According to Crypto.com’s press release, the overall spending per user in 2020 grew by 55% YoY, with nearly half of all Crypto.com Visa Card holders being located in the U.S. (24%) or the U.K (23%), the report showed.
The biggest increase was seen in online spending, which increased by 117% relative to the overall spending growth. Housing, household goods, groceries, and cross-border transactions are the categories that contributed most to the growth.
Despite the overall growth, spending habits were significantly impacted by the global pandemic. The share of spending on restaurants and transportation fell below 10%, while spending on travel, dining, and ticketing saw significantly negative growth. Ticketing experienced the worst decline at -50% since 2019, the report showed.
“This granular spending data gives tremendous insight into where, how, and for what purchases the card is being used globally and reveals significant spending behavioral changes driven by the pandemic,” said Kris Marszalek, the co-founder and CEO of Crypto.com.
Marszalek said the data will enable the company to expand its Crypto.com Visa Card into more markets, which will most likely include NFTs, according to the company’s latest announcement.
In a blog post published on 1 April, Crypto.com announced that its venture arm led the seed round in Efinity, an NFT project created by Enjin. Efinity is a purpose-built NFT blockchain created in partnership with Polkadot, enabling NFTs from any chain to be moved to the network.