Binance’s latest analysis reveals that around 60% of crypto owners around the world keep their digital assets with crypto exchanges and fund managers. 26% out of the remaining 40% store their crypto assets in cold wallets and the remaining 11% of holders keep their funds in hot wallets.
Binance has recently conducted a global study in which it has surveyed at least sixty-one thousand digital assets owners/holders/users/investors globally. It was informed by Binance that for the completion of its study, Binancestarted its survey on September 15, 2020, and extended it up to 178 countries, which ended on October 25, 2020.
Analysis Findings revealed that there is a genuine risk for crypto owners/holders/users/investors to keep their digital assets with third parties i.e. exchanges/fund managers. But still, the majority prefer to keep their digital assets with third parties due to security reasons. As per the analysis report, at least 60% of crypto users are those whose crypto assets are lying with crypto exchanges. Out of 60%, at least 28% are those who give utmost importance to exchange’s reputation with which they are associated with. This is so because they want to ensure that the crypto exchange is secure for trading as well as for storing digital funds.
During the survey, Binance also found out that user interface and trading platform’s experience is also a matter of grave concern for crypto users. They prefer those platforms where they are able to enjoy a user-friendly interface and where the trading experience is not complex but simple.
Out of 61,000 surveyed crypto users, about 3% prefer a trading platform that has an impeccable reputation plus compliance with policies and regulations.
As regards the question of whether the crypto owners have been earning any income on their digital assets, 51% responded in yes. Out of these 51, at least 15% were those who admittedly stated that crypto is one of their primary sources of generating income, while the rest of 36% claimed that crypto is their alternate source of generating income.
Binance’s survey also revealed some interesting findings as well. At least 48% of 61,000 crypto users are using digital assets just as a hobby. They neither use it for income generation nor believe that it is a great source of storing value for the future. Instead, they suggested that their family or friends insisted upon them to buy crypto and they did to make them happy.
In the South Asian Region, the survey found further interesting findings. For instance, 52% of crypto users from the South Asian Region stated that they are fond of using Dapps. Interestingly, at least 66% of the entire Dapp users are found to be actively using applications relating to DeFI. This means that decentralized finance is quite popular in this region.
The study further suggested that there is a lack of confidence amongst crypto users with regard to the usage of stablecoins. At least 78% showed their lack of interest in stablecoins. They stated that instead of stablecoins, they would prefer such coins that are supported by any financial institution.