Recent research from Paxos reveals that a majority of consumers remain hopeful for the future of crypto despite recent volatility
NEW YORK, March 7, 2023 /PRNewswire/ — Despite the tumultuous end of 2022 within the crypto realm, a new survey from Paxos, the leading regulated blockchain infrastructure & tokenization platform, has found that the majority of consumers are still confident in the future of cryptocurrency. 75 percent of respondents stated that they are very confident or somewhat confident in the future of crypto, while 72 percent said that they have little to no worry about the volatility the crypto markets experienced during the past year.
Trust in intermediaries for crypto holding remains strong too, with 89 percent of those surveyed responding that they still trust banks, crypto exchanges and/or mobile payments apps to store their crypto. Furthermore, the demand for increased integration of crypto into everyday financial activity is great, as 42 percent said that their desired use case for crypto was for paying for goods and services, 38 percent said credit cards or loyalty card programs, and 34 percent said sending money to friends and family.
Mike Coscetta, Head of Revenue at Paxos, said: “There is a clear indication from this research that regardless of the discouraging events that have taken place over the last year, consumers are still eager for crypto to become more engrained in their financial lives. It is now up to traditional businesses and financial institutions to provide the experiences that will drive mainstream crypto adoption.”
Additional results from Paxos’ 2023 Cryptocurrency Adoption & Purchasing Behavior Survey include:
- Crypto investing to rise despite FTX and Alameda collapse: Most (57 percent) of those who had heard of the FTX and Alameda Research bankruptcies indicated that they plan to buy more crypto or do nothing in response to the news.
- Banks have key crypto opportunities with older consumers: 81 percent of respondents aged 35-55+ said they were either very likely or like to buy crypto from their primary bank, compared to only 63 percent of respondents aged 18-34.
- National media lags in cryptocurrency information battle: When asked what resources they refer to when making crypto investment decisions, crypto-specific websites (48 percent) and social media (42 percent) were the most popular sources. Traditional resources including national media (36 percent) and financial advisors (34 percent) followed.
About Paxos’ Cryptocurrency Adoption & Purchasing Behavior Survey
Paxos partnered with research firm Pollfish to survey more than 5,000 respondents via an online survey between January 5, 2023 and January 6, 2023. These participants must have lived in the U.S., been 18 years of age or older, and have total household income greater than $50,000. They were also required to have a bank account and must have purchased cryptocurrency in the last three years.
About Paxos
Paxos is the leading regulated blockchain infrastructure and tokenization platform. Its products are the foundation for a new, open financial system that can operate faster and more efficiently. Today, trillions of dollars are locked in inefficient, outdated financial plumbing that is inaccessible to millions of people. Paxos is replatforming the financial system to enable assets to instantaneously move anywhere in the world, at any time, in a trustworthy way.
Paxos uses technology to tokenize, custody, trade and settle assets. It builds enterprise blockchain solutions for institutions like PayPal, Interactive Brokers, Mastercard, MercadoLibre, Nubank, Bank of America, Credit Suisse and Societe Generale. Paxos is a top-funded fintech company with more than $540 million raised from leading investors including Oak HC/FT, Declaration Partners, Founders Fund, Mithril Capital and PayPal Ventures. With offices in New York, London and Singapore, Paxos takes a global approach to modernizing the financial system.
For more information on the survey or to get in touch with Paxos, reach out to
[email protected] or visit paxos.com.
Contact:
Becky McClain
Director of Communications, Paxos
[email protected]
SOURCE Paxos
