Despite several crypto companies’ fallout, people trust centralized crypto custody services: Survey

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The survey revealed that American crypto investors still love to go with centralized crypto custody services, despite the fallout of several crypto companies in 2022.

In 2022 many crypto companies failed to survive because of their bad business model. Many crypto investors lose their funds and now are not expecting any compensation. In short 2022 degraded the confidence of the majority of the crypto investors in centralized crypto services. The downfall of crypto companies forced crypto investors to choose self-custody crypto wallets.

In between 5 to 6 Jan, USDP stablecoin issuer company Paxos Trust conducted survey to figure out the trust level of American citizens over centralized crypto services.

Survey noted that 57% of people are planning to buy cryptocurrencies without taking any tension about any kind of negative crypto news.

Interestingly 89% of respondents said that they are not worried about the centralized crypto services like banks, crypto exchanges, and/or mobile payment apps” to hold digital assets.

Survey stating:

“In fact, despite the high-profile collapses and underlying poor risk management practices seen in several crypto companies, crypto owners still trust intermediaries to hold crypto on their behalf.”

Over the last year, 12% more citizens showed interest to buy crypto assets blindly if offered by their primary bank.

Despite several crypto companies' fallout, people trust centralized crypto custody services: Survey 1
Source: Paxos

45% of respondents admitted that they will feel more confident to buy cryptocurrencies if crypto will go under mainstream adoption among banks & financial institutions.

These data findings are showing that the bankruptcy of several crypto companies & negative news fail to impact the intention of the citizens toward the crypto sector or we can say only a little negative impact.

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