Binance Research: 60% Of Cryptocurrency Users Prefer Exchanges To Store Their Digital Assets
2 Feb 2021 — Binance Research reported that 60% of #cryptocurrency users prefer exchanges to store their digital assets. The 2021 Global Crypto User Index examined over 61,000 crypto users across 178 countries and regions.
Although this may seem like a vast improvement from its Oct 2019 results, (92% of the institutional investors preferred to keep their crypto on centralised exchanges), 60% is still a high number of people trusting centralised exchanges and is indicative the market has still a long way to maturity.
Institutions offering exposure to crypto investments should take necessary steps to adopt third-party, safe and regulated custody solutions and not just rely on ‘free’ ones that comes with trading accounts from exchanges.
The latest survey shows that while customers value security the most, it is surprising that majority of them still store funds on a centralised cryptocurrency exchange albeit it is widely considered to be the riskiest way.
A number of security breaches at the exchanges in recent years has prompted some regulators to mandate the use of professional, third-party digital custody provider to secure storage of crypto assets.
Full report: https://lnkd.in/gCmTQuA