Fiat On- and Off-Ramps Become Crucial Gateway to Crypto Adoption, States Mercuryo Executive
Summary:
Aviessa Khoo, executive director at Mercuryo, emphasized the importance of fiat on- and off-ramp solutions for introducing traditional internet users to the crypto world. Despite a recent trend of crypto transactions moving into noncustodial wallets, Khoo indicates that these ramps still serve as the main entryway to Web3. However, crypto-native users seem to favor cost-effective peer-to-peer methods despite their potential risks. Khoo and Sergey Nazarov, co-founder of Chainlink, both stress the need for improved user experiences to foster mainstream adoption of cryptocurrency.
Aviessa Khoo, a high-ranking official at Mercuryo, a company specializing in cryptocurrency ramp solutions, maintains that despite changes in the usage of fiat on- and off-ramps, these entryways still serve as crucial links for introducing traditional internet users to the cyptocurrency world. In a recent presentation at the Token2049 event in Dubai, Khoo revealed that from 2017 to 2022, transaction volumes for their on-ramp services mainly stemmed from centralized exchanges. However, Khoo noted a recent trend of more crypto transactions being channeled into noncustodial wallets, indicating that users are purchasing and keeping their assets. Despite these fluctuations, Khoo emphasizes the importance of on-ramp services for introducing potential users to Web3. She acknowledged that crypto-savvy users might find these service less appealing due to the high fees associated with using debit cards from Visa or Mastercard, favoring peer-to-peer methods for cheaper, albeit potentially riskier options. On ways to draw more users into the crypto-sphere, Khoo stressed the importance of a seamless user experience. She recounted an encounter with an investor who couldn't recall his 2017 Bitcoin wallet password, reiterating the significance of good user experience in converting traditional internet users to Web3. Sergey Nazarov, co-founder of Chainlink, echoed this sentiment at the Token2049 event, insisting that the state of user experience within the current crypto-sector is far from optimal. He argued that crypto technology must enhance its usability to pave the way for widespread acceptance.
Published At
4/22/2024 10:38:13 AM
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