Fiat Ramps: The Biggest Gateway to Crypto — Exec
According to Aviessa Khoo, an executive director at crypto ramp solutions provider Mercuryo, despite changes in the volume of fiat on- and off-ramps, they remain the primary way for Web2 users to enter the world of crypto. Khoo stated at the Token2049 event in Dubai that from 2017 to 2022, there were significant transaction volumes coming from centralized exchanges using on-ramp solutions. More recently, users have been diverting their crypto volumes into noncustodial wallets, suggesting a shift towards buying and holding assets. Despite this shift, Khoo believes that on-ramp solutions are essential in introducing non-crypto natives to Web3.
Khoo acknowledged that crypto-native users may not be as enthusiastic about using on-ramp solutions due to the higher fees associated with Visa or Mastercard debit cards. Instead, these users prefer peer-to-peer (P2P) solutions or other offline on-ramp options that are cheaper but potentially riskier. Khoo emphasized that user experience is crucial for attracting and retaining new users in the crypto space. The payment infrastructure side, which she comes from, places a high value on user experience. She mentioned an interaction with an investor who had a Bitcoin wallet from 2017 but couldn’t recall their password, highlighting the importance of user-friendly experiences.
Chainlink co-founder Sergey Nazarov also addressed user experience at the Token2049 event, stating that the current state of user experience in the crypto space is far from satisfactory. Nazarov believes that there is still much to be done to improve the usability of crypto and achieve mainstream adoption. Both Khoo and Nazarov agree that a significant focus should be placed on enhancing user experience to attract more individuals to the world of crypto.
While there has been a shift in the volume of fiat on- and off-ramps for Web2 users entering the crypto space, on-ramp solutions remain the primary gateway. Crypto-native users tend to seek alternative options due to higher fees, opting for P2P or offline solutions. Improving user experience is vital for increasing adoption, according to both Khoo and Nazarov. Only by providing a user-friendly environment can the crypto industry attract more individuals and achieve mainstream acceptance.
12 thoughts on “Fiat Ramps: The Biggest Gateway to Crypto — Exec”
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How can we achieve mainstream adoption if the current state of user experience in the crypto space is unsatisfactory? We need more concrete solutions, not just talk. 🤨
I’m skeptical about the claim that there has been a shift towards buying and holding assets. I think people are still actively trading.
Just because someone couldn’t recall their password doesn’t mean the user experience was bad. People forget things all the time.
The shift towards buying and holding assets and diverting crypto volumes into noncustodial wallets shows how the industry is evolving. 👍💼 However, on-ramp solutions are still essential in introducing non-crypto natives to Web3. 💼
User experience is important, but so is security. I’d rather pay higher fees and have peace of mind than risk using cheaper but potentially riskier options. 💸
Improving user experience is important, but it’s not the only factor that will lead to mainstream acceptance. Regulation and education are also crucial.
I don’t trust P2P or offline solutions. There’s too much potential for fraud and scams. I’ll stick with on-ramp solutions, thank you very much.
Chainlink co-founder Sergey Nazarov’s point about the current state of user experience in crypto not being satisfactory is spot on. There’s definitely room for improvement! Let’s work towards making crypto more accessible for everyone.
I find it hard to believe that there has been a significant shift towards buying and holding assets. Can we see some data to back up that claim? 📊
User-friendly experiences are key! I can totally understand why crypto-native users prefer peer-to-peer or offline options due to lower fees. 😊 But we need to prioritize the user experience to attract more individuals to the crypto industry. 🌟💰
It’s interesting to note that despite changes in on- and off-ramps, on-ramp solutions still dominate as the primary way for Web2 users to enter the crypto world. 🚀🌍
I’m tired of hearing about mainstream adoption. Crypto doesn’t need to appeal to everyone. It’s fine the way it is.