The 2022 research organized by the partnership between Stellar Development Foundation (SDF) and Wirexapp team point to the improved awareness and growing cross-border use of cryptocurrency in four key markets of US, UK, Mexico, and Singapore respectively.
Stellar Expressed: Today we released the results of an almost 10,000-person survey on crypto sentiment and adoption in four key markets (US, UK, Mexico, and Singapore) with Wirexapp.
In Response to the survey, Denelle Dixon, SDF CEO and Executive Director expressed: “These findings underscore what we’re seeing on Stellar and beyond: more people are growing aware of and turning to crypto and blockchain for faster, cheaper cross-border payment solutions. Thanks to the SDF and Wirexapp teams for bringing this research across the finish line.
The results confirm what we have seen in terms of growing real world use cases for blockchain and cryptocurrency in emerging markets on the Stellar network. Consumers are adopting these new ways of sending money cross-border as a faster, cheaper alternative to traditional banking rails.”
The survey states that there is a shift towards crypto as a payment method, but this shift is a frustration with the existing system. About 53% of the people who were surveyed were feeling that they paid too much in fees for making international remittances using traditional means. About 37% of them were not even sure about what they actually paid in fees.
The survey results, which were compiled from nearly 10,000 consumers did away with a series of myths about cryptocurrency awareness and usage. This also proved that the awareness about cryptocurrency is higher than before. In all markets surveyed, there were more than 80% awareness in all markets, which were surveyed.
End users are now able to understand that cryptocurrency has some real utility in terms of sending money to and from the emerging markets.
Further the survey indicates that women’s attitudes toward crypto are increasingly positive. Approximately half of (45%) of women were surveyed and nearly 59% of men look at crypto as a viable more of sending money overseas.
In the past, low awareness of cryptocurrency used to be a major hurdle for adoption; however, the current survey shows that most of the respondents have heard of cryptocurrency.
When asked queried about why they do not use cryptocurrency, the survey participants pointed to fears of volatility (63%) and security risk (55%), another reason being that it was very complicated to use.
Wirex CEO and Co-Founder Pavel Matveev said, “When we published results from last year’s report, we saw a great appetite for the information, but it also raised even more questions. In this year’s report we went deeper in our research by focusing more on users’ banking and crypto habits and attitudes across a mainstream population. The rise in awareness of cryptocurrency is only the beginning. We see huge opportunities in DeFi, multi-currency users, and cross-border remittances.”
Eventually, Wirex and SDF have started off with initiatives to increase awareness and education of businesses and consumers about the utility of blockchain, particularly about for cross-border transactions.
A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5
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