LONDON, Jan. 21, 2021 /PRNewswire/ -- Wirex, in partnership with the Stellar Development Foundation, has today unveiled brand new primary research into cryptocurrency. The findings identify real-world use cases for cryptocurrency, and highlight consumer needs and pain points, allowing businesses to develop more relevant crypto products that everyday users demand. With Bitcoin having recently reached its all-time high and a series of industry players such as PayPal and Facebook showing support, this analysis could not come at a more pivotal point.
The research is rooted in Wirex and Stellar's parallel goals to encourage the mass adoption of the digital economy. Over the past 6 months, these leading players have undertaken surveys into their userbases to understand individual's spending habits, attitudes towards crypto, and use of the currency. Following in-depth analysis, they have produced a hugely insightful and easy-to-understand 20-page report that reveals never-before-seen information about the digital economy.
The report provides brand new insights into cryptocurrency usage across different age groups, genders and countries. According to the findings, 74% of respondents view crypto payments as a viable alternative to traditional money transfer services, whilst only 25% of people have heard of the term 'stablecoin' before. Nevertheless, the report also challenged some common held beliefs, suggesting that age and security is no barrier to adopting blockchain technology, with 57% of respondents being aged 45 and over, and 86% of people suggesting that they felt safe using crypto.
Wirex CEO and Co-Founder, Pavel Matveev, discussed the significance of this research: "It's clear that crypto is a considerably under-researched area, and it's vital that we better understand it to be able to produce products that rival the traditional economy and address users' concerns. At Wirex, we have always believed that the benefits of crypto can offer a viable alternative for payments in the future, and the findings of this report definitely underpin this."
The Stellar Development Foundation's CEO and Executive Director, Denelle Dixon, explained that "to foster greater participation in the global financial system, it is important that people understand how to access services and what options are available to them to spend and save money. Traditional cross-border payments are costly and take time to settle, but it doesn't have to be this way. Our research will help us get a glimpse into the pain points people experience with international transactions and highlight opportunities where blockchain and crypto can be part of the solution."
Wirex and Stellar have worked closely since early 2019, when Stellar Lumens (XLM) launched on the Wirex platform. Over the coming months, they will release a series of new articles on the Wirex blog, featuring insights, thoughts and commentary about the report's findings from key stakeholders around their businesses. They also plan to undertake more extensive research into other audiences, further complementing and developing on topics covered in their first report.
To read a full-version of Wirex and Stellar's 'The Future of Money' report, visit: https://wirexapp.com/blog/post/2021-the-year-of-crypto-0250
About Wirex
Wirex is a worldwide digital payment platform and regulated institution that has forged new rules in the digital payments space. In 2015, the firm developed the world's first crypto-enabled payment card that gives users the ability to seamlessly spend crypto and traditional currencies in real life.
Wirex was created in 2014 by CEOs and co-founders Pavel Matveev and Dmitry Lazarichev, who identified the need to open up the esoteric world of cryptocurrencies and make digital money accessible for everyone. With the core aim of making it as easy as possible to use digital assets in everyday life, Wirex provides a trusted and cost-effective service for crypto and traditional currency transactions by incorporating the next generation of payments infrastructure integrated with cryptocurrency blockchains.
With over three million customers across 130 countries, the company offers secure accounts that allow customers to easily store, buy and exchange multiple currencies instantly at the best live rates on one centralised mobile app. Quick and simple money transfer options are available, as well as the freedom to spend 150+ traditional and cryptocurrencies in more than 61 million locations around the world using the Wirex card.
Wirex continues to develop the product in line with market developments, whilst adhering to regional regulations and securing appropriate licensing where it exists. A proven industry pioneer, Wirex introduced the world's first bitcoin reward programme, Cryptoback, which earns cardholders up to 1.5% back in bitcoin for every in-store transaction they make, as well as launching their own native utility token, WXT.
Wirex is based in London, with offices in Singapore, Kyiv, Tokyo, Toronto, Dallas, Dublin and Atlanta. With over $4bn worth of transactions processed already and rapid expansion into new territories, including the US and Japan, Wirex is uniquely placed to support and promote the mass adoption of a cashless society through creative solutions.
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