique advantages:

Revolut: Founded in the UK in 2015, Revolut is a financial technology company and global neobank offering services like transfers and payments, with over 40 million users worldwide. In March 2024, Revolut launched Revolut Ramp, which allows users to purchase cryptocurrencies directly within their wallets in collaboration with MetaMask developer ConsenSys. Users can conduct transactions between their Revolut account and their crypto wallet without additional fees or restrictions. Revolut also links its card to users’ cryptocurrency accounts, automatically converting crypto into fiat currency for payments.

Binance Pay: As a part of the largest crypto exchange, Binance, Binance Pay naturally supports a closed-loop system for cryptocurrency deposits, trading, withdrawals, and spending. Users can purchase various retail brand and game gift cards with their crypto, facilitating real-world consumption. For example, platforms like Coinbee offer this functionality.

Source: @Coinbee

3.3 The third category: Payment scenarios of blockchain native payment (on-chain payment scenarios)

On-chain payments arise from specific payment needs within Web3 environments, often emerging during project activities or transactions.

Payments and Transfers: Web3 wallets (e.g., Binance Web3 Wallet) offer peer-to-peer payment and transfer functions. By entering the recipient’s wallet address, users can perform cross-space transfers, typically incurring only a network fee (Network Fee / Gas Fee). Transfers are usually completed within minutes, allowing users to move assets quickly and cost-effectively on a global scale.

Source: @binance

DeFi / NFT: Users can interact with DeFi applications via Web3 wallets to perform activities such as cryptocurrency deposits, loans, borrowing, and liquidity mining. They can also buy and trade NFTs and other digital assets.
DEX: Web3 wallets enable users to trade cryptocurrencies on decentralized exchanges (DEXs). These exchanges do not rely on centralized order books but use smart contracts to facilitate trades.
Cross-Chain Interaction: Multi-chain wallets allow users to transfer assets between different blockchains, enabling interoperability across various blockchain ecosystems.
GameFi: In GameFi, Web3 wallets can be used to purchase virtual goods, land, or other in-game assets.
Social Networks and Content Creation: Web3 wallets support users in decentralized social platforms for content creation, monetization, receiving tips, and making payments.

4.1 Project 1: Stable market project Paypal PYUSD

In August 2023, PayPal launched its first stablecoin, PYUSD, issued by Paxos. Paxos regularly provides reserve asset proof. PYUSD is issued on Ethereum (and has recently been added to Solana). It maintains a 1:1 value with the US dollar and can be redeemed through the PayPal ecosystem. PYUSD is backed by USD deposits, short-term US government bonds, and similar cash equivalents to ensure its stability, independent of other cryptocurrency fluctuations.

Usage Scenarios: PYUSD is primarily used for gaming, remittances, and as a payment medium in Web3 platforms and decentralized exchanges. Currently, PYUSD is only available to users in the US, with trading pairs available on Coinbase. Its usage range is limited due to supported blockchains and regions and is expected to expand.

Transfers: Users can transfer PYUSD with zero fees.
Payments: PYUSD can be used for payment during product settlements.
Cryptocurrency Conversion: PYUSD can be converted to other cryptocurrencies supported by PayPal, with fees ranging from 1.45% to 4.9%, depending on the amount. Conversion fees are relatively high, and network fees for stablecoin transfers are also expensive due to its current support only for the Ethereum chain.

Source: @Paypal

Market Cap: Currently, PayPal’s issued stablecoin has a market cap of $270.37 million, ranking 13th among stablecoins. The total market cap of stablecoins is $170.2 billion, with PayPal’s stablecoin accounting for 0.15%. The market leader is Tether with a 65.9% share. This indicates that, even for a payment giant entering the crypto industry, it is challenging to quickly gain a leading position in the crypto market due to late entry, limited blockchain support, regional restrictions, and limited use cases. However, PayPal is working to expand its application scope, having recently launched on Solana. PYUSD’s development goal is to list on major exchanges, increase liquidity, and aim for compatibility across both Web3 and Web2 ecosystems.

source: @Defilama

4.2 Project 2: Peer-to-peer payment infrastructure Mastercard

Mastercard has introduced the Mastercard Crypto Credential, a first-of-its-kind peer-to-peer trial in collaboration with exchanges. This feature allows for transfers using aliases instead of lengthy blockchain addresses. The new system aims to simplify cryptocurrency transactions for exchange users by providing a more user-friendly method for peer-to-peer transfers.

Pilot Scope: The pilot is mainly in Europe and Latin America, including Argentina, Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland, and Uruguay. These locations were chosen due to their relatively relaxed cryptocurrency environments and the high demand for cryptocurrencies in Latin America due to currency devaluation.

Partner Exchanges: Exchanges such as Bit2Me, Lirium, and Mercado have already enabled real-time transaction features.

Source: @Mastercard

Usage Steps: Exchanges first conduct KYC according to the Mastercard Crypto Credential standard. Users are then given an alias for sending and receiving funds across all supported exchanges. When a user initiates a transfer, the Mastercard Crypto Credential verifies whether the recipient’s alias is valid and whether the recipient’s wallet supports the digital asset and the relevant blockchain. If the recipient’s wallet does not support the asset or blockchain, the sender will be notified, and the transaction will not proceed, thereby protecting all parties from potential fund loss. Finally, the user inputs the amount for the transfer and needs to enter a mobile verification code to complete the transaction.

4.3 Project 3: Deposit and withdrawal payment infrastructure Moonpay

MoonPay, founded in 2019, positions itself as the “PayPal for Web3.” It is one of the few companies licensed and compliant in all U.S. states through an MTL (Money Transmitter License), focusing primarily on crypto deposit and withdrawal services.

MoonPay provides APIs and SDKs that allow developers to integrate its services into Web3-related applications, connecting with centralized exchanges and wallets to offer deposit and withdrawal services. Users can also purchase NFTs and other digital assets through the MoonPay app or various Web3 exchanges like Coinbase, OpenSea, MetaMask, and Bitcoin.com. MoonPay has served over 15 million individual users.

Recent updates reveal that MoonPay has been integrated into PayPal, allowing U.S. users to purchase over 110 cryptocurrencies using their existing PayPal balance or credit cards.

Funding History: MoonPay raised $555 million in its Series A round, led by Tiger Global Management and Coatue Management, with a valuation of $3.4 billion. The round also included investors such as Justin Bieber, Maria Sharapova, and Bruce Willis, totaling 60 investors.
Access Channels: MoonPay’s services are available through its platform (KYC), as well as partner centralized exchanges and wallet providers, including MetaMask, Bitcoin.com, OpenSea, Uniswap, and Sorare.

source: @Moonpay

Business Scope of MoonPay:

￮ Deposit and Withdrawal: MoonPay allows individual users to buy or sell cryptocurrencies using fiat currencies. It provides deposit services for 126 cryptocurrencies with 34 fiat currencies across over 100 countries and withdrawal services for 22 cryptocurrencies. Supported payment methods include credit and debit cards, bank transfers in EUR/GBP/USD, and local payment options like PIX and Yellow Card.

￮ Cryptocurrency Trading Platform: MoonPay offers a secure, non-custodial cryptocurrency trading platform that enables users to exchange various cryptocurrencies without incurring fees. Users can connect their crypto wallets to MoonPay for cross-chain exchanges. As of April 2024, MoonPay supports wallets such as Trust Wallet, Ledger, MetaMask, Rainbow, Uniswap, and Exodus. MoonPay focuses on building connections with major projects (e.g., exchanges and wallets) to attract user traffic through these platforms, whereas Alchemy Pay emphasizes expanding local payment channels to enhance its product’s localization.

Enterprise-Level Cryptocurrency Payments: MoonPay supports multiple payment methods for businesses. Users can integrate APIs into their applications for payments using credit cards from Visa and Mastercard, wire transfers, bank transfers, and Apple Pay. MoonPay has a team of over 50 dedicated to anti-money laundering, fraud detection, and dispute resolution for handling credit card refunds and fraud issues.

￮NFT-Related Services:

MoonPay Concierge Service: Provides high-net-worth clients with premium NFT purchasing and custody services. MoonPay collaborates closely with partners like Yuga Labs to promote and sell blue-chip NFTs such as BAYC and CryptoPunks to celebrity clients.

NFT Checkout: Partners with platforms like OpenSea, Magic Eden, ENS, and Sweet.io to offer NFT purchasing and selling services. Users can buy NFTs using credit or debit cards and payment methods like Apple Pay and Google Pay without first buying cryptocurrency.

HyperMint: A self-service infrastructure platform and Web3 API provided through a no-code platform aimed at creators and brands. Users can:

i. Write, design, and deploy smart contracts

ii. Create, manage, mint, and sell tokens to end-users

iii. Manage funds, royalties, and distribute NFTs at scale

MoonPay’s Business Model:

￮ Fees, Service Charges, NFT Minting/Concierge Fees: MoonPay generates revenue by taking a percentage from total transactions. It charges a 4.5% fee for buying and selling cryptocurrency with credit cards and a 1% fee for bank transfers (minimum $3.99), making it less friendly for small or frequent transactions. For NFTs, it charges a 4.5% fee with a minimum of $0.50, and high-net-worth NFT users may incur higher service fees.

￮ Spread: MoonPay earns income from the spread in exchange rates during deposit, withdrawal, and cryptocurrency transactions.

￮ API Integration Fees: MoonPay provides APIs for third-party platforms and developers to integrate cryptocurrency purchasing features into their applications. MoonPay may charge integration or subscription fees to these partners for accessing its API and services.

4.4 Project 4: Payment solution provider AlchemyPay

Alchemy Pay, established in Singapore in 2017, is a crypto payment gateway serving both businesses and individual users. It supports payments across 173 countries, with a focus on Southeast Asia, differing from MoonPay’s service areas. Given the diverse economic levels and payment preferences in Southeast Asia, Alchemy Pay aggregates various payment methods to meet local requirements, offering a comprehensive payment solution.

Recently, Alchemy Pay invested in LaPay UK Ltd, obtaining an FCA-regulated payment institution license. The company also partnered with Hong Kong’s Victory Securities to offer virtual asset trading and advisory services, particularly for new Bitcoin and Ethereum spot ETFs. This shows Alchemy Pay’s responsiveness to market trends and its ability to expand services accordingly.

Funding Background: Alchemy Pay completed a $10 million funding round at a $400 million valuation, with investment from DWF Labs.

Alchemy Pay’s Business:

Fiat and Cryptocurrency Deposits and Withdrawals:

Alchemy Pay provides channels for deposits, withdrawals, and cryptocurrency purchases, supporting transfers to bank accounts in over 50 fiat currencies. Unlike MoonPay, which is more popular in Western markets, Alchemy Pay focuses on integrating more payment channels in Southeast Asia and Latin America, where electronic wallet payments are prevalent. Its B2B services mainly involve integrating APIs for Dapps to facilitate deposits and withdrawals.

Payment Gateway:

Enterprise Payment Gateway: Alchemy Pay offers online payment and banking solutions within a regulatory framework, allowing traditional and Web3 businesses to manage multi-fiat currency accounts and facilitate conversions between fiat and cryptocurrencies. Users can choose to use either cryptocurrencies or fiat currencies for payments. Additionally, Alchemy Pay provides customized cryptocurrency payment services for large enterprises.

Source: @Alchemy Pay

Personal Payments: Supports all popular global and local payment methods, including debit cards, credit cards, bank transfers, and mobile wallets.

Source: @Alchemy Pay

c. Cryptocurrency Card Issuance Solutions:

Alchemy Pay offers virtual cards that are prepaid MasterCard cards. Users can top up these cards with various cryptocurrencies to load USD onto the card.
Supported Cryptocurrencies: USDT, USDC, ETH, BTC, and merchant platform tokens.
Supported Networks: TRC20, BEP20, ERC20, Solana, Bitcoin, Polygon.
Currently Supported Card BINs: 558068 (MasterCard), 531847 (MasterCard), 404038 (Visa).

Source: @Alchemy Pay

Partnership Model: Card issuers work with Alchemy Pay to create branded credit cards for merchants. Users can top up these cards with USDT and platform tokens to spend in USD, and any remaining balance can be instantly converted to a cryptocurrency wallet.

Usage Scenarios: The cards can be used for purchases on any online platform that accepts MasterCard (e.g., Amazon, eBay) and can be integrated with Apple Pay for in-store payments.

Alchemy Pay’s business model

￮TTransaction fees for personal and enterprise deposits and withdrawals, and exchange rate margins between fiat and cryptocurrency.

￮Integration service fees for APIs provided to businesses and Web3 enterprises.

￮Card issuance technology service fees.

￮Revenue from platform tokens: $ACH.

Project Evaluation:

In 2024, Alchemy Pay aims to enhance its deposit and withdrawal services, develop cryptocurrency card services, introduce innovative Web3 bank accounts, and secure necessary regulatory approvals.

For licensing, Alchemy Pay plans to apply for and obtain over 20 licenses globally this year to expand its business geographically and deepen its market presence. Originally focused on Southeast Asia, Alchemy Pay is now extending its reach to Europe. The company is applying for licenses in Singapore, Hong Kong, the United States, the United Kingdom, South Korea, Indonesia, Australia, and is seeking additional compliance certifications through acquisitions or applications in more regions.

For payment service providers, relaxing global regulations, the gradual compliance of BTC, and the active acquisition of various regional licenses are crucial and beneficial. Early acquisition of licenses can open up regional user bases, facilitating access to broad B2B resources (including banks) and C2B user recognition. This accumulation of resources and user base makes it easier to collaborate with traditional industries and Web3 projects requiring on-chain transactions, leading to the development of various payment-related services.

Tokenomics

Source: @Alchemy Pay

Token Uses:

The $ACH token of Alchemy Pay is a utility token with several uses, including paying transaction fees, enterprise network fees, participating in DeFi services, and governance.

Payment Fees: Users can pay transaction fees with $ACH and enjoy discounts. The payment network also offers rebates, discounts, or other forms of rewards for using $ACH.

Enterprise Payment Network: Enterprises can receive transaction rewards based on their network size and transaction volume.

DeFi Rewards: DeFi participants can earn rewards through staking and other DeFi services.

Governance: $ACH holders can vote on key business decisions and protocol changes based on their holdings. The $ACH token can also be used for non-governance voting scenarios such as polls and promotional activities.

Token Economics Evaluation:

From the tokenomics chart, we can see that approximately 77.7% of the total token supply has been released. Although there is no release speed chart, the distribution chart shows that the seed round, backers, and IEO portions have been fully released. This suggests that institutions in the private round (18%) might hold significant amounts of tokens acquired at very low prices. Additionally, 40% of the tokens were distributed through payment mining to early participants. This high proportion could both encourage participation and potentially create selling pressure in the future.

4.5 Project 5: Card issuer Bit.Store

Bit.Store is a crypto payment card infrastructure solution. Initially, Bit.Store operated primarily as a cryptocurrency exchange platform targeting the Southeast Asian market, partnering with several large centralized exchanges for token trading. Recently, Bit.Store introduced crypto payment cards, including virtual cards (priced in USD) and physical cards (priced in EUR), supported by Mastercard or Visa, with payment technology services provided by Alchemy Pay.

Licenses: Bit.Store currently holds licenses in several regions, including Hong Kong MSO license, US MSB license, European EMI license, Canadian MSB license, Indonesian trade license, and South American trade license. Alchemy Pay, its payment technology service provider, also holds multiple local business licenses, enabling Bit.Store to conduct payment operations in various locations. Additionally, Alchemy Pay has acquired a 15% stake in Bit.Store, aiming to “fill gaps” by leveraging shared licenses to expand its payment business beyond Southeast Asia into North America, Europe, and South America.
Bit.Store Physical & Virtual Cards: While many card providers focus on virtual cards, Bit.Store’s highlight is that its physical cards can be used for cash withdrawals at ATMs.

Source: @Bit.Store

In the case of Bit.Store, the company operates its business model through transaction fees, card fees, and exchange rate margins. Its advantages are:

In the Web2 payment channels direction, Bit.Store utilizes its diverse licenses across multiple regions to connect its physical cards with a wide range of traditional online payment channels such as Apple Pay and PayPal. Additionally, it offers a unique feature of cash withdrawal with physical cards at ATMs, which many card providers do not offer.

In the Web3 direction, Bit.Store benefits from its partnerships with major exchanges and custodial platforms, ensuring ample cryptocurrency liquidity. It also engages in innovative collaborations with project teams, launching co-branded cards based on trending narratives and new projects.

4.6 Project 6: Payment network technology provider Ripple

Ripple is a fintech company known for its innovative blockchain protocol, Ripple, which aims to create a decentralized ledger called Ripple Net. This ledger allows banks and financial institutions to trade various assets globally with speed and low cost, addressing challenges faced by traditional banking systems in handling international transactions. Ripple Net offers transparency, immutability, and instant settlement. Its token is $XRP.

Why Ripple Net is Needed: Traditional Banking System Challenges

In traditional banking systems, each bank maintains its internal ledger recording debtor-creditor relationships with customers. Transfers between customers of the same bank are relatively simple and quick, but transfers between different banks become complex, requiring trust or third-party intermediaries. This results in slow transaction speeds, high costs, and a greater likelihood of errors.

For example, if Customer A in the US bank A wants to transfer 50 USD to Customer B in Indonesia bank B, the transaction might need to go through several intermediary banks, incurring high fees and taking several days to settle. With Ripple Net, bank A can issue a 50 USD promissory note directly on the Ripple network, transferring funds quickly, cost-effectively, and instantly to bank B in Indonesia.

Ripple Net’s Innovative Solutions:

a. xCurrent: xCurrent allows banks to send messages in real-time, confirm payment details, and track payment progress, achieving end-to-end instant settlement.

b. xRapid: xRapid acts as a “liquidity assistant” for banks and payment providers. It helps convert funds between different currencies quickly and at low cost by utilizing the liquidity of XRP, reducing the need for pre-funding currency accounts in various locations.

c. xVia: xVia handles the remaining complex processes, simplifying the payment process interface.

In summary, xCurrent acts as a communication bridge between banks, xRapid accelerates liquidity, and xVia simplifies payment processes. Together, these products form Ripple’s payment ecosystem, aiming to reduce intermediaries in global payments, speed up transactions, lower costs, and rely on a decentralized network that is more secure and transparent. Currently, over 100 global banks, payment providers, exchanges, and enterprises are using Ripple Net for real-time remittances, international P2P payments, electronic invoices, global currency accounts, and real-time cash pooling.

Token Economics:

The total supply of XRP is fixed at 100 billion tokens. Of these, 20% are owned by the token founders and 80% are owned by Ripple itself, totaling 80 billion tokens. Initially, Ripple distributed and sold 25 billion XRP, while the remaining 55 billion XRP were deposited into 55 escrow accounts, each containing 1 billion XRP.

These escrow accounts systematically release 1 billion tokens to the market each month, over a total period of 55 months. At the start of each new unlocking period, any unused XRP is returned to the escrow accounts. Additionally, XRP is used as a transaction fee for every transaction on the XRPL, which is burned, creating deflationary pressure. However, since transaction fees are low, the deflationary pressure is minimal.

Source: TokenInsight

Token Uses:

a. Wallet Reserve:

In the Ripple network, each account must maintain a certain amount of XRP as a “wallet reserve.” This is to prevent network congestion and spam transactions, ensuring smooth network operation. The amount of wallet reserve required depends on the account’s activity level; for example, the more IOUs (i.e., debt instruments representing other currencies) an account holds, the higher the required wallet reserve.

b. Trust Lines:

Trust lines are a type of debt relationship established between accounts in the Ripple network, allowing one account to borrow assets (such as USD, EUR) from another account. These borrowed assets exist in the Ripple network as IOUs. Setting up a trust line requires mutual agreement and is usually unrelated to XRP, although XRP can be used as one of the assets in a trust line.

c. Transaction Fees:

Transaction fees in the Ripple network are paid in XRP. These fees are used to maintain network operations, including transaction verification and recording. Ripple network transaction fees are relatively low, typically less than 1 cent per transaction, and transactions are completed very quickly, with an average transaction time of about 3 to 5 seconds. A portion of the transaction fees is burned, creating deflationary pressure.

Evaluation:

The token distribution model and release rate of the project are not very healthy. Firstly, the token release graph shows that founders hold a significant portion, about 20%. Additionally, a large portion of the total supply is concentrated in the top 100 wallets, indicating high concentration.

According to the token release graph, the release rate is very fast with significant fluctuations, and the deflationary mechanism from burning transaction fees is not very effective. Another factor impacting XRP’s price is its ongoing legal dispute with the U.S. Securities and Exchange Commission. The lawsuit accuses Ripple Labs of conducting unregistered securities offerings, causing significant uncertainty and risk for investors.

Although there have been some favorable rulings for Ripple, the case’s unresolved status continues to affect investor sentiment and market FUD (fear, uncertainty, and doubt). The token’s actual use and improvements to its ineffective deflationary mechanism, once legal risks are resolved, will be crucial for realizing its token value.

5. Regulation and compliance

5.1 United States

In the United States, cryptocurrency regulation is a combination of federal oversight by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), along with state-level regulations. The U.S. has stringent requirements for Anti-Money Laundering (AML), Know Your Customer (KYC), and investor protection. In recent years, there have been frequent legal actions against cryptocurrency companies. Despite the complexity of federal and state-level regulation, the approval of ETFs (Exchange-Traded Funds) is gradually clarifying the regulatory landscape for cryptocurrencies and bringing them into the spotlight.

5.2 Europe

The European Union has unified cryptocurrency regulation across its 27 member states through the Markets in Crypto-Assets (MiCA) regulation. All crypto asset service providers (CASPs) are required to obtain a MiCA license and can operate across the EU via the “passporting mechanism.” This creates a broad cryptocurrency market spanning 27 countries and 450 million people in the EU.

Because obtaining a Virtual Asset Service Provider (VASP) license in one EU member state allows businesses to operate throughout the entire EU, Lithuania, with its more lenient cryptocurrency regulations, has attracted numerous centralized exchanges and payment institutions to establish their operations there.

5.3 Hong Kong

Hong Kong’s cryptocurrency regulation is overseen by the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA). The main types of licenses include:

a. Virtual Asset Service Provider (VASP) License: This license is for virtual asset trading platforms. For instance, on May 26, 2024, OKX withdrew its VASP license application in Hong Kong and will no longer provide centralized virtual asset trading services to Hong Kong users.

b. Virtual Asset Trading Platform (VATP) License: This license focuses on trading functionalities, such as trade matching, market making, order types, and advanced trading tools. It allows users to buy, sell, and exchange virtual assets. Gate.HK and OKX withdrew their VATP license applications this year, indicating their response to Hong Kong’s strict regulatory environment and changes in their business strategies.

c. Stablecoin Issuance License: Regulated by the HKMA, stablecoin issuers must maintain reserves equivalent to the face value of the issued stablecoins and provide regular reserve reports.

5.4 Dubai

Dubai has attracted international exchanges, blockchain technology companies, and payment service providers through its financial free zone and tax policies. Cryptocurrency regulation is managed by the Virtual Assets Regulatory Authority (VARA) and the Dubai Financial Services Authority (DFSA), with licenses including:

a. Virtual Asset Service Provider (VASP) License: This license is for companies providing virtual asset-related services such as trading, custody, payment, and lending. It includes requirements for secure custody of client assets, internal controls, AML and KYC compliance, and regular reporting. For example, Binance has obtained a VASP license and can offer services including spot trading, margin trading, and staking products in Dubai.

b. Investment Token and Crypto Token License: Regulated by the DFSA, this license covers the issuance and trading of investment and crypto tokens, ensuring compliance and transparency. For instance, Ripple’s XRP has been approved for cryptocurrency services within the Dubai International Financial Centre.

c. Payment and Remittance Service License: This license is for services related to the receipt, transmission, or transfer of virtual assets.

6. Industry barriers and innovation potential

In the various sectors of the crypto payment industry, the competitive advantages of leading companies are reflected in several key areas:

a. Deposit and Withdrawal Services:

In the realm of crypto deposit and withdrawal services, obtaining regional crypto licenses has become increasingly crucial due to heightened compliance and anti-money laundering standards. Service providers must not only find crypto-friendly partner banks and stable liquidity providers—especially challenging after the collapse of banks like Silvergate—but also build robust compliance systems. Companies that quickly secure local operational licenses through strategic partnerships, those with an existing base of payment licenses, and those that establish deep collaborations with crypto-friendly banks often exhibit a stronger competitive edge. Additionally, early market entrants can benefit from first-mover advantages.

b. Using Cryptocurrencies for Purchasing Goods or Services in the Physical Economy:

For businesses that enable the use of cryptocurrencies to purchase goods or services in the physical economy, competitive strength is largely determined by the company’s brand influence, extensive payment partner network, and deep integration with merchants and payment platforms. Companies with a broad user base, especially those that have already established a brand in traditional payment sectors—such as Visa and Mastercard—are better positioned to gain the trust of non-crypto users due to their strong brand endorsem*nt, technological capabilities, and high-volume transaction processing. However, in the early stages of crypto payment adoption, the primary users are Web3-native crypto users. Therefore, enhancing recognition and trust through education and market activities is crucial for leveraging a large base of non-crypto users, presenting an opportunity for native crypto payment companies.

c. On-Chain Payments:

The competitiveness of on-chain payments primarily stems from innovative blockchain technologies and their applications. For instance, on-chain identity aggregation technologies enhance user privacy and security, allowing users to verify and use identities across different platforms seamlessly. Funding flow technologies enable real-time movement of funds, offering innovative payment models for demand-driven and time-sensitive services. NFT Checkout services simplify payment processes, lowering the entry barriers for users into the NFT market and further promoting the adoption of crypto payments. Hence, native on-chain payment companies focus on improving payment efficiency, reducing on-chain transaction costs, and enhancing user-friendly functional innovations.

7. Risks and Challenges

a. Complex Global Regulatory Environment:

The regulatory landscape for cryptocurrencies varies significantly across countries, requiring companies to comply with different legal requirements in each region. Regulations in the crypto space are evolving rapidly, including new tax policies, anti-money laundering rules, market conduct regulations, and challenges related to the difficulty and slow speed of obtaining licenses. For example, the MiCA regulation in the EU and federal and state regulations in the US impose different compliance requirements, demanding substantial resources for adherence.

b. Macroeconomic Impact Risks, Systemic Risks, and Liquidity Risks:

￮Macroeconomic Impact: In some emerging markets and low-income regions, the widespread adoption of cryptocurrencies could undermine the effectiveness of monetary policies. This might lead to capital outflows and currency volatility in local banking systems, potentially affecting the stability of financial systems.

￮Network Security and Technological Innovation: Cryptocurrency exchanges and wallets face risks from network attacks. The complexity of blockchain technology and the irreversibility of transactions increase the difficulty of managing technology. Recovering from errors or hacker attacks is challenging. Ensuring data security on blockchain networks requires significant investment in advanced technology.

￮Market Volatility and Liquidity Risks: The collapse of exchanges like FTX led to severe capital outflows from crypto-friendly banks such as Silvergate Bank, which were heavily reliant on uninsured and non-interest-bearing crypto deposits. This concentrated and rapidly expanding business model introduced multiple layers of financial risk. The FTX collapse also triggered a crisis of confidence in the entire cryptocurrency market, causing substantial withdrawals from crypto-related financial institutions. However, with Bitcoin halvings and the approval of spot ETFs, increased regulatory involvement and capital influx may help mitigate market volatility.

c. Intense Industry Competition and Funding:

For traditional payment companies, user education is a significant challenge, as many users lack knowledge about how to safely use cryptocurrency payment services. For Web3-native enterprises, leveraging their community base and the low educational costs of native crypto users is crucial. They need to continuously innovate with technology, engaging narratives, and quality services to maintain market competitiveness. Securing investments from well-known institutions can also naturally attract more attention and traffic.

8. Summary

In recent years, traditional payment companies have been entering the Web3 payment space by introducing products like stablecoins and peer-to-peer transaction infrastructure. The driving forces behind this trend include the high profit potential of the cryptocurrency industry, intense competition and high operating costs in traditional payment businesses, and the advantages offered by new technologies.

Web3 payment scenarios are diverse, ranging from fiat and cryptocurrency deposit and withdrawal services offered by companies like MoonPay and Alchemy Pay, to global, fast, and low-cost transactions facilitated by RippleNet for financial institutions, and to low-cost, versatile on-chain payments accessible to everyone. These innovations not only enhance payment transparency and efficiency but also cater to users’ needs for diverse payment options and cross-border transactions.

Looking ahead, as more countries begin to regulate and legalize cryptocurrency payments, the adoption of crypto payments is expected to increase further. The development of blockchain technology and its applications will continue to drive the convenience, efficiency, and security of Web3 payment services.

As acceptance of crypto payments grows among users and businesses, Web3 payments are likely to become a part of everyday payment methods, driving the global financial system towards a more decentralized, transparent, and efficient future.

References

[1]https:// Web3caff.com/zh/archives/72783

[2]https://www.mastercard.com/news/press/2024/may/mastercard-crypto-credential-goes-live-with-first-peer-to-peer-pilot-transactions-adds-new-partners-to-the-ecosystem/

[3]https://triple-a.io/cryptocurrency-ownership-data/

[4]https://www.techflowpost.com/article/detail_14351.html

[5]https://go.chainalysis.com/crypto-spring-report.html

[6]https://www.globallegalinsights.com/practice-areas/blockchain-laws-and-regulations/usa/

[7]https://investor.pypl.com/financials/annual-reports/default.aspx

Crypto Payment Industry Research Report - Bing Ventures & Alchemy Pay

Research Report of Ripple - Multicoin Capital

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