New study reveals the sectors that offer cryptocurrency as a payment method:

• The Retail & E-commerce sector takes the crown with 60 companies accepting crypto
• Food & Dining is second with 54 companies, while Luxury Retail is third with 35
• Travel and Hospitality comes in fourth, and the top five is closed by Internet & Online services

In a new study shared with BitKE by crypto tax software, CoinLedger, the Retail & E-Commerce sector has the highest number of companies that offer the option to purchase through cryptocurrency.

The study compiled a list of more than 300 major companies, which are known to accept cryptocurrency methods, and categorized them into sectors to discover which one contains the most companies offering crypto as a payment method:

• Retail & E-commerce take first place with a total of 60 companies accepting crypto payments. The sector includes clothing and accessories stores like adidas, Yankee Candle and H&M, as well as online shopping platforms such as Etsy.

• Second on the list is the Food & Dining sector with 54 companies. Examples are Chipotle, Chuck E Cheese’s, Domino’s and Hard Rock Café, and delivery services such as DoorDash and Uber Eats. Different services became available gradually in different countries: Burger King Venezuela has been accepting Bitcoin payments since 2020.

• Luxury Retail comes in third with 35 companies offering the service, among which there are high fashion brands Gucci and Ralph Lauren, luxury watches retailer Hublot, as well as jewelers such as Jewelry Affairs and CRM Jewelers.

• Further down on the list, Travel & Hospitality is fourth with 31 companies accepting crypto payments. These range from commercial airlines such as Norwegian Air and Vueling to private jet hire like Fast Private Jet, LunaJets and PrivateFly. Cruise companies Royal Caribbean and Princess Cruises are also on the list, as well as trip-organizing help sites like GetYourGuide.

• The top five closes with Internet & Online Services companies, as 28 accept crypto as a form of payment. These companies offer a service available to use online from our phones and laptops, such as Google Play and Spotify, and different VPN services like CyberGhostVPN, ExpressVPN and FrootVPN.

David Kemmerer, Co-Founder and CEO of CoinLedger commented on the findings:

“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.”

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Based on several local reports, DLM Trust came out on October 26 2023 to refute media claims that it had entered a partnership with the beleaguered Nigerian crypto company, Patricia Technologies.

DLM Trust, which provides trust services to individuals, corporations, sub-sovereign, and federal government agencies, was appointed as Escrow Trustee by Patricia to coordinate the management and disbursement of customers’ funds in Naira, in an Escrow Agreement dated October 18 2023 (the “Agreement”).

However, the company cancelled the arrangement citing ‘multiple breaches in the terms and conditions of agreement and trust.

On this note, DLM Trust Company in accordance with clause 20 of an Agreement signed between DLM Trust Company and Patricia Technologies which stated that the agreement should not be construed as a partnership by any of the parties; announces its termination as Escrow Trustee to Patricia Technologies and dissociates itself from the townhall session announcement, which Patricia has circulated through emails to customers.     

        –  DLM Trust

Still, Patricia says that the repayment plan initiated along with DLM Trustees will go on as scheduled starting on November 20 2023.

“We wish to assure you that notwithstanding this regrettable development, all scheduled payments will proceed, starting from the 20th as initially planned.”

“It is therefore astounding to us that not only have DLM Trustees chosen to renege on our agreement, but that they failed to issue us a notice or extend the basic courtesy of a prior discussion, in stark disregard for the clearly spelled termination clause in our contract. We not only categorically reject this false claim, but we also challenge DLM Trustees to substantiate the allegations.”

Patricia Statement

DLM’s sudden change in direction occured just two days before Patricia’s scheduled virtual town hall meeting during which she intends to address the partnership with the company’s customers. Patricia will have a harder time convincing frustrated customers who want access to their money after the trading platform lost $2 million to a hack last year.

Townhall update

Join us this Friday, October 27th, 2023, from 2 p.m. for an exclusive town hall meeting where we will be keeping you up to date with everything Patricia, the DLM partnership, and all you need to know. pic.twitter.com/y6t2T29pfc

— Patricia (@PatriciaSwitch) October 25, 2023

Starting in April 2023, customers have faced issues withdrawing funds from the Patricia Plus app resulting in a situation akin to a bank run. Patricia took immediate action to mitigate the panic by temporarily suspending withdrawals and restricting customers from accessing their assets.

To address the crisis, the company decided to unilaterally transform its customers’ assets into tokens (The Patricia Token ($PKT), a move which raised concerns and has increased pressure from customers.

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