October 2020 Report & Analysis
October was an exciting time for all crypto enthusiasts and even more so for aficionados of Bitcoin — the much-awaited price soar seemed to inspire even the most suspicious, which led to gigantic confirmation queues while all the world was trading. But what about Cryptopay enthusiasts? Do they have something exciting to look forward to? They definitely do. Let’s take a peep.
Total October 2020 revenue: € 787,191
October 2020 Revenue share: € 78,719
October 2020 Revenue share in ETH: 203.4874 ETH
Share per 100 CPAY: € 0.087
Distribution date: November 11, 2020
This was truly Bitcoin’s month. Trading at over $15,300 at the time of writing, the coin began its sure ascent to glory in the last 10 days of October and nearly grazed the $14,000 level on 31st. As of now speculations and analyses suggesting that BTC will go even higher are proving accurate: and while it brings even more attention to the coin, it also causes regular traffic jams — apart from rising miner fees, in October, many transactions took several days to confirm.
Litecoin, which usually shuns the attention of the wider public, enjoyed a 21% rise (and finished October on a $58 note), which undoubtedly comes as a result of the long-awaited launch of MimbleWimble — a blockchain design which allows for increased privacy and better network scalability.
Finally, Ethereum has also seen its price increase by 13% in October. Starting the last autumn month at $395, it’s now aiming at $450.
While being a wild ride for the big three, not nearly half as favourable was October to DeFi, as many of its darling projects ended the month in a slump (for example, the much-discussed UNI, in particular, experienced a 43% fall). But as the crypto market is constantly in motion, we suspect that something will develop in this direction quite soon.
In October 2020, both B2B and B2C sectors had a unanimous growth of 20%, resulting in quite an outcome.
For the B2C sector, the growth has been prompted by an increase in the number of cryptocurrency purchases (both card deposits and bank deposits with subsequent exchange operations). The gradual growth of the card programme also plays into the positive dynamic. Obviously, this is largely due to the strengthening of the Bitcoin rate in October 2020, and it will be interesting to compare this month to the next one as the BTC rate doesn’t seem to decline.
The B2B team owes its success to a few new merchants as well as the increase of the turnover of the already existing ones. Here, it is worth noting that we have recently introduced a new accounting system (our own development) and changed the accounting policy concerning revenue recognition in B2B due to new contracts and terms. This has led to an increase in revenue on paper, and while the actual financial result is also improving, it is doing so at a slower pace. Nevertheless, we want to be fair to our token holders, and thus we’re calculating revenue share based on official figures even if it means we have to pay more.
The pandemic situation is still keeping us on our toes. The world economy is going to go through quite an arduous winter, and we’re accumulating reserves and preparing for the impact it might have on us. Still, we continue hoping only for the best.
And in many ways, our hopes are being fuelled by our new products and features, which are meant to make your crypto life a bit more comfortable. And nothing says comfortable like Recurring purchases — a product that allows you to buy cryptocurrency automatically, according to the schedule you set up (now comes complete with a preset option).
Coming up next: Pending orders, which will allow you to buy or sell automatically when the price hits a certain level. Being a highly requested feature, we’re happy to be able to introduce it in the nearest future, so you can finally give it a Cryptopay try.