Survey data reveals outage and trust issues for crypto
In tandem with the launch of
sponsored the 2022 Crypto Confidence Report, a survey conducted by Propeller Insights of 522 consumers including both crypto users and non-users designed to shed light on current consumer perceptions of crypto and the impact of outages on consumer trust.
Service outages on crypto platforms play a big part in damaging consumers’ trust in and loyalty to crypto companies. Among survey respondents, 45% of crypto users have experienced a service outage on a platform they use for trading crypto and were unable to access their accounts or funds at some point in time. This directly impacts consumer loyalty and retention to their crypto platform of choice. When an outage occurs, 71% of crypto users said they would either withdraw all of their money from that platform once it became accessible again or switch to another platform, exchange or wallet after the outage ended.
Trust is a top concern for crypto users and non-users
Trust is a major concern as crypto tries to go mainstream. Two-thirds (66%) of crypto non-users said they “do not trust crypto platforms, exchanges and wallets” while just 10% of crypto users feel the same way. But even among crypto users, trust is still a looming concern as the majority of crypto users (58%) reported they only “somewhat trust crypto platforms, exchanges and wallets.”
Insurance increases trust in crypto providers
Nearly two-thirds (65%) of all respondents said they would be more likely to buy, trade, or store cryptocurrency on a platform, exchange, or wallet that offered compensation if that platform became inaccessible due to a technology outage. Among crypto users, a whopping 89% reported they would be more likely to buy, trade or store cryptocurrency on a platform that offered compensation if it were to become inaccessible. More than half of crypto non-users (52%) agree, saying they would be more likely to engage in crypto activities through a company that has downtime compensation in place.
“Consumers and businesses are more likely to transact with crypto companies that have the trust and financial backing to ensure customers can be made whole in the event of an outage,” said
- Cover liabilities and maintain trust by securing funds to compensate customers and prevent churn due to cloud outages.
- Insure their biggest business expense, cloud spend, by mitigating the risk of outages as their cloud spend grows.
- Protect their revenue and cash flow by maintaining liquidity, business continuity and contingency cash flow.
To receive a full copy of the 2022
About the 2022 Crypto Confidence Report In
is the provider of parametric cloud downtime insurance. Policies cover financial losses for businesses when outages of the cloud or e-commerce platforms occur. The
platform automates risk assessment, provides instant quotes and delivers payments within days. We are backed by certain underwriters at
and a top three global reinsurer. For more information, please visit http://www.parametrixinsurance.com.
Read the full story at https://www.prweb.com/releases/2022/04/prweb18599431.htm