Crypto Adoption Hits 900 Million Users, Trust Remains Key Barrier

Cryptocurrency adoption has seen significant growth, with the number of users potentially exceeding 900 million globally by the end of this year. Despite this, crypto remains a niche asset class, with a user penetration rate of barely 7%. The primary barrier to wider adoption is trust. Institutional investors have embraced crypto by launching ETFs, but this has not expanded crypto’s wallet share; instead, it has cannibalized it by directing transactions through familiar legacy brokerage accounts.

This shift highlights a critical issue: the crypto industry must prioritize gaining the trust of average retail investors. Many crypto platforms are burdened with complexity, which fosters doubt and skepticism. Familiarity with traditional financial services breeds trust, while the intricate nature of crypto can be off-putting. Brian Breslin, a senior executive at a global firm specializing in customer experiences for crypto, identifies three major contributors to this trust deficit: industry jargon, security concerns, and lack of transparency.

Industry jargon, often rooted in English, can overwhelm new users accustomed to more mainstream financial terms. Security concerns, fueled by frequent headlines about hacks and scams, add to the fears of non-technical users. Transparency issues, such as opaque fee structures and platform operations, create suspicion and make it difficult for users to make informed decisions. These elements are part of the broader customer experience (CX) ecosystem, which includes user interface (UI/UX) friction points. Complex navigation, lack of visual feedback, poor mobile optimization, and lack of personalization are common issues that hinder user engagement.

To address these challenges, a strong customer support presence is essential. Chatbots have their uses, but they lack the situational awareness that human agents provide. DeFi leaders must understand that this is a people business, and improving the user journey is crucial. Onboarding is a critical phase where platforms can lose potential users. Streamlining the Know Your Client (KYC) process and providing clear communication about its importance can build trust. AI can automate manual processes and provide real-time updates on the KYC progress, reducing user frustration.

Proactive and transparent communications about security and privacy concerns are also vital. Having an accessible, knowledgeable customer support team backed by AI can provide users with up-to-date and authoritative answers. While AI-supported self-service is an option, users should also have the choice to speak with a human agent. This personal touch can significantly enhance the user experience. Additionally, meeting regulatory obligations does not have to create friction for users. A thoughtfully designed customer journey can make compliance feel seamless.

By focusing on delivering trusted, secure, and seamless customer experiences, crypto platforms can lower the barrier to entry for new users. Improving CX leads to increased user confidence, greater adoption rates, and stronger ongoing engagement. Trust is no longer just a brand value; it is a core operational function in customer experience. In the crypto industry, where users entrust platforms with personal data and digital identities, instilling trust into every step of the customer journey is essential. Platforms must attract and engage users before they can move on to the challenge of retaining them. This involves building systems, policies, and experiences that prove the platform is secure, ethical, and accountable.