In an exclusive interview with Finbold, Justas Paulius, the CEO of crypto payment processor firm CoinGate, stated that despite the prevailing market downturn, the rate of leveraging digital assets for payments remains unmoved.

According to the executive, the crypto winter has impacted shopping behaviour as the sector continues to be influenced by factors like regulations.

In this case, Paulius welcomed the tightening of regulations noting that it builds trust between clients and the cryptocurrency industry.

Managing the prevailing crypto winter

However, he pointed out that with most cryptocurrencies, like Bitcoin (BTC), significantly correcting, holders of digital assets have been shifting to stablecoins as part of dealing with market volatility. According to Paulius:

“That being said, there were a few different insights during this year – despite the crypto market shrinking by more than half, people didn’t really reduce the frequency of their purchases. However, they have shifted a bit from free-float coins to stablecoins.”

Furthermore, Paulius highlighted some of the drivers that can foster mass adoption of cryptocurrencies noting that there is progress in using digital assets on a large scale. The executive noted that:

“The growing interest in crypto from businesses is only one of the indicators that the industry is maturing. The formation of supporting industries, increased public awareness and understanding of how crypto is utilized, and other factors also show that the industry is maturing. Step-by-step, but we are getting there.”

With the cryptocurrency market losing a significant share of its valuation in 2022, the CoinGate CEO warned against focusing on the price of specific digital assets. He noted that there is a need for leveraging the underlying cryptocurrency technology to offer solutions and improve client experiences.