According to a new survey, roughly 62 percent of people who invest in cryptocurrency would do so through their bank if it offered a crypto investment functionality.
“Our survey shows people want to engage with digital assets through their existing, trusted service providers. That’s a massive opportunity for institutions, fintechs, and the financial system as a whole. With the Paxos infrastructure platform, enterprises can easily enable crypto offerings fully embedded in their own applications. We are continually seeing these offerings drive engagement and customer acquisition for our partners,” said Walter Hessert, head of strategy at Paxos, one of the world’s leading regulated blockchain infrastructure platforms and the company that conducted the survey.
Paxos’ Cryptocurrency Adoption & Purchasing Behavior Survey finds that financial institutions have the opportunity to both recapture the dollars fleeing from their platforms and increase engagement with their customers by offering crypto.
It also showed that crypto holders are also pulling money from traditional, “safer” vehicles to fund their holdings as 30 percent have tapped into savings accounts, while 25 percent have transferred money out of their investment accounts. Further, 35 percent of respondents say they’ve traded crypto once or twice per month over the past year, and 23 percent saying they have done so at least once per week. Thus, the survey concludes, financial institutions that incorporate crypto trading capabilities into their platforms will see more engagement on their platforms.
Among other findings, the survey revealed that 39 percent of respondents use standard debit cards to deposit U.S. dollars into their crypto wallet – the most common means for doing so.
Overall, the survey found that 44 percent of respondents made their first crypto purchase within the past year and another 31 percent within the past two years. In addition, 56 percent say they are very likely to buy or sell crypto in the next two years. Another interesting nugget is that for 34 percent of crypto holders, this is their first foray into investing beyond their 401(k)s or retirement accounts.