Nov 14, 2023 - Business

Report: Familiar brands drive trust in crypto offerings

Illustration of an open briefcase with a small glowing cube inside

Illustration: Annelise Capossela/Axios

Consumers haven't completely turned their back on cryptocurrency as an asset class, but offerings from familiar brands help them feel more confident.

Driving the news: A new report based on a survey of 3,000 consumers in the U.S., United Kingdom, Brazil and Australia found a strong preference for trusted brands as purveyors of cryptocurrency offerings.

  • The report was authored by ZeroHash, a crypto infrastructure provider, with participation by companies such as Stripe, Plaid and Circle.

Big pictures: Respondents broadly showed themselves as more wary of the sector than they were before the disasters of 2022, but it's not all bad news for the industry either. A sizable portion of respondents still reported at least cautious optimism about the space.

  • 55% of the respondents in the survey were not crypto users.

By the numbers: Three quarters of respondents said that their engagement with crypto is either the same as it was or that it has increased.

  • The two biggest factors consumers reported that they looked for in potential intermediaries to engage with were reputation and regulation.
  • 53% of respondents said they now want to know exactly how assets are stored.
  • 80% of respondents said that they want to engage with crypto through a traditional financial services company.

In the weeds: Variation could be found across generation and regions. The U.S. had the weakest preference for regulation. Gen Z was the most interested in tech oriented brands as blockchain intermediaries.

  • But broadly, a general theme prevailed of expecting crypto to continue to exist, but engaging with it more cautiously.
  • 63% of respondents said they would trust a company like Amazon to provide crypto services. 43% said the same for Nike and 40% for Walmart.

Zoom out: These numbers broadly correspond with recent findings from Morning Consult, that found that around 20% of U.S. adults still own crypto with slightly more planning to buy soon.

Go deeper: India, Nigeria lead as developed economies warm to crypto

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