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Behind the shift

Why are consumers shifting their engagement to traditional and trusted brands? In short, they believe that traditional financial services companies offer greater protection. Protection – in the form of transparency, ...

Nov 09, 2023 | Guides | | 1 min read

said I feel traditional financial services offer better protection when engaging with crypto

said I use them for other financial services and trust them when engaging with crypto

“The dynamic nature of the digital assets industry, involving complex technology and regulatory uncertainties, can lead to a lack of understanding, trust and apprehension. Traditional finance brands have well-established reputations, which can project a sense of stability and predictability.”

– Mayank Singhal, Director, Payment Partnerships, Circle

Beyond trust, consumers also prefer existing financial apps because they offer simpler user journeys. In crypto’s first wave of adoption, users were forced to follow lengthy technical processes to transact in crypto. By serving a wider, more mainstream audience, traditional financial services companies have attempted to streamline many steps in the journey, which is now becoming a competitive advantage.

“Too often, consumers looking to transact in crypto are bounced from site to site and presented with impenetrable jargon, hidden fees, and providers of questionable integrity.”

– John Egan, Head of Product (Crypto), Stripe

Stripe’s fiat-to-crypto onramp enables users to checkout with Crypto as easily as debit cards.

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Behind the shift

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