Consumer confidence in crypto remains strong despite FTX’s fallout

A news to analyze by blockchain infrastructure company Paxos it shows that crypto owners see cryptocurrency as an investment and want to offer products and services that are supported by major financial service providers.

Top 5 Reasons Respondents Are Interested in Crypto

According to the survey released on March 7, three of the five most desired use cases for crypto are everyday financial transactions, such as payments and remittances.

(Source: Paxos)

The top 5 reasons respondents said they are interested in crypto are remittances (34%), day trading (36%), credit card and/or loyalty rewards (38%), to pay for goods or services (42%), and as a long-term investment ( 52%).

40% of respondents indicated that they would be motivated to invest more in crypto if more merchants accepted it as payment.

The study found that card companies like Visa and Mastercard also have the potential to benefit from the widespread adoption of crypto, with respondents expressing a strong interest in earning credit card or loyalty rewards in crypto.

Confidence in crypto remains high, perhaps too high

Even after the FTX and Alameda crashes wiped out billions worth of institutional and retail funds overnight, 89% of survey respondents said they trust banks, crypto exchanges and/or mobile payment apps to hold their crypto.

Interestingly, 27% of respondents bought crypto for the first time in the past year, indicating that despite the crypto winter of 2022, interest in crypto remained strong and new users continued to enter the market. Additionally, 72% of respondents said they were slightly or not at all concerned about the volatility of crypto markets over the past year, further highlighting this positive sentiment towards the crypto industry.

(Source: Paxos)

Crypto Consumers Urge Banks to Join Crypto Ecosystem, Survey Finds

The latest survey shows that crypto owners want their banks and other financial institutions to enter the crypto market and accept crypto purchases. According to the survey, 75% of respondents are likely or very likely to buy crypto from their main bank if offered, and 45% would invest more in crypto if banks and other financial institutions fully embrace digital assets. The survey also reveals that banks have a significant opportunity to meet the needs of existing customers and expand their offerings to support digital assets, given that two of the three crypto-buying platforms are non-crypto-focused fintech companies.

  • Two of the three platforms crypto-owners use to buy crypto are non-crypto-based fintech companies: PayPal (31%) and Robinhood (26%).
  • Among respondents who purchased crypto in the past year, 68% made purchases at least 1-2 times per month.

A total of 5,000 participants gathered to take part in Paxos’ online survey from January 5, 2023 to January 6, 2023. The full findings are based on weighted sums of survey responses and are available on Paxos. website.

Posted In: Adoption, Examination

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