Wirex, in partnership with the Stellar Development Foundation, has unveiled brand new primary research into cryptocurrency. The findings identify real-world use cases for cryptocurrency, and highlight consumer needs and pain points, allowing businesses to develop more relevant crypto products that everyday users demand. With Bitcoin having recently reached its all-time high and a series of industry players such as PayPal and Facebook showing support, this analysis could not come at a more pivotal point.
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The research is rooted in Wirex and Stellar’s parallel goals to encourage the mass adoption of the digital economy. Over the past 6 months, these leading players have undertaken surveys into their userbases to understand individual’s spending habits, attitudes towards crypto, and use of the currency. Following in-depth analysis, they have produced a hugely insightful and easy-to-understand 20-page report that reveals never-before-seen information about the digital economy.
The report provides brand new insights into cryptocurrency usage across different age groups, genders and countries. According to the findings, 74% of respondents view crypto payments as a viable alternative to traditional money transfer services, whilst only 25% of people have heard of the term ‘stablecoin’ before. Nevertheless, the report also challenged some common held beliefs, suggesting that age and security is no barrier to adopting blockchain technology, with 57% of respondents being aged 45 and over, and 86% of people suggesting that they felt safe using crypto.
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Wirex CEO and Co-Founder, Pavel Matveev, discussed the significance of this research: “It’s clear that crypto is a considerably under-researched area, and it’s vital that we better understand it to be able to produce products that rival the traditional economy and address users’ concerns. At Wirex, we have always believed that the benefits of crypto can offer a viable alternative for payments in the future, and the findings of this report definitely underpin this.”
The Stellar Development Foundation’s CEO and Executive Director, Denelle Dixon, explained that “to foster greater participation in the global financial system, it is important that people understand how to access services and what options are available to them to spend and save money. Traditional cross-border payments are costly and take time to settle, but it doesn’t have to be this way. Our research will help us get a glimpse into the pain points people experience with international transactions and highlight opportunities where blockchain and crypto can be part of the solution.”
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