Crypto poured years into new products. The next challenge is keeping users
In this news:
Key takeaways
- Crypto projects face the challenge of retaining users after initial incentives.
- Institutional investors and networks need to demonstrate actual adoption over testing.
- Word of mouth among competitors and consumers builds crucial trust in financial services.
Someone might initially come for a yield incentive, for example, then use the same assets to trade or spend, he said.
“Show me adoption”
Kevin O'Leary, the Shark Tank investor and chairman of O'Leary Ventures, sees a similar problem playing out among the blockchains themselves.
Speaking at the Avalanche Summit in New York last month, O'Leary said networks looking for institutional business need to show that companies are actually using them.
“The challenge you have is ‘show me, show me adoption,’” O'Leary said.
“The merits of that chain are well understood for those technologists and S&P 500 companies that understand why that's important in building capacity and not being concerned about transaction volume,” he said. “I get it, but what I want to see, and everybody else, and which is why they call it work, is you got to get some deals, and you got to get adoption, not just tests.”
One big customer can also make landing the next one easier. “The most powerful marketing tool of technology is word of mouth between competitors,” O'Leary said.
There is a consumer version of that, too. Financial services depend heavily on trust, Shen said. People are handing over their money, sometimes their paycheck and savings. Hearing that someone else has used a service and found it reliable matters.
Share the article:
Trending News & Crypto World
.png)
Latest Crypto News
Top Trending Cryptocurrencies on The Market
Current Price
$0.3321
Market Cap
$31.5B 0.50%
24h Volume
$363.8M
Supplies
95.0B / ∞
Current Price
$1.015
Market Cap
$24.3B -4.37%
24h Volume
$363.6M
Supplies
24.0B / ∞
Current Price
$81.316
Market Cap
$18.1B 2.57%
24h Volume
$663.3M
Supplies
955.3M / 1.0B
Current Price
$0.08275
Market Cap
$12.9B 2.57%
24h Volume
$589.2M
Supplies
156.3B / ∞
Current Price
$608.44
Market Cap
$11.4B -0.93%
24h Volume
$100.4M
Supplies
18.8M / ∞
Current Price
$1.001
Market Cap
$10.2B -0.01%
24h Volume
$133.7M
Supplies
10.2B / ∞
Current Price
$82.284
Market Cap
$9.8B 2.79%
24h Volume
$100.0M
Supplies
293.4M / 400.0M
Current Price
$12.631
Market Cap
$9.7B 4.51%
24h Volume
$243.4M
Supplies
1.0B / 1.0B
Current Price
$0.2273
Market Cap
$8.5B 3.54%
24h Volume
$283.4M
Supplies
45.0B / 45.0B
Current Price
$9.039
Market Cap
$8.3B 0.05%
24h Volume
$143.1K
Supplies
985.2M / ∞
Current Price
$5.260
Market Cap
$6.9B 8.83%
24h Volume
$1.2B
Supplies
1.3B / ∞
Current Price
$0.1845
Market Cap
$6.5B 3.63%
24h Volume
$116.5M
Supplies
50.0B / ∞