Binance surveyed 1,172 of its registered users in jurisdictions where it is allowed to operate and found that 45 percent rely on crypto to earn an extra income.
Binance Holdings Ltd, the leading cryptocurrency exchange by daily traded volume and globally registered users, recently surveyed its registered users to understand top use cases for crypto assets. Notably, the cryptocurrency exchange conducted the survey on 1,172 randomly distributed in Asia, the Middle East, Europe, Africa, and Latin America. The survey happened between November 15, 2023, and December 6, 2023, on the Binance Survey platform. Despite the different opinions relayed by different individuals, it is evident that the crypto industry is better with Binance at the helm. Moreover, the crypto exchange has remained loyal to its users despite the regulatory pressure in the United States among other jurisdictions.
Key Findings of the Binance Survey
About 45 percent of the respondents indicated that their primary use of crypto assets is a means to earn an extra income. Approximately 19 percent of the respondents highlighted that crypto is their preferred method to save money whilst around 9 percent of the respondents indicated that their objective in adopting crypto is to hedge against inflation. Interestingly, more than a third of the respondents, representing about 36 percent, indicated that achieving financial security is their priority in adopting crypto assets.
“I started using Binance Earn products which helped me to accrue interest on my assets, with far better rates than my bank account. It gave me the opportunity to make my own decisions – to stabilize my finances. I can’t think of anything more empowering,” Aman, a Binance user from Asia, noted.
Meanwhile, about 19 percent of the respondents indicated that the high processing fees in traditional financial institutions as the top reason they are using crypto assets. Additionally, 14 percent of the respondents highlighted the slow transitions on traditional banking systems as the main reason for using crypto assets.
“I’m a digital nomad and constantly traveling, so Binance Pay has been a game-changer. I had to plan days ahead if I wanted to send money home, and it was expensive. I can transfer crypto through Binance Pay and it’s there in like two minutes with barely any fees,” Lauri, a Binance user, noted.
Takeaway Points
From the survey conducted by Binance, the majority of the respondents, amounting to 76 percent, indicated that the crypto industry can be used to reduce financial inequality. About 36 percent of the respondents indicated that crypto assets are their favorite mode of making everyday purchases. Interestingly, about 59 percent of the respondents have been using crypto for the past five years, with only 12 percent being new to the web3 industry. As the crypto industry goes mainstream, approximately 20 percent of the respondents indicated that the use of digital assets has significantly improved their investment portfolio.
