Security considerations stay the largest impediment to the mainstream adoption of cryptocurrency funds, as hacks and phishing scams proceed to wreck the trade’s legitimacy.

More than 37% of traders recognized safety dangers as the primary barrier to utilizing cryptocurrency for funds, according to a survey of 4,599 customers performed by Bitget Wallet as a part of its newest Onchain Report shared with Cointelegraph.

Still, 46% of customers stated they most popular crypto funds over fiat for his or her velocity and effectivity.

Bitget Wallet has applied multi-layered safety mechanisms to make safety a “top priority” and encourage extra confidence in crypto funds, in line with Alvin Kan, chief working officer of Bitget Wallet:

“This contains MEV safety, which is now enabled by default throughout main chains like Ethereum, BNB Chain, and Solana, serving to customers keep away from widespread dangers like front-running and sandwich assaults. “

“We also introduced smart authorization detection via our GetShield engine, which actively scans smart contracts, DApps, and URLs to flag malicious behavior before users sign anything,” he advised Cointelegraph.

Bitget Wallet’s operations are backed by a $300 million consumer safety fund as a further layer of assurance in case of an “asset loss due to platform-level issues.”

Security considerations have plagued the trade, particularly because the emergence of a brand new sort of phishing assault generally known as deal with poisoning or wallet poisoning scams, which contain tricking victims into sending their digital belongings to fraudulent addresses belonging to scammers.

Victims of deal with poisoning scams had been tricked into willingly sending over $1.2 million value of funds to scammers within the first three weeks of March.

While Gen X customers cite safety as their high concern, Gen Z customers prioritize usability and cost-efficiency, Kan stated.

Related: DWF Labs launches $250M fund for mainstream crypto adoption

Africa and Southeast Asia lead in crypto fee adoption

Bitget Wallet’s report discovered that 52% of African respondents and 51% of Southeast Asian respondents confirmed curiosity in crypto funds, pushed by excessive remittance prices and restricted banking entry.

To assist the world’s unbanked areas, Bitget Wallet presents simplified onboarding with non-custodial wallets that don’t require a conventional checking account, Kan stated, including:

“With support for over 130 blockchains and stablecoins, users can easily send and receive value globally, using assets that maintain purchasing power.”

“Local fiat on-ramps and multichain support ensure that users can tap into crypto without needing deep technical knowledge or centralized platforms,” he added.

Related: Crypto security will always be a game of ‘cat and mouse’ — Wallet exec

In Latin America, excessive transaction prices related to conventional wire transfers are the primary issue driving customers to undertake crypto funds, Kan stated.

Such remittance charges averaged 7.34% throughout 2024 in the event that they concerned checking account transfers, according to Statista.

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