Binance Pay x CoinGate 1-Year Anniversary Report

We mark the one-year anniversary of integrating Binance Pay into our payment gateway, a significant milestone that has connected millions of Binance Pay wallet users with our diverse range of crypto-friendly online merchants.

As we reflect on the year, it’s an opportune moment to delve into the data and assess the impact of our collaboration.

Short Intro to Binance Pay

For those unaware, Binance Pay is a contactless, borderless, and secure cryptocurrency payment technology developed by Binance, allowing users to send and receive crypto payments around the world instantly. This technology supports a wide range of cryptocurrencies and provides a flexible and convenient payment solution.

Since integrating with the CoinGate payment gateway, Binance Pay offers users expanded opportunities for seamlessly purchasing products and services online. 

With hundreds of online merchants adopting CoinGate to accept cryptocurrency payments, Binance Pay has become a vital component of the CoinGate payment gateway for over a year. 

Let’s explore the adoption and growth of Binance Pay as a payment option on CoinGate and examine its performance during this time.

Growing Popularity of Binance Pay Payments

Our annual 2023 cryptocurrency payment report revealed that 8.2% of all CoinGate transactions in 2023 were made using Binance Pay, despite its introduction partway through the year. Out of the 1,294,058 payments processed last year, over 106,000 were Binance Pay transactions.

In the first quarter of 2024, Binance Pay’s momentum has accelerated, now representing 15.9% of all CoinGate transactions.

The accompanying graph illustrates the month-by-month growth of Binance Pay transactions year-to-date:

The data indicates a steady increase in the proportion of payments made via Binance Pay from its inception. In March, the option was utilized 5,320 times, making up 4.5% of all transactions. This share consistently grew over the following six months, peaking at 11.3% in August with 12,062 transactions.

After a brief plateau in September and October, the final two months of the year saw a surge in Binance Pay usage, capturing 12.2% of all transactions in November and 13% in December.

This positive trajectory has continued into 2024, with Binance Pay transactions accounting for 16% in January (21,098 payments) and 15.8% in February (19,857 payments).

Notably, the highest daily transaction volume with Binance Pay was recorded on November 27, 2023, with 696 orders, and on January 10, 2024, with 884 orders, setting a new record.

Spotlight on Successful Merchants and Industries

Our collaboration with Binance Pay has particularly benefited merchants in the VPN, hosting, and gaming sectors.

Leading the charge in Binance Pay transactions are Hostinger (a hosting service provider), IPRoyal (a proxy service provider), and Eldorado.gg (a gaming marketplace), with NordVPN also making a significant contribution to the overall volume of Binance Pay orders.

For those interested in discovering more crypto-accepting companies, our blog features a list of 20 businesses that accept Bitcoin and over 70 other cryptocurrencies.

Conclusion

The integration of Binance Pay into the CoinGate ecosystem has undoubtedly been a success, showing promising signs of continued growth and potential. 

The increasing volume of transactions indicates the growing role of Binance Pay in our services, offering added value to our merchants and enhancing the convenience for customers using cryptocurrencies for their purchases.