Although there have been changes in the amount of traffic going in and out of fiat exchanges, they continue to serve as the primary entry points for major Web2 users entering the cryptocurrency market, as stated by Aviessa Khoo, a Mercuryo executive director specializing in crypto onboarding solutions.
During the Token2049 conference in Dubai last month, Khoo shared with CryptoMoon that their on-ramp services experienced higher transaction volumes from 2017 to 2022, primarily due to centralized exchange usage.
The executive revealed that a larger share of their crypto transactions lately have been directed to personal wallets, indicating that customers are keeping their digital assets for longer periods.
Despite the recent changes in the popularity of ramp solutions, Khoo is convinced that these tools remain valuable for helping newcomers to the crypto world navigate the complexities of Web3. She expressed this belief by stating:
“On-ramp is definitely still the biggest gateway to onboard Web2 users into Web3, bridging these non-crypto users into Web3. If you talk about fiat on-ramp, the infrastructure is good for non-crypto native people.”
Khoo understood that crypto-native users might not prefer using on-ramp solutions due to the higher fees associated with paying via Visa or Mastercard debit cards. Instead, these users tend to favor peer-to-peer (P2P) methods.
“Some crypto users prefer using Peer-to-Peer (P2P) or alternative offline methods for purchasing cryptocurrencies as they’re more affordable, although potentially riskier, according to Khoo.”
The executive suggested that enhancing user experience is essential for drawing more people into the cryptocurrency world when asked about potential enhancements.
“Because I’m from the payment infrastructure side, I think user experience is very important. And this is something that all the product managers that I have been working with are the most concerned on.”
Khoo described an encounter with an investor possessing a Bitcoin wallet since approximately 2017, who had forgotten the password. She clarified, “They behave like investors, but they’re not well-versed in cryptocurrencies.”
“When asked about effortlessly bringing in a large number of users from Web2 to Web3 and increasing the conversion rate, Khoo firmly believes that user experience (UX) holds the key.”
At Token2049, aside from Khoo, Chainlink’s co-founder Sergey Nazarov emphasized the importance of improving user experience in the cryptocurrency realm. Nazarov pointed out that the current experience falls significantly short of what is required.
The executive expressed the opinion that significant progress is needed in making crypto more user-friendly if it hopes to become widely used among the general public.
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2024-04-22 10:55