Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Crypto introduces trust into finance

Crypto introduces trust into finance

CryptodailyCryptodaily2023/11/15 12:42
By:Laurie Dunn

A  report published by ZeroHash on Tuesday highlights the new wave of crypto adoption is being inspired by a perception of renewed trust in the sector.

Crypto went through a very challenging time in 2022 as the bull market was followed by the bear, and several leading lights in the industry were found to be wanting, as fraudulent bad actors came to the fore, leading to an all time low in trust and confidence in exchanges and other players in the crypto sector. Ryan Grace, Head of Digital Assets, tastytrade said:

“Trust is so important in crypto given the uncertainty of the nascent industry, the evolving regulatory landscape, and the perception that crypto is the ‘Wild West,’ given some industry participant’s recent failures to put customer interests ahead of their own.”

However, as 2023 has progressed the crypto industry has started to see a renewed growth in trust and optimism, with more consumers now wanting to include crypto in their portfolios.

According to the ZeroHash report , consumers are reengaging with crypto because they believe that it is here to stay, and so now, on average, three out of every four consumers kept their interest in crypto or have increased their engagement since 2022.

Crypto introduces trust into finance image 0

Source: ZeroHash Trust Report

An interesting development is that consumers put more of an emphasis on regulatory standards and safety before investing in a crypto project, with reputation one of the other foremost deciding factors.

Crypto introduces trust into finance image 1

Source: ZeroHash Trust Report

In fact, reputation was the key consideration for consumers in the US, UK, Australia, and Brazil when choosing a company to use to buy and sell crypto. Fees charged are a lesser consideration compared with reputation and regulation.

The report goes on to state that “education, reputation, and utility will drive further adoption”. It posits that “consumers simply want a solution that’s better than what they have access to today”, and crypto and blockchain appear to fit that bill.

“The best way to engender trust with consumers is to create products that work seamlessly and consistently. There is no replacement for quality service.”

Pietro Moran, Director of Crypto, Shift4.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Bank of England boss says stablecoins require 'high bar' regulations, still exploring a UK CBDC

Bank of England Governor Andrew Bailey said that bitcoin and stablecoins will require different approaches to regulation.The central bank chief also confirmed it was still looking into a CBDC in collaboration with the UK government.

The Block2025/02/11 16:23

Sol Strategies tapped as staking provider for 3iQ’s proposed Solana Staking ETF in Canada

3iQ submitted on Jan. 28 the preliminary prospectuses with the Ontario Securities Commission and other Canadian regulators to list the 3iQ Solana Staking ETF.As of Jan. 31, Sol Strategies and its subsidiaries held an aggregate of 189,968 SOL, worth about $38 million at press time.

The Block2025/02/11 16:23