The State of Crypto report, written in collaboration with Coinbase, emphasizes three major themes that crypto offers to the traditional payments world: cheaper transactions, speedier processes, and improved access.
The report highlights the public desire for innovation, with a majority of consumers advocating for cheaper transactions, faster processing times, and improved access to financial services.
Compared to conventional methods, blockchain networks offer significantly cheaper and faster payment processing. Fees on blockchain networks can be less than $0.01, while wire payments can incur fees up to $50. Additionally, DeFi loan processing outpaces traditional banking by 144 times, democratizing access to financial services.
The report also notes that younger generations, including Gen Z and Millennials, are most likely to embrace a reformed financial framework that emphasizes cost-effectiveness, rapidity, and straightforward access.
In summary, the State of Crypto report highlights the tangible benefits of blockchain and crypto, envisioning a future where financial transactions are not only cheaper and faster but also enable global accessibility.
