Crypto payments in Israel are on the rise, but still only NIS 21 million annually
Crypto payments in Israel are on the rise, but still only NIS 21 million annually
Four local businesses dominate the crypto transactions space, being responsible for processing payments with a total value of NIS 8.3 million during 2021
The crypto market may be red hot, but the digital currencies traded on it are still far from achieving their goals. According to data from Green Invoice, in 2021, businesses in Israel reported transactions worth NIS 21 million (approximately $6.5 million) made in Bitcoin and Ethereum. This is just a fraction of the volume of total transactions documented by the company throughout the year, which amounted to NIS 47 billion, before VAT.
In 2020, the volume of crypto transactions in Israel was NIS 13 million, meaning the year-on-year increase reached 61%. Four local businesses dominate the crypto transactions space, being responsible for processing payments with a total value of NIS 8.3 million during 2021. The average value of a transaction in these four businesses was NIS 16,000.
Green Invoice, which has an invoicing system at its core, is used by 100,000 businesses in Israel, which constitute about 61% of the registered businesses in the country. In the last three years, the company has started documenting transactions in digital currencies, but only from the middle of 2021 did the use of these currencies begin as a means of payment. According to the company, the most popular areas in which payments are made in crypto are advertising and marketing, internet and computers, building renovations and maintenance, and physical and mental health.
