According to a recent survey conducted by the cryptocurrency company Paxos, holders of American cryptocurrencies still rely on banks, cryptocurrency trading platforms, and mobile payment apps to hold their digital assets.
The overview, directed in January, means to comprehend how the crypto winter and enormous industry aftermath in 2022 will influence shopper conduct and trust in the digital currency biological system.
89% of respondents still trust brokers to hold their crypto assets, despite the volatile nature of the cryptocurrency industry in 2022, including the bankruptcy of FTX and Alameda Research.
Given the numerous high-profile crashes and poor risk management practices seen in many crypto businesses, this is an important finding.
It's interesting to note that the survey also found that customers are becoming more interested in purchasing Bitcoin, Ethereum, and other cryptocurrencies from conventional banks.
75% of respondents, an increase of 12% over the previous year, were as likely or very likely to buy cryptocurrency from their primary bank if offered.
In addition, 45 percent of respondents stated that they would increase their cryptocurrency investments if banks and other financial institutions adopted them more widely.
Paxos says that banks have a huge untapped opportunity if they include digital assets in their offerings.
The provision of these services would satisfy the increased demand and increase participation.
However, the survey was conducted prior to recent cryptocurrency headwinds such as the bankruptcy of the crypto-lending company Genesis, Paxos's crackdown on stablecoin (BUSD), and Silvergate Capital's financial uncertainty.
The study was directed on 5,000 respondents beyond 18 years old, who live in the US, have an all out family pay of more than $50,000, and have bought digital money inside the beyond three years.
Regardless of the unpredictable crypto scene of 2022, the overview showed that purchasers have not lost trust in their crypto speculations, highlighting the drawn out certainty of those associated with the crypto markets.
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