2024

Apple

<p>Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial.</p>
<p>Crypto headlines celebrate zero-knowledge rollups and ordinal NFTs. Yet, the biggest leak in the funnel is still the identity check—rigid KYC demands <a href="https://www.vouched.id/learn/blog/kyc-in-crypto-how-to-stay-compliant-without-killing-conversion" target="_blank" rel="noopener noreferrer nofollow">drive</a> 70% of prospects to quit before depositing a cent. That abandonment is pure, unrecoverable marketing burn. Fintechs that treat onboarding as a growth metric tell a different story: a neobank that trimmed forms, added progress indicators, and watched abandonment <a href="https://phenomenonstudio.com/article/the-cost-of-slow-onboarding-how-ux-drives-fintech-growth/" target="_blank" rel="noopener noreferrer nofollow">fall</a> from 62% to 27% while verification time halved.</p>
<p>You might also like: <a href="https://crypto.news/the-new-capital-frontier-is-not-what-you-think-it-is/" rel="noopener noreferrer nofollow"> From the margins to the mainstream: The new capital frontier is not what you think it is | Opinion </a></p>
<p>Signicat <a href="https://thefintechtimes.com/signicat-finds-european-financial-institutions-lose-over-e5bn-yearly-to-poor-customer-onboarding" target="_blank" rel="noopener noreferrer nofollow">puts</a> a price tag on sluggish flows: European banks alone waste €5.7 billion (around $6.6 billion) a year on starts that never finish. The same math applies to crypto: every stalled registrant is both lost revenue and a lost advocate.</p>
<h2 class="wp-block-heading" id="why-onboarding-not-innovation-is-the-bottleneck">Why onboarding, not innovation, is the bottleneck</h2>
<p>First, compliance friction dwarfs feature value. Few people care about sub-second settlement if the selfie capture fails three times. Reports <a href="https://sumsub.com/lp/crypto-report/" target="_blank" rel="noopener noreferrer nofollow">show</a> that biometrics and document-free checks lift pass rates to 93% and cut verification time by 46%.</p>
<p>Also, support costs eclipse marketing spend. Forrester <a href="https://blog.hypr.com/how-much-does-a-password-reset-cost" target="_blank" rel="noopener noreferrer nofollow">pegs</a> the average help-desk password reset at $70. Bloated sign-ups inflate those tickets, erasing the ROI of paid acquisition.</p>
<p>First-sixty-second economics are merciless. Every extra 60 seconds increases drop-off rates by 40%. Imagine redirecting that efficiency toward ID checks instead of page pixels.</p>
<h2 class="wp-block-heading" id="what-crypto-exchanges-already-get-right">What crypto exchanges already get right</h2>
<p>Crypto isn’t starting from zero; in several respects, exchanges surpass their traditional peers. A mobile-first DNA means the entire funnel (from ID photo to liveness selfie) was designed for a phone’s camera, not retro-fitted from desktop forms. Leading exchanges <a href="https://www.elsewhen.com/blog/analysis-how-are-crypto-exchanges-tackling-onboarding/" target="_blank" rel="noopener noreferrer nofollow">complete</a> identification in two to three taps, while many legacy brokers still send users to email links or desktop uploads. That design choice is backed by demand: Sensor Tower <a href="https://sensortower.com/blog/state-of-mobile-finance-apps-2024" target="_blank" rel="noopener noreferrer nofollow">recorded</a> a 95% year-on-year surge in crypto-finance app downloads during 2024, a clear signal that new entrants expect to board from the palm of their hands.</p>
<p>Exchanges also lean on instant-gratification loops—the promise of “buy in minutes, own in seconds.” Such time-bound assurances materially <a href="https://florian-alt.org/unibw/wp-content/publications/froehlich2021dis2.pdf" target="_blank" rel="noopener noreferrer nofollow">raise</a> perceived usability among non-experts. Timely in-flow nudges reinforce that perception; behavioral-design analyses of fintech apps <a href="https://netcorecloud.com/blog/nudges-to-engage-fintech-app-users/" target="_blank" rel="noopener noreferrer nofollow">link</a> targeted prompts to higher completion and retention rates.</p>
<p>Finally, many platforms invest in high-context education: contextual tooltips that decode gas fees, leverage warnings embedded beside trade toggles, and progressive disclosures that surface only what a user needs next. These micro-lessons <a href="https://clevertap.com/blog/onboarding-fintech-app-users/" target="_blank" rel="noopener noreferrer nofollow">reduce</a> confusion and sustain momentum through later, deeper tasks. Together, these strengths prove the industry can nail UX when it chooses to; the challenge is extending that care to the very first clicks.</p>
<h2 class="wp-block-heading" id="the-business-case-lost-users-lost-revenue">The business case: Lost users = lost revenue</h2>
<p>SOASTA’s benchmark for mobile commerce is stark: each additional second of delay can <a href="https://business.google.com/us/think/" target="_blank" rel="noopener noreferrer nofollow">sink</a> conversions by up to 20%. Applying that decay to the razor-thin margins of spot trading and the cost of a clunky selfie screen quickly outweighs any compliance “savings” from throttling KYC APIs. 88% of KYC-approved users transact within 24 hours, well above the sector’s median. That ratio climbed steadily: from 73–75% in Q1 2024 to ~90% by late 2024, peaking at 91% in March 2025.</p>
<h3 class="wp-block-heading" id="single-sign-on-is-low-hanging-fruit">Single-sign-on is low-hanging fruit</h3>
<p>Adding Apple, Google, or social SSO <a href="https://breadbutter.io/how-sso-can-improve-conversion-rates-on-apps-and-member-websites/" target="_blank" rel="noopener noreferrer nofollow">bumps</a> sign-ups by 20–40% on average. Yet many exchanges bury SSO beneath e-mail flows or omit it entirely, leaving conversions on the table and multiplying the very password-reset tickets that cost $70 apiece.</p>
<h3 class="wp-block-heading" id="reusable-kyc-is-arriving-fast">Reusable KYC is arriving fast</h3>
<p>Forbes <a href="https://www.forbes.com/councils/forbestechcouncil/2025/06/12/reusable-kyc-in-2025-innovation-or-overcomplication/" target="_blank" rel="noopener noreferrer nofollow">argues</a> that passport-style identity vaults (credentials users can reuse across services) are on track to become mainstream in 2025. Exchanges that integrate those frameworks early will inherit lower friction and instant network effects as verified wallets roam the ecosystem.</p>
<h2 class="wp-block-heading" id="blueprint-for-frictionless-first-minutes">Blueprint for frictionless first minutes</h2>
<p>User experience teams already know the playbook; they just need the mandate to run it. First, start with progressive disclosure and adaptive tiers—let newcomers make a micro-purchase after a light check, reserving deeper verification for withdrawals or higher limits. For instance, Sumsub’s tiered approach is exactly what <a href="https://sumsub.com/lp/crypto-report/" target="_blank" rel="noopener noreferrer nofollow">delivers</a> that 93% pass rate and 46% faster clearance.</p>
<p>Surface one-click log-ins by default. Place the Apple and Google buttons above the email. Beyond the 20–40% uplift in sign-ups, SSO <a href="https://blog.hypr.com/how-much-does-a-password-reset-cost" target="_blank" rel="noopener noreferrer nofollow">slashes</a> those $70 password-reset calls by offloading credential recovery to Big Tech.</p>
<p>Another idea is to set expectations with microcopy. A tiny line that reads “Takes ≈ 90 seconds” does more than soothe nerves; the phrase <a href="https://phenomenonstudio.com/article/the-cost-of-slow-onboarding-how-ux-drives-fintech-growth/" target="_blank" rel="noopener noreferrer nofollow">ties</a> to a measurable drop in abandonment and a two-minute reduction in cycle time.&nbsp;</p>
<p>Mobile doc-capture with auto-crop, glare detection, and selfie guidance removes the most common failure modes. So, design for the camera, not the desk. Uniify’s onboarding best-practices list <a href="https://uniify.io/blog/digital-client-onboarding" target="_blank" rel="noopener noreferrer nofollow">attributes</a> the lion’s share of drop-off to poor camera UX and shows how live previews and edge detection plug the leak.</p>
<p>And lastly, track activation as well. Ecosystems with the shortest gap between “discover” and “first on-chain action” <a href="https://a16zcrypto.com/posts/article/state-of-crypto-report-2024/" target="_blank" rel="noopener noreferrer nofollow">grow</a> the healthiest long-term cohorts. Time-to-first-trade should therefore sit alongside cost-per-verified-user on every growth dashboard.</p>
<p>Read more: <a href="https://crypto.news/cryptocurrencys-best-ideas-will-never-launch-opinion/" rel="noopener noreferrer nofollow"> Cryptocurrency’s best ideas will never launch | Opinion </a></p>
<p><strong>Author: Innokenty Isers</strong></p>
<p><b>Innokenty Isers </b><span style="font-weight: 400;">is the founder and CEO of Paybis, a global fiat-to-crypto platform. With over 20 years of experience in online business and technology, Innokenty has been at the forefront of driving innovation in the crypto space. He is focused on advancing the integration of blockchain and digital assets into mainstream financial systems. Under his leadership, Paybis has grown into a global hub offering secure and compliant solutions for buying, selling, and managing digital assets, serving customers in over 180 countries. His vision centers on bridging the gap between traditional finance and the rapidly evolving digital economy, empowering individuals and businesses to thrive in the decentralized financial ecosystem.</span></p>

Crypto’s killer app is the first 60 seconds: Fix onboarding or forget adoption | Opinion

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