Find out user age, languages, onboarding time, and more to build the perfect verification flow for your crypto platform.
This June Sumsub released the first-ever identity verification report for the crypto industry, combining insights from 200 industry experts with analysis of 100M+ identity verification checks. This allowed us to better understand average onboarding time, pass rates and verification practices in the industry.
We also took a look at the characteristics of users who pass verification checks and built up a user profile based on anonymized data.
80% of crypto platform users are male, although the gender ratio varies by country. For instance, in Fiji and the Philippines, this ratio is almost 1 to 1.
30 is currently the average user age. Last year, the average was 33, so we can see that this audience is getting younger. These statistics could be taken into consideration when building the onboarding process, as younger users expect faster verification and user-friendly interfaces.
Here are the 10 most popular languages among users of crypto platforms:
English, Portuguese, Spanish, Vietnamese, Russian are the five most popular languages among users, so businesses might consider localizing their interfaces into these languages.
11 am – 6 pm, weekdays, is when the majority of users undergo verification. Therefore, crypto platforms might experience the heaviest load on their servers during this time.
Crypto businesses can take these statistics on gender, age, languages, and verification time into account to level up the onboarding experience for their users.
Dive deep into identity verification standards in the crypto industry to get a data-driven advantage over your competitors.