Crypto Lessons and ‘Last Unbanked Generation’


Cryptocurrency prices have been collapsing for more than half a year, so it seems counterintuitive to say that investing in cryptocurrencies is a tool that can create “the first financially successful generation”.

However, Eddie Behringer, co-founder and CEO of teen-oriented and education-focused Copper Banking, said he sees cryptocurrency winter as an educational opportunity for his customers, whose “sweet spot” is about 15 years old.

“The way we do that is really providing education behind that access,” she told KY Webster of PYMNTS.

And with Generation Z and Copper’s target consumers behind the growing adoption of crypto by the mainstream, Behringer said that “many of the things we see in this volatility are really great opportunities for us to really educate.”

That’s a big part of Copper’s broader strategy, he said: providing that financial education by providing teens with the “real access” they need “to be truly part of the ecosystem”.

They can also access it in a much safer space than going to a decentralized finance exchange (DeFi) because major exchanges like Coinbase only take customers 18 or older, Behringer said.

“At the grassroots level, we are incorporating the next million consumers,” he added.

That is not a need that is limited to young people. With only 68% of Americans considered financial overall, experts say, helping people successfully invest in the newer and often complex cryptocurrency industry and their economy needs a hand.

Related: Which tells us the story of how to find the bottom of Bitcoin

Education First

“Long before offering cryptocurrency along with banking and our fully managed investment products in MoneyLion, we launched modules on the basics of cryptocurrency,” starting with the history of bitcoins and various altcoins, MoneyLion co-founder and CEO Diwakar told Webster Choubey.

Noting that only 17% of Americans took a personal finance course in high school, Choubey said that even before the new bank began working with Crypto-as-a-Service provider Zero Hash to build its cryptographic lanes, the first step was to spend “a lot of time creating content … really discussing what this new technology is and what it can ultimately mean to society as a means of storing money or a means of payment.”

As for why they created cryptographic services, Choubey said customer surveys found that 80% wanted access to cryptocurrencies.

Even with the 2022 crash, Choubey said “the crypto is the owner of the zeitgeist” to the point that its customers receive scattered and often questionable information from social media.

See also: Dogecoin and Crypto’s Mermaid Song

“Our customers told us [they] I want to be aware, despite potentially having a lower salary than someone who can use an exchange like Coinbase, he said.

“We wanted to be the ultimate source for having the right advice on how a consumer should think, if you have $ 1,000 to invest, you should probably start with your fully managed investment account, which carries out the book. risk, your age, your type of job and when you may want to retire, ”he added.

But once they put 80% into that goal-oriented account, he noted that many want to play with bitcoin and ether, the cryptocurrency of blockchain number 2, Ethereum.

Virtuous circle

That’s something Zero Hash is seeing from other customers, co-founder and CEO Edward Woodford told Webster.

“We continue to see demand,” he said, noting that the company opened a record number of new cryptographic accounts between early and mid-June. “I think people realized that cryptocurrencies were for sale.”

More specifically, new banks can open up cryptocurrency investments to unattended customers and communities in a simple, flexible, and hassle-free way they often didn’t have access to, Woodford said.

But it’s not just a direct investment, he added. A good number of clients are seeing success with deals like cryptographic rewards programs and that allow people to acquire digital assets without taking money out of their wallet.

“There’s this piece of the virtuous circle,” he said. “Now you can round up, you can be rewarded. Then you can sell those assets, you can buy, you can increase as you feel more secure and comfortable with the different pieces. It’s really about incorporating it and fitting into the customer experience.”

That’s key because the goal is to keep those customers, rather than them withdrawing funds and going to Coinbase.

“Why they’re with you has to be the main piece,” Woodford said. “It’s around that comfort, that education” and that they are “integrated with the brand they already trust”.

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NEW PYMNTS DATA: THE STUDY OF THE MEASURE OF PURCHASING TO MEASURE – MAY 2022

About: PYMNTS ’survey of 2,094 consumers for The Tailored Shopping Experience report, a collaboration with Elastic Path, shows where retailers are right and where they need to improve their game to deliver a personalized shopping experience.



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