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Cryptocurrency News Articles
Fiat On-Ramps Still Crucial Gateway for Web2 Users to Enter Web3
Apr 22, 2024 at 04:02 pm
Despite a shift in volume towards noncustodial wallets, fiat on- and off-ramps remain a significant gateway for Web2 users to enter the crypto space, according to Aviessa Khoo, executive director at Mercuryo, a crypto ramp solutions provider. On-ramps facilitate the purchase of cryptocurrencies using fiat currency, making them crucial for onboarding new users.
Fiat On-Ramps Remain Gateway to Crypto for Web2 Users Despite Volume Shifts
Amid the evolving crypto landscape, fiat on-ramps continue to play a pivotal role in facilitating the entry of Web2 users into Web3. Aviessa Khoo, executive director at Mercuryo, a leading provider of crypto on-ramp solutions, believes that on-ramps remain the primary gateway for non-crypto natives.
At the recent Token2049 event in Dubai, Khoo shared insights into the shifting trends observed in fiat on-ramp utilization. She highlighted that while centralized exchanges were the primary source of on-ramp transaction volumes between 2017 and 2022, a recent trend has emerged, with increasing volumes being directed towards noncustodial wallets. This suggests a shift in user behavior, with individuals opting to acquire and hold their crypto assets rather than trading them through exchanges.
Despite this shift, Khoo emphasizes the enduring significance of on-ramp solutions as a crucial tool for onboarding new users into the crypto ecosystem. She notes that on-ramps provide a convenient and accessible entry point for individuals unfamiliar with the intricacies of cryptocurrencies.
"On-ramp is definitely still the biggest gateway to onboard Web2 users into Web3," Khoo stated. "Bridging these non-crypto users into Web3. If you talk about fiat on-ramp, the infrastructure is good for non-crypto native people."
However, Khoo acknowledges that crypto-native users may find on-ramp solutions less appealing due to the relatively high fees associated with using Visa or Mastercard debit cards. This segment of users often prefers peer-to-peer (P2P) solutions as a more cost-effective alternative, albeit with potentially higher risks.
"There's still a lot of crypto native people who will go to P2P or just any other offline, on-ramp solutions, which are cheaper, maybe higher risk," Khoo added.
When queried about the critical improvements necessary to attract a broader user base to the crypto space, Khoo underscored the paramount importance of user experience (UX). She believes that UX is a fundamental element that heavily influences adoption rates.
"Because I'm from the payment infrastructure side, I think user experience is very important," Khoo explained. "And this is something that all the product managers that I have been working with are the most concerned on."
Khoo shared an anecdote about an investor who possessed a Bitcoin wallet from around 2017 but had forgotten the password. "These are like investors, but they are non-crypto natives," she stated.
"If you ask me how are we able to onboard all these users easily to boost the conversion rate of Web2 users into Web3, I definitely think that UX plays the most important part," Khoo added.
Echoing Khoo's emphasis on UX, Chainlink co-founder Sergey Nazarov addressed the current state of user experience in the crypto space at Token2049. Nazarov asserted that the current UX falls short of the desired standards.
"The current user experience in the crypto space is nowhere near what it needs to be," Nazarov said. "There's still a lot to be done in that regard."
Nazarov believes that crypto must significantly improve its usability to achieve mainstream adoption. According to him, the industry needs to focus on delivering seamless and intuitive user experiences that cater to the needs of both crypto-native and non-crypto-native users.
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