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Many might think that cryptocurrencies are so volatile, so how can they serve as a payment method? That is true to an extent, but if you think about it, there are countries like Venezuela whose currency lost more than half of its value in a week and continues to depreciate. People have to carry cash in carts to buy items of daily necessities. The citizens of these countries are the first ones to adopt crypto and be optimistic about its future. What are your thoughts, as the survey shows that almost 2 out of 3 people do not understand crypto?

And do you think that the reasoning why developing economies are positive about crypto is correct? Let us know in the comment below. Whereas buying crypto would typically involve setting up a wallet and understanding the transactional process, it can now be done with a single click of a button; more akin to the e-commerce giant Amazon than a complicated financial instrument.

Indeed, many crypto exchanges shifted their model to combining exchanges and wallets, up to becoming one-stop shops to serve all of your crypto needs, which are models that have been popularised by the likes of Nexo and Coinbase. Accessibility is one factor that has made crypto more appealing to the masses, but we cannot ignore that growth has been accelerated by the fact that people have become weary of monetary policies deployed by governments as a response to recent events such as the pandemic, and of current geopolitics uncertainties.

Trust in government is at lows and inflation is high; the ideal recipe for fuelling a desire in people to seize control of their financial future. People are now seeking alternative places to put their money, where they can be in charge of their financial assets, benefit from more favourable returns, and ultimately give them financial freedom in a world where crypto seems the only way they can have a real control towards this goal. The uptake in crypto has been exponential recently, and there has been talk of the number of crypto users exceeding one billion over the next few years, but what do crypto providers need to do to sustain such rapid growth?

A change in consumer demand has been a period of change, not just in the crypto industry but across the fintech sector as a whole. We are beginning to see a trend towards creating more personalised experiences for the end user, and I firmly believe the future of crypto going mainstream lies in offering people to be part of a community that matters to them, with services that answer their problems, and platforms providing them the ability to educate financially.

In fintech we have seen the emergence of community-centric financial services that are tailored to the audiences they serve. Take Yonder as one example; they have specifically focused on reinventing the credit card. Their product removes many of the negative connotations a credit card; hidden fees, discriminatory credit scoring, and reward schemes that are outdated and irrelevant. These are just two examples of many hyper-personalised banking products that aim to tackle financial inequality and help users overcome issues such as financial literacy, credit discrimination and access to banking.

Fintech may be leading the charge when it comes to reaching more people via personalised products, but there are some crypto providers that are also leveraging this same sense of community, and partnering with brands or events to offer users of their platforms tailored experiences that appeal to their interests.

One theme we are commonly seeing now is crypto providers partnering with key brands in the sports industry. In a recent collaboration, they opened up a fan vote in which the top three athletes voted for were paid a bonus in the form of Bitcoin. Back in April, Blockchain. There are countless other examples, but all have the common theme of leveraging pre-existing communities and aligning their own product with these values and identities.

Despite these efforts to promote inclusivity, there are many demographics that have increased their uptake in crypto, and are yet underrepresented in the products and services available to them, presenting crypto providers with plenty of opportunity to address these specific needs. Yet, less than one in ten of the active users in the crypto traders community are female.

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Take Yonder as one example; they have specifically focused on reinventing the credit card. Their product removes many of the negative connotations a credit card; hidden fees, discriminatory credit scoring, and reward schemes that are outdated and irrelevant.

These are just two examples of many hyper-personalised banking products that aim to tackle financial inequality and help users overcome issues such as financial literacy, credit discrimination and access to banking. Fintech may be leading the charge when it comes to reaching more people via personalised products, but there are some crypto providers that are also leveraging this same sense of community, and partnering with brands or events to offer users of their platforms tailored experiences that appeal to their interests.

One theme we are commonly seeing now is crypto providers partnering with key brands in the sports industry. In a recent collaboration, they opened up a fan vote in which the top three athletes voted for were paid a bonus in the form of Bitcoin. Back in April, Blockchain. There are countless other examples, but all have the common theme of leveraging pre-existing communities and aligning their own product with these values and identities.

Despite these efforts to promote inclusivity, there are many demographics that have increased their uptake in crypto, and are yet underrepresented in the products and services available to them, presenting crypto providers with plenty of opportunity to address these specific needs. Yet, less than one in ten of the active users in the crypto traders community are female.

This opportunity will only continue to increase as the audience for crypto grows. The future of crypto exchanges The initial push to unlock crypto to the masses relied on a number of variables, but the primary driver was education.

Offering dedicated financial services to underserved groups is not enough, and many crypto platforms have understood the challenges with educating on crypto. Take American Express; those that use their service will have little to no interest in what an acquirer, issuer, processor and a network do and how it all functions.

Instead, they are invested in the sense of exclusivity provided by the brand and the rewards that come with it. It may be a huge corporation, but it leverages the American Express brand to bring a sense of community, inclusiveness and importantly trust for its members.

There is also the example of the Recording Academy releasing an exclusive NFT drop to commemorate the 64th annual Grammy Awards Show earlier this year, including animated 3D renderings of the Grammy award. So, what can the crypto exchanges learn from this success?

These exchanges will benefit from leveraging the inherent loyalty and trust in brands to overcome any adverse perceptions of the crypto industry. Cancel Continue CDC. You can review and change the way we collect information below. Performance Cookies Checkbox Performance Cookies These cookies allow us to count visits and traffic sources so we can measure and improve the performance of our site.

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