Despite a shift in the way users access cryptocurrencies, fiat on- and off-ramps remain crucial for introducing traditional internet users to the world of crypto. This was highlighted by Aviessa Khoo, executive director at Mercuryo, a crypto disaster solutions provider, at the recent Token2049 event in Dubai.
Increase in transaction volume through on-ramp solutions
Khoo has indicated that between 2017 and 2022 there was an increase in transaction volume through their on-ramp solutions, coming from centralized exchanges. However, recently these volumes have shifted more towards non-custodial wallets, indicating that users are increasingly inclined to buy and hold their assets.
While there is a clear shift in the use of ramp solutions, Khoo believes that these solutions still provide an essential bridge for non-crypto users to make the move to Web3. “Fiat on-ramp solutions provide the necessary infrastructure that is accessible to people new to the crypto world,” she explained.
Khoo admitted that the higher fees associated with using payment cards such as Visa or Mastercard could be a less attractive option for crypto enthusiasts. They prefer cheaper Peer-to-Peer (P2P) solutions, which may involve higher risk but are more financially beneficial.
User experience also matters for crypto adoption
Furthermore, Khoo emphasized the importance of user experience for crypto adoption. She cited an example of an investor from 2017 who forgot his Bitcoin wallet password. “The user experience is crucial for increasing the conversion rate of Web2 users to Web3,” she added.
Sergey Nazarov, co-founder of Chainlink, also spoke about this topic at Token2049, emphasizing that the current user experience in the crypto space is far below par. Both agree that there is still much to be done to improve the usability of crypto and thus achieve wider adoption.
Source: https://newsbit.nl/verschuiving-in-crypto-toegangspoorten-essentieel-voor-web3-adoptie/
