Europe Sees Surge in Crypto Card Spending
OKX Card usage has surged across Europe this summer, with purchase volume increasing 280% year over year and transactions rising 178%. This growth is part of a broader trend in the payments industry, where crypto cards are becoming increasingly popular.
The OKX Card is designed to bridge the gap between holding digital assets and using them for everyday spending. Customers can fund their OKX Pay account with fiat, eligible stablecoins or cryptocurrency, giving them flexibility over the assets behind their spending.
According to Erald Ghoos, CEO of OKX Europe, 'The most interesting part of this growth isn't simply that customers are spending more with their OKX Card. It's what they're spending on.' He notes that everyday purchases such as groceries, transport and fuel now account for a significant portion of OKX Card spending in key markets.
In Poland, for example, these categories account for 31.7% of OKX Card spending, compared to 22.2% in the Netherlands, 20.4% in Germany and 14.1% in France. The number of monthly OKX Card users purchasing groceries increased 65% between February and July, with adoption accelerating further between May and July.
The growth of crypto cards is significant, with industry-wide purchase volume reaching a record $759 million in July. This signals that digital assets are increasingly being used for everyday spending, rather than just trading and investment.