back Back

Coinbase reports the UK residents identify cryptocurrency as an alternative

By Joy Dumasia

August 04, 2021

  • Coinbase
  • UK
Share

Coinbase, in its new research report, states the global cryptocurrency exchange platform has found that many Brits are increasingly identifying cryptocurrency as a viable and reliable alternative to traditional financial systems. 

Cryptocurrency has traditionally been seen as a speculative trading investment. Still, several other use cases have emerged in recent years, such as the ability to earn a return on investments via staking into specific blockchains, the ability to facilitate lending through decentralised finance, and as a way of conducting faster, cheaper remittance transfers. 25% of Coinbase’s customers currently participate in one of these ‘non-investment activities. 

Using independent research firm, Qualtrics, Coinbase surveyed over 2000 British adults who have some familiarity with digital currencies to gain a deeper understanding of their attitudes towards current and future engagement with cryptocurrency. It found that: 

  • 41% of Brits saying that their key motivation for investing in crypto was to invest long-term and earn a stable return, 
  • Over half of respondents (51%) would be very interested in taking out a loan by using crypto holdings as a guarantee, in place of traditional methods, and 
  • 39% of respondents were very likely to use crypto to send money abroad or receive money from outside the UK from friends and family. 

Marcus Hughes, Managing Director for Europe at Coinbase, said: “The future of cryptocurrencies is directly linked to their utility and we are therefore hugely encouraged by these findings. We can see that the attitudes of British consumers towards cryptocurrency have transformed significantly in the last few years, with many now considering adopting cryptocurrency as an alternative method to execute traditional banking functions including transactions and loans.” 

Recently, IBS Intelligence reported that Coinbase has recently published their Quarterly Crypto Market report Q2 2021, of the UK and Europe. The Q2 cryptocurrency market report was commissioned by Coinbase and produced by Apex: E3. 

Previous Article

August 04, 2021

Figure announces merger with Homebridge Financial Services

Read More
Next Article

August 04, 2021

SmartStream Technologies hire the new Head of Sales, Managed Services

Read More






IBSi Daily News Analysis

June 21, 2024

Coinbase

Industry experts react after India FIU fines Binance $2.2m, signaling tougher digital asset regulations

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

June 20, 2024

4 Open Banking platforms shaping the future of financial data in the US

Read More

June 18, 2024

GoCardless partners with Federation of Small Businesses to tackle late payments

Read More

June 13, 2024

Flexys partners with Acquired.com for debt collection

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023