Binance Research Reveals Report on Crypto-currencies

Mar, 2021 - By WMR

On January 28, 2021, Binance Research disclosed the first-ever report on cryptocurrencies, which have gained over 100 million new users in 2020.

More than a decade after we were introduced to the world’s first crypto-currency, Bitcoin, these platforms have crossed a benchmark recently. A report by Binance Research that involved examining 61,000 crypto-users from 178 countries, claimed that around 97% of user were confident about the long-run of crypto-currency in the coming years. While 15% of users considered it as their prime source of income and the 52% of users did not consider this investment as their hobby. The average age on new crypto users was 34 years.

Other insights of the report included:

DeFi gaining popularity: DeFi applications are used by 66% of crypto-users mainly from Southeast Asia.

Bitcoin refuses to slow down: Around 65% of the total crypto-currency users have investments in Bitcoin. This digital currency continues to dominate the industry even after the rise of its rivals.

Exchanges for the save: About 60% crypto-users have limited their digital transactions within the exchange. While choosing an exchange, users prioritized User Interface, reliability, and exchange pairs for the transaction.

Applications of crypto-currency: 11% of crypto-users used the currency for payments, 22% of users used it for staking and lending, and 39% of users just used it for holding and 21% used it as a medium of exchange.

A spokesperson from Binance Research said, ‘We are seeing accelerated adoption of cryptocurrencies as more major players show support and provide additional channels for people to invest. It’s increasingly important for us to understand crypto users as well as their corresponding attitudes and behaviour.’

The objective of this research was to understand the behaviour, preferences, and interests of the crypto-users across the globe and various markets.