With the market gradually achieving steadiness, the crypto ecosystem maintains its growth, with merchants innovate and employ crypto payments in their mission to acquire new customers. 

Specifically, Data platform PYMNTS reportedly forged an alliance with Bitpay to carry out surveys on merchants, in an effort to grasp a better understanding of the trends on participants expectation from digital currencies and their impact on payments and businesses. 

Insights from a report dubbed “Paying With Cryptocurrency” reportedly suggested that among establishments having a yearly income of $1 billion, 85% are employing crypto payments to search for and obtain new customers. 

On the other hand, 82% of all the merchants who took part in the survey reportedly shared crypto’s ability to cancel out the involvement of middlemen is a driving force for their decision to accept it as a payment instrument.

Besides these, the outcomes further demonstrated that 77% of the surveyed merchants are also leaning towards accepting crypto due to reduced transaction fees. Per the report, the fees for processing crypto transactions are approximately 1%, which is much lower compared to the normal fees from 1.5% to 3.5% charged by other payment options like credit cards.

Regardless of current bearish movements in the crypto sphere, June data still revealed that a vast array of establishments coming from different sectors has completed the integration of crypto payment options, from entertainment platforms like to travel booking platforms, the crypto ecosystem continues to expand as global adoption progresses.

Also in June, Ben Caselin, an executive at trading entity AAX, reportedly revealed that regardless of the bearish market, Bitcoin (BTC) adoption and Metaverse development still witnessed development. Per Caselin, this is a good opportunity for businesses that are looking to tap into the crypto ecosystem.