To this end, the total value in crypto received by merchant services in Singapore has also grown, reaching almost US$1 billion ($1.3 billion) in 2Q2024. This reflects a significant increase compared to the past two years.
Adoption of crypto as a payment method for a variety of services is on the rise, according to Chainalysis' Global Crypto Adoption Index 2024.
In its report, Chainalysis highlights that Singapore based start-up dtcpay has allowed merchants to accept payments in crypto. Additionally, ride-hailing platform Grab has also enabled payments in Bitcoin, Ether, Circle USD, Tether, as well as Singapore’s local currency stablecoin, XSGD.
