Onboarding to cryptocurrency
What actually matters
Authors:
Kyle Becker
Valerie Viard
Lauren Serota
Direct link to this report:�https://cradl.org/onboarding-to-crypto
CC BY-SA 4.0�Except where otherwise noted, content on this site is licensed under a Creative Commons Attribution - ShareAlike 4.0 International license. Icons by The Noun Project.
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Onboarding to Cryptocurrency
October 2022 | cradl.org
Welcome
Reviewers:�Drew Beller, Hester Bruikman, Katie Chanpong, Eric Cuellar, Tavonia Evans, Alice Huang, Alicia Kranjc, Brynly Llyr, Luka Loncar, Calanthia Mei, Rebecca Mqamelo, Christoph O, Eduard Peris Deprez, Alex Rood, Anna Stone, Amy Whitaker
CRADL would like to extend their gratitude to all the unnamed people who went above and beyond to guide the research team in this report. Thank you for the weekly meetings, the introductions to other research participants, the extra time you put into the review, and the phone calls. Your guidance has greatly contributed to our end product.
Report Design: Eduardo Caudillo
Copy Editing: Sterling Schuyler
This report was funded by the World Economic Forum’s Crypto Impact and Sustainability Accelerator (CISA) which included organizations such as Ethereum Foundation, Celo, Algorand, Stellar, CoinDesk, a16z, Ripple, Grayscale, Goldman Sachs, Chainalysis, Ernst & Young.
The Crypto Research and Design Lab (CRADL)’s vision is to champion a humanity-centric Web3 for everyone. Our mission is to clear a path for an equitable Web3 where people and communities are at its center.
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Onboarding to Cryptocurrency
October 2022 | cradl.org
Welcome
CC BY-SA 4.0�Except where otherwise noted, content on this site is licensed under a Creative Commons Attribution - ShareAlike 4.0 International license. Icons by The Noun Project.
Share the report
Our primary goal is impact. We encourage readers to share, iterate on, and apply our research findings.
All of our reports are available as Googles Slides and PDFs so that you can easily copy and paste content from the slide deck into your materials. Be sure to attribute CRADL as the source.
All of our research is under a Creative Commons BY-SA 4.0 license.
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Onboarding to Cryptocurrency
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Welcome
Key Takeaways
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Welcome
Onboarding to Cryptocurrency
This report serves as a follow-up to a comprehensive look at the state of UX in Cryptocurrency in 2022. We suggest reading that report for a deeper analysis on broad usability and UX challenges with new paradigms presented by cryptocurrency.
“...despite DeFi’s innovation, its technology is much more difficult for the layman to use than traditional money services. ”
Yaya Fanusie for Forbes
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Welcome
Onboarding to Cryptocurrency
Policymakers
Policymakers understand the impact of onboarding experiences not just on setting people up for successful product use, but in building the crypto literacy and savviness needed to use the tech thoughtfully and responsibly (including to avoid scams). Use this report for detailed and descriptive language around onboarding experiences and the levers within them to impact people's relationships with cryptocurrency. This includes more nuanced discussion of the important balance between minimizing barriers and allowing for productive friction to build literacy about how to use cryptocurrency and its benefits.
How to use this report:
Crypto founders, builders, and developers
If you’re building crypto products or products and services that leverage crypto for payment or participation, use this report to consider and assess the onboarding experience to your own product or service.
This includes reflecting on who your customer is now and who they will be in the future, how your value proposition is communicated to them, and what barriers they may face in accessing and meaningfully using your product or service.
Investors in crypto projects and companies
When assessing companies that offer a consumer-facing proposition leveraging crypto, use this report to assess their proposed (or existing) onboarding experience as part of their go-to-market and customer acquisition strategies.
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Welcome
Onboarding to Cryptocurrency
Crypto builders often cite onboarding as one of the biggest blockers to scaling. However by “onboarding,” developers are often referring to new customer acquisition. This distinction may seem trivial, but it’s not.
Customer acquisition typically measures how many customers sign up for and use a product. However even those who successfully complete the process of signing up for and using a new product or technology (for example, after being lured by a promotion) will drop off—or “churn”—if there is not a resonant connection and delivery of actual value.
Our goal with this report is to add nuance and clarity to the topic of onboarding across applications of cryptocurrencies. This is done in service of responsible companies and builders in the space so that they may recognize and even create easy and trust-building onboarding experiences that meaningfully connect customers to the value of their product or service.
The growing mainstream popularity of cryptocurrency and NFT art during the bull-market “Crypto Summer” of 2021 translated to an increased awareness and adoption in early 2022. Now is the time for the industry to adopt a more intuitive execution of onboarding. There is more mainstream awareness of crypto, and the industry has seen adoption across a wider set of demographics than before. There is immense opportunity for growth if onboarding experiences can be improved.
Executive Summary
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Welcome
Onboarding to Cryptocurrency
De-jargoning this report
Onboarding Guides�People in a community—often early adopters—who help others learn and onboard to a new product or service.
Cryptocurrency Onboarders�People who are in the process of getting started with cryptocurrency experiences.
Minimum Viable Knowledge�The smallest amount of knowledge a person needs to know to safely and confidently try something new. Note that this can vary from person to person, and context to context.
Touchpoint�An interaction point between a person and a branded product or service. Touchpoints may include an app, a person, or a physical place.
Overarching Experience�The perceived experience a person has of a product or service through repeated engagement over time. Some may refer to this as a person’s “brand perception.”
Moment of Truth�A marketing industry term for the points at which a product shows its value to the customer (and, ideally, helps hook and/or retain them as a customer).
The Spark�The moment at which someone becomes aware of a product or service and resonates with the value proposition.
Crypto Buyers�When the intent for purchasing crypto is unclear, we refer to people as crypto buyers (rather than for example investors, traders, users).
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Welcome
Onboarding to Cryptocurrency
Breaking Down Onboarding�Drawing from best practices in design and observations from the field, this report offers two frameworks for contextualizing onboarding strategies.
Anatomy of an Onboarding Journey breaks down how people use new products and tech, with an emphasis on four key parts of the experience that impact onboarding success.
Ways of Onboarding — Onboarding experiences can be understood and compared between two axes:
What’s in this report:
Examples & Stories�We end with three case studies of teams using these onboarding practices to successfully gain market traction today:
�We also profile at a high-level other field stories of community and industry-led efforts for thoughtful onboarding.
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Welcome
Onboarding to Cryptocurrency
1
2
3
4
5
What We Did
Context
What We Learned
Anatomy of an Onboarding Journey
Ways of Onboarding
Onboarding Stories
Key Takeaways
Next Steps
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How and why do people start using cryptocurrency?
What works? What doesn’t? What challenges do they face?
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Onboarding to Cryptocurrency
What are we here to answer?
Organizational Question:�How do people get started learning about and using cryptocurrencies? What challenges do they have, and how do they mitigate these challenges?
Reframed, Human-Centric Question:�Why should I use cryptocurrencies, and how should I get started?
Source: (above) Derek Kearny for CRADL
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Onboarding to Cryptocurrency
This report addresses:
Crypto as an asset
Bought to sell, or hold long-term as an investment. Note that this includes buyers who purchase to learn about details of this new asset class.
Crypto as a transactive medium
Bought to facilitate utility through another value proposition (for example, being part of a fun community or owning a piece of digital art).
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Onboarding to Cryptocurrency
3. A detailed analysis of cryptocurrency app user interfaces.
While CRADL has conducted a broad analysis of UX in Cryptocurrency in another report, this report does not focus specifically on interface design. Rather, it looks at the broad context and learning journeys people undergo when adopting cryptocurrencies.
4. An exhaustive onboarding analysis.
This report offers a framework for thinking about how to craft onboarding experiences and three vignettes that demonstrate the framework. We acknowledge that cryptocurrency onboarding is a deep and rich topic, and seek to spark a conversation from a human-centric perspective, rather than claim the last word on onboarding strategy.
1. A review of the technology behind the solutions.
This is not an analysis of the tradeoffs or advantages of any given technology, nor is it a comparison between multiple technologies.
2. International examples and implementations.
This report does not address the multitude of innovative projects addressing the variety of challenges outside of the U.S.
This report does NOT address:
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Onboarding to Cryptocurrency
How we acquired the data
Stories in this report are the result of just under a year of CRADL’s research. Onboarding as a topic (and means to an end) has surfaced repeatedly over the course of our investigations into Financial Impact, Hackathons, Generational Wealth, Crypto in Black Communities, and Crypto’s use in Cities.
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Onboarding to Cryptocurrency
1
2
3
4
5
What We Did
Context
What We Learned
Anatomy of an Onboarding Journey
Ways of Onboarding
Onboarding Stories
Key Takeaways
Next Steps
Contents
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Onboarding to Cryptocurrency
Before we dive into onboarding, let’s lay out who is using cryptocurrency right now in the U.S., and why.
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Section 2: Context
Onboarding to Cryptocurrency
In 2021, there was more mass adoption of cryptocurrency.
The industry refers to the summer of 2021 as “Crypto Summer" due to:
The market in the U.S. changed in meaningful ways—both positive and negative—challenging older assumptions and creating new opportunities.
While lower asset prices in summer 2022 may slow down adoption, the changes from 2021 to 2022 have shed light on some major hurdles the industry faces.
More people in the U.S. are curious about owning cryptocurrencies, but the prevalence of UX landmines also led to souring experiences.
86%
of people in the U.S. have heard of cryptocurrency.1
74%
of cryptocurrency owners made their first purchases in the last two years.3
41%
of people in the U.S. who have never owned cryptocurrency say they are likely to buy some in the next year. 3
30%
of non-cryptocurrency owners are “moderately,” “very,” or “extremely” interested in learning about cryptocurrency.
Sources:
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Section 2: Context
Onboarding to Cryptocurrency
WHO IS BUYING CRYPTOCURRENCY?
Adoption is highest among young men of color.
According to multiple surveys, ownership of cryptocurrency still differs greatly by:
“Cryptocurrencies are supposed to democratize access to financial products. According to the survey results, that’s not what is actually happening. So far, cryptocurrency ownership, including Bitcoin, skews toward young, wealthy [Income <$40k], highly educated - and mostly male in the U.S.”
2021 State of Crypto Literacy Report, cryptoliteracy.org
Sources:
U.S. Crypto Adoption
Crypto holders by race/ethnicity
Source: USA Today/Harris Poll
There are several surveys detailing who owns crypto that are widely cited. Varying approaches to surveying yield varying findings—but high adoption by communities of color is clear. While specific figures vary due to different approaches in sampling and outreach, findings generally converge around adoption in communities of color being high relative to other groups, particularly groups with historically high adoption of other financial assets.
Latino
Black
17%
11%
White
23%
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Section 2: Context
Onboarding to Cryptocurrency
WHY ARE PEOPLE USING CRYPTO?
Most in the U.S. view cryptocurrency as an investment, though some have other reasons for buying, including to purchase NFTs.
According to one survey, the majority of people currently own cryptocurrency as an investment.
Sources:
Only half of respondents to a Motley Fool survey cited investment as a reason for buying crypto. Nearly a third mentioned purchasing NFTs in 2022, a category that the publication didn’t even offer as an option the year before.
Note: Motley Fool is a platform for investment advice, so their audience (and survey respondents) likely skew towards the investment-focussed. Unfortunately their methodology disclosure only covered basic demographics of their sample size. Note that a similar question asked by Pew yielded similar results. The difference in response options between the two surveys is an indication of the nascency of the industry.
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Section 2: Context
Onboarding to Cryptocurrency
Cryptocurrency holders (so far) are more active investors
WHY ARE PEOPLE USING CRYPTO?
Many current crypto holders are active or occasional traders on the stock market
Will investment or utility drive the next wave of adoption?
Will the next wave of investors look and act the same?
Cryptocurrency holders are more active in their portfolio management than other investors in the U.S.—for example, crypto holders are less likely than other people in the U.S. to own mutual funds. This may be due to the fundamental characteristics of crypto, but may simply reflect the early stage of the industry. At the time of this writing, traditional financial institutions have not yet incorporated cryptocurrency into traditional vessels (like 401k accounts). As a result, investors must be active to gain exposure to this asset class.
Over one-third of investors say that diversifying their investment portfolios was one of the reasons they originally got into cryptocurrency2.
Notably, Nearly a quarter (23%) of Black investors under 40 years of age first invested in the stock market through cryptocurrency.3
Crypto holders are twice as likely as other people to describe themselves as “hands-on investors 1.”
People in the U.S. who consider themselves “hands-on investors”
Crypto holders are less likely than other U.S. investors to own mutual funds 1.
Crypto Holders
All Investors
Percentage of people in the U.S. who own mutual funds
29%
36%
Crypto Holders
All American Investors
Sources:
14%
28%
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Section 2: Context
Onboarding to Cryptocurrency
The more people believe they know about cryptocurrencies, the more likely they are to adopt.
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Section 2: Context
Onboarding to Cryptocurrency
Ownership of and knowledge about cryptocurrency are predictors for future purchase.
One survey found that a person’s level of knowledge (perceived or actual) about cryptocurrencies is the strongest indicator of whether someone is likely to buy bitcoin in the next year1.
This theme is felt with non-holders as well.
However, knowledge about cryptocurrency today—both perceived and measured—is low.
It’s important to note that nearly half of all investors report investing in something they did not fully understand—across asset types4.
“Ownership is the best teacher—respondents that owned cryptocurrencies were twice as likely to correctly answer crypto literacy questions.”
cryptoliteracy.org
A finding from an ongoing “crypto literacy” survey that the organizers of the website administer.
Sources:
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Section 2: Context
Onboarding to Cryptocurrency
Both “I don’t know what to do with it” and “I don’t understand how to buy it” dropped as reasons to not buy cryptocurrency between 2021 and 2022. Belief that cryptocurrency is a “bad investment” increased and took the top spot.
Source: Motley Fool: The Ascent; Study: Over 46 Million Americans Likely to Buy Crypto in the Next Year; May, 2022
WHY NOT ADOPT CRYPTOCURRENCY?�There are still significant barriers to cryptocurrency adoption.
In our own CRADL research, UX in Cryptocurrency: An overview of User Experience in cryptocurrency applications, we found that—outside of investing—crypto apps struggle to communicate the value proposition and use cases for cryptocurrencies.
If a plurality of people view crypto primarily as an investment vehicle, interest in cryptocurrency will likely continue to be tied to the volatility of its market prices.
Notably, fewer people cited a lack of understanding of “what to do with crypto” as a reason not to buy it in 2022, suggesting the concept and use cases may be becoming more apparent to a broader audience, and purchasing less speculative.
Sources:
What's the main thing preventing you from buying cryptocurrency?
I think it's a bad investment
I don't know what to do with it
I feel like it's too late
I'm waiting for more people to start using it
I've never heard of it
It's too expensive
I don't understand how to buy it
Other
0
5
10
15
20
25
30
2021
2022
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Section 2: Context
Onboarding to Cryptocurrency
WHY NOT ADOPT CRYPTOCURRENCY?
Lack of integration to the traditional financial system creates a barrier to adoption.
In the U.S., people’s inability to identify use cases for cryptocurrency, their opinions about it being difficult to use, and their aversion to it due to communities and scams may be mitigated by better integration with traditional finance (TradFi).
Despite early adopters' ideological aversion to traditional finance, people consider better interoperability and access to crypto via TradFi platforms as a desirable—even necessary—step toward adoption.
“We think that [the rise in cryptocurrency usage is] highlighting the increase of crypto-to-fiat type products, so for example, Coinbase has a Visa card that can be used anywhere Visa is accepted… In that case, the merchant doesn’t have to sign up to accept crypto.”
52%
of adults in the U.S. would consider investing in cryptocurrency in their retirement accounts 1
61%
of adults in the U.S. would consider a credit card with cryptocurrency rewards 1
62%
of adults in the U.S. would consider buying more cryptocurrency if they would store it in a bank account 1
Sources:
Jason Kupferberg, Bank of America 2
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Section 2: Context
Onboarding to Cryptocurrency
Re-thinking crypto-literacy: What knowledge is important for crypto adoption?
While there is doubtlessly a positive correlation between knowledge about cryptocurrency and adoption, proponents should be cautious about how that relationship will scale as the industry pushes toward mass adoption.
In our UX in Cryptocurrency report, we discuss how—at the time of this writing—the cryptocurrency industry is still driven by early-adopter segments who tend to be more motivated by innovation and ideology rather than pragmatic usage. This bias may also be present in the information that is presented about cryptocurrency and how “crypto-literacy” is defined.
Today, much of the information in the space—and assessments about literacy—are either “backstage” procedural elements (such as who processes transactions), deep technical processes (such as how blockchains work) or, as our advisor Alex Rood put it, “rampant sensationalism and a very active twitter/Discord culture that is muddied by native jargon and hype of crypto "alpha" or impending "bags".
1
2
Many assessments of people’s knowledge of cryptocurrency focus on “backstage” functionality such as transaction clearing processes or technical concepts such as blockchain.
Sources:
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Section 1: What We Did
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Onboarding to Cryptocurrency
Education on the benefits and utility of crypto as well as how to use it are needed to promote adoption and meaningful use — rather than the industry’s current focus on “how the tech works.”
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Section 2: Context
Onboarding to Cryptocurrency
1
2
3
4
5
What We Did
Context
What We Learned
Anatomy of an Onboarding Journey
Ways of Onboarding
Onboarding Stories
Key Takeaways
Next Steps
Contents
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Onboarding to Cryptocurrency
Onboarding is the journey from someone’s awareness to their first realization of value.
The job of onboarding is to make sure a person knows what to expect and how to successfully use a new product or service.
The first time a person tries the product or service is important, and is often a key Moment of Truth hooking them in. The idea is: after completion, they will both feel the value and build muscle memory for the actions and process.
Note that a myriad versions of customer journeys exist. Many reading this report may have designed their own at one point, or used one of the many generic models propagated by product organizations or consulting firms. Here’s a bitcoin-focused one shared by a CRADL advisor that classifies steps similarly and articulates key advancements—such as between “regular” use and “passionate” use.
Framework Anatomy of an Onboarding Journey
Onboarding Experience
FRAMEWORK:
First Time Experience
Value is realized: A person completes their first experience with cryptocurrency or Web3.
ACTION:�Buy coins
Onboarding
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Onboarding to Cryptocurrency
Often overlooked but quite important is “The Spark,” or what gets someone interested in the first place.
This is sometimes referred to as the Zero Moment of Truth—the work (sometimes done over long periods of time) which leads a person becomes aware of the product or service. This series of encounters, formal and organic, branded and unbranded, set expectations about a product or service’s value proposition and what it will be like to use.
A successful “Spark” connects a person to the value that a certain cryptocurrency or Web3 experience will have in their life.
The tighter the steps and experience from Becoming Aware to the First Time Experience, the less likely someone is to give up.
Framework Anatomy of an Onboarding Journey
Onboarding Experience
FRAMEWORK:
The Spark
A person learns about Web3 or cryptocurrency for the first time.
A person decides to try to adopt cryptocurrency or a Web3 experience.
Become aware
Decide to get started
First Time Experience
Value is realized: A person completes their first experience with cryptocurrency or Web3.
ACTION:�Buy coins
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Onboarding to Cryptocurrency
Two barriers loom in the onboarding experience, threatening to snuff out The Spark.
There are two barriers that every person must overcome before adopting something new.
The first barrier is Understanding how a new product or service will fit into their life and provide value. This barrier looms larger for concepts like cryptocurrency or Web3, which can feel abstract and technical, and may not have an immediately salient use case for the non-technical. The understanding barrier is amplified by fear or uncertainty.*
The second barrier is the Setup—which usually requires an interface of some sort (e.g. a bank teller to set up an in-person account, or an app interface for a neobank). For cryptocurrency apps, this may involve a melange of steps that ask for information people may not have readily accessible (or feel comfortable sharing). Setup often requires a person to take technical actions or interact with jargon that they do not understand.
* (and can be amplified by the effects of Generational Financial Trauma, detailed specifically in our upcoming report on crypto use in Black Communities in the U.S.)
Framework Anatomy of an Onboarding Journey
Onboarding Experience
FRAMEWORK:
Become aware
Decide to get started
THE�SETUP�BARRIER�
THE�UNDERSTANDING�BARRIER�
Why should I use this?
Is cryptocurrency right for me? What problem does it solve in my life? What are the risks?
How will this affect my taxes? Will I be scammed?
How do I use it?
I have to download an app and set it up? How long will this take? What will they ask me for? Is my device supported? Is it safe to hand over my info and link my accounts?
ACTION:�Buy coins
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Onboarding to Cryptocurrency
The Understanding Barrier is reduced when value is clearly communicated.
The Understanding Barrier can be lowered through narrative focus: Designers should identify the Minimum Viable Knowledge that a person must have about cryptocurrency to responsibly take their first step toward value.
The use of visual diagrams, storytelling, and metaphors to things they know can help people build a mental model of how cryptocurrency works, and how they might interact with it.
Failure to minimize this barrier can result in people giving up before even trying a product or getting to the First-Time Experience.
Framework Anatomy of an Onboarding Journey
THE�SETUP�BARRIER�
THE�UNDERSTANDING�BARRIER�
What is the minimum viable knowledge a person needs to feel comfortable taking a first step?
Onboarding Experience
FRAMEWORK:
Become aware
Decide to get started
ACTION:�Buy coins
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Onboarding to Cryptocurrency
The Setup Barrier can be reduced by thoughtfully breaking up “required” steps.
Minimizing the Setup Barrier is difficult in cryptocurrency experiences due to the absolute necessity of unavoidable steps (like creating a passphrase for a non-custodial wallet) or satisfying regulatory requirements (such as gathering personal information for Know Your Customer [KYC] laws).
Clever designers have reduced these barriers by:
Framework Anatomy of an Onboarding Journey
THE�SETUP�BARRIER�
THE�UNDERSTANDING�BARRIER�
Onboarding Experience
FRAMEWORK:
What is the minimum amount of setup needed to have a First-Time Experience?
Become aware
Decide to get started
ACTION:�Buy coins
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Onboarding to Cryptocurrency
Perception of value and excitement to get started can create useful momentum.
Because the Understanding and Setup Barriers cannot be eliminated completely, designers can also build momentum for people to overcome them.
If someone wants something badly or urgently, they will be more persistent. A person’s momentum to overcome a barrier is related to the emotional weight and sense of urgency they feel to solve a problem and the strength with which they feel a product or solution will solve it.
Onboarding experiences that resonate with people and reinforce their value throughout the journey will result in more people successfully reaching the First-Time Experience.
Note: Fear of Missing Out (FOMO) or other excessive uses of urgency can cause people to hastily speeding through barriers—which is not always the same, and should not be confused with genuine needs-based momentum.
Framework Anatomy of an Onboarding Journey
Onboarding Experience
FRAMEWORK:
THE�SETUP�BARRIER�
THE�UNDERSTANDING�BARRIER�
What might motivate a person to learn enough to try it out?
How does the experience coordinate momentum for a person to get through setup?
Become aware
Decide to get started
ACTION:�Buy coins
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Onboarding to Cryptocurrency
Some say that financial literacy is �needed for greater adoption.
We propose a reframe, of identifying (and designing for) the Minimum Viable Knowledge (MVK) a person needs to responsibly engage with a new product or service.
What is the context of use?
Where are they located?
Are they on a phone? What kind of phone?
What other systems and products do they use?
What are they trying to do?
Move their life savings out of an unstable fiat?
Tuck away money for a rainy day?
Send money to their mother?
Experiment with a new investment or asset class?
Who is using it?
A derivatives trader or a stateless refugee?
Someone familiar or unfamiliar with tax law?
Someone who has invested before in something else, or someone entirely new to investing?
Minimum Viable Knowledge is our posit to break down topics like “financial literacy” and “crypto literacy” in practical terms. MVK breaks down an abstract concept into concrete actions, relevant to people at specific moments to make a specific decision about their financial situation (ideally resulting in a positive outcome).
What someone needs to know or understand varies based on things such as:
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Onboarding to Cryptocurrency
How can we improve onboarding experiences?
We observed several ways onboarding experiences minimized barriers and built momentum for people trying out cryptocurrency or Web3 experiences for the first time. We’ve distilled these into four considerations for any team crafting onboarding experiences.
Things to consider when crafting an onboarding experience:
1. Create a Spark
Consider how people will become aware of cryptocurrency or Web3, and draw a narrative line to its value in the context of their lives.
2. Minimize Barriers
Responsibly lowering the Understanding and Setup Barriers to your First-Time Experience (including across products).
3. Craft a complete First-Time Experience
Define a holistic First-Time Experience that will demonstrate value and build momentum for repetition.
4. Design the Overarching Experience
Onboarding is not a one-time thing. Consider how to stretch learning and deepen experiences over time—cryptocurrency adopters don’t need to learn and do everything day one.
Framework Anatomy of an Onboarding Journey
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Onboarding to Cryptocurrency
1. Create a Spark
A great “Spark” consists of:
Good sparks frame the solution in terms of real human problems—avoiding esoteric ideals or technical jargon which may intimidate or turn off potential adopters.
In later slides, we share examples of organizations and groups working to meaningfully create a Spark to try Web3 within their communities.
Framework Anatomy of an Onboarding Journey
The Spark
Become aware
Decide to get started
Learn
Setup
Onboarding Experience
FRAMEWORK:
First Time Experience
ACTION:�Buy coins
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Onboarding to Cryptocurrency
Setup
2. Minimize Barriers
As discussed in detail earlier, clever designers minimize the setup by lowering barriers where possible or enabling people to experience the First-Time Experience before being completely “signed up.”
This also means reducing unnecessary steps in an onboarding process. For example, many apps use some form of “app tour” to introduce people to different screens and actions in an app. They may also request people to create a profile or immediately share something on social media.*
While these may be useful over the course of a person’s Overarching Experience, forcing a person to undergo these extra steps before they reach the First-Time Experience will make onboarding feel bloated and tedious.
We recognize that many First-Time Experiences in crypto are actually a series of experiences (e.g. having to set up, fund and connect [the correct] wallet to purchase an NFT). In our UX in Cryptocurrency report, we describe the shifting between experiences as Experience Bridges (page 49).
*A CRADL advisor reports seeing egregious examples of this, specifically "you cannot use this app until you tweet" and "you cannot use this app until you get 5 friends to click this link.”
Framework Anatomy of an Onboarding Journey
The Spark
First Time Experience
Become aware
Decide to get started
Learn
Onboarding Experience
FRAMEWORK:
Minimal setup requirements can create a better onboarding experience
Setup
ACTION:�Buy coins
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Onboarding to Cryptocurrency
3. Craft a complete First-Time Experience
Choosing the right First-Time Experience—and letting people experience it in full the first time they use an app—is critical.
People do not experience the value of a new product or service until they complete an action for the first time. Clever experience designers streamline the First-Time Experience to its simplest form so a person can accomplish it quickly.
Framework Anatomy of an Onboarding Journey
The Spark
First Time Experience
Become aware
Decide to get started
Learn
Onboarding Experience
FRAMEWORK:
Setup
Person realizes the value of their interaction.
ACTION:�Buy coins
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Onboarding to Cryptocurrency
4. Design the Overarching Experience
The technical and ideological concepts behind cryptocurrency and Web3 are vast. Some will want to master these concepts over time—many will not.
However, nobody needs to gain a deep theoretical knowledge of these concepts—and their possible value—on day one. Clever experience designers identify the Minimum Viable Knowledge a person needs to start realizing value through their first experience.
From there, designers craft a journey to introduce new concepts over the Overarching Experience—each time coupling new information with new ways an experience can provide value through more complex actions.
Learning new crypto experiences over time.
Framework Anatomy of an Onboarding Journey
REPEAT
Create�NFT
REPEAT
Create�NFT
REPEAT
Create�NFT
Buy �NFT
FIRST TIME
OVERARCHING
EXPERIENCE
Create�NFT
NFT with custom attributes
SETUP
SPARK
Sell NFT
Connect �a different wallet
Add unlockable content
Get in auction
Create Collection
Add Royalties
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Onboarding to Cryptocurrency
OAK is Creating a Spark by connecting crypto to community involvement and stewardship.�
Black Bitcoin Billionaires Minimizes Barriers by fostering a safe and inclusive multi-channel community for members to learn about crypto investing.
A “guest mode” in CoinDCX brings the First-Time Experience to those brand new to the app, by allowing them test out app features and functionality before going through setup.*
Food Fighters Universe creates a compelling Overarching Experience by considering all the touchpoints someone has across their products and services—both online and in real life (IRL).
The following pages highlight diverse projects and products, each with a unique take on Onboarding.
*CoinDCX is the only non-U.S. example we’ve included in this report. At the time of publishing, we didn't know of a U.S.-focused app with similar functionality,.
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A grassroots approach to crypto onboarding
OAK is a community currency for the people of Oakland, California. Their goal is to build an economic platform, for Oakland communities to strengthen themselves financially and socially, and to create more just socio-economic systems powered by crypto for existing real world communities.��OAK has two unique ways that light the Spark of awareness and motivation to learn more about Web3.
Workshops
They host workshops and educational events with members of the community. Whether it’s learning from small business owners about their challenges to understand how Web3 can help, or a meetup with crypto-curious folks in Oakland to demystify crypto, they prioritize meeting people where they are.
Community Partnerships
Second, they integrate crypto onboarding into major activities that are already occurring in Oakland. For example, by setting up booths at First Fridays, a monthly block party in Oakland, they integrate themselves into the community. OAK has also organized NFT minting events with local coffee shops such as Bicycle Coffee or NFT prize giveaways at Oakland Roots soccer games.�
In doing this work, they also minimize barriers to understanding and setup.
A volunteer helps an attendee set up their first crypto wallet and claim their NFT Oakland Festival Pass.
Source: (above) Oak Medium article “OAK x NFT Oakland: A Community Driven Approach to Crypto “
Framework Anatomy of an Onboarding Journey
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Field Story
Onboarding to Cryptocurrency
Creating a safe space to learn about crypto and self-sovereign wealth-building
Black Bitcoin Billionaire’s (BBB) Clubhouse is an educational space for people to learn how to buy cryptocurrency. They focus on making an inclusive space for those who experience marginalization from traditional financial systems.
BBB is a great example of a grassroots organization that creates a Spark within their community to learn about an alternative form of wealth generation.
BBB’s approach also sets up safe educational spaces to minimize barriers to understanding and maximize success for peoples’ First Time Experience.
Framework Anatomy of an Onboarding Journey
Source: �(left) Black Bitcoin Billionaire Clubhouse homepage
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Field Story
Onboarding to Cryptocurrency
Guest mode allows people to try building a portfolio without setup or risk
Many apps available outside the United States, such as CoinDCX (available in India), offer people the ability to use the app in “Guest Mode.”
As an investment app, its First-Time Experience involves purchasing coins and tracking the portfolio's value over time. Guest mode enables people to experience building a portfolio and track its value before the tedious (and risky) setup steps of creating an account, providing personal information, and investing real money.
The repetition of selecting coins for the portfolio creates comfort with the mechanics of the app, while monitoring a (successful) portfolio’s performance may build momentum for a person to take the final steps to complete the full setup.
“Guest mode” on apps like CoinDCX enable people to try out the app’s features before creating an account.
Framework Anatomy of an Onboarding Journey
Source: screenshot from CoinDCX app
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Field Story
Onboarding to Cryptocurrency
Making Web3 “real” through a shared love of food
Food Fighters Universe (FFU) is a Web3 restaurant collective with a mission to fund the world’s first gathering places for the metaverse and In Real Life (IRL) restaurants. Their tagline is: Food ALWAYS brings people together, from Real Life to Web3. FFU is led by Kevin Seo, Philip Huynh, and Andy Nguyen, three hospitality and supply chain experts. They've partnered with celebrities such as Snoop Dogg to launch his concept NFT restaurant.
FFU is taking a 360 approach to merging Web3 and food spaces.
“If we can create this funnel where you could use [crypto] to actually eat and do things in the real world, that creates even more adoption.” - Kevin Seo
They launched three projects that demonstrate great execution of all the key points made about how to create a Spark based on a First-Time Experience (in FFU’s case, free food monthly) and reduce the barriers of the Onboarding Journey.
Framework Anatomy of an Onboarding Journey
Philip Huynh and Kevin Seo in front of their NFT-themed burger joint, Bored & Hungry.
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Field Story
Onboarding to Cryptocurrency
An Onboarding Template for Crypto Experience Designers
We designed this template for engineering, product, design, legal, and executive teams to align on the primary onboarding components that we identified in this report. We provided three case studies of onboarding contexts that do a great job of walking people through this process. Read those case studies and assess how your team can design an engaging First-Time Experience.
Setup: Install app, etc…
Spark
ACTION:
[insert]
Template Anatomy of an Onboarding Journey
Create the Spark
[insert the interaction]
Meaningful Experience
[insert the interaction]
Minimize the Setup
[insert the interaction]�
Meaningful First-Time Experience
[insert the interaction]
Meaningful Experience
[insert the interaction]
ACTION:
[insert]
ACTION:
[insert]
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Onboarding to Cryptocurrency
1
2
3
4
5
What We Did
Context
What We Learned
Anatomy of an Onboarding Journey
Ways of Onboarding
Onboarding Stories
Key Takeaways
Next Steps
Contents
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Onboarding to Cryptocurrency
Many touchpoints in the onboarding journey are social and organic.
Onboarders experience touchpoints—learning interactions—that are facilitated by onboarding guides.
For new concepts like cryptocurrency or Web3, social interactions with trusted friends, family, and experts (both formal and informal) are particularly important.
Framework Ways of Onboarding
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More Independent
More Social
Official
Organic
Mapping ways of onboarding
Two contextual vectors tend to shape onboarding experiences:
Social vs Independent�Does a person onboarding to a cryptocurrency experience act by themselves or as part of a group?
Official vs Organic�Do people interact with touchpoints from branded, official or organic channels during their onboarding experiences?
For each of these vectors, there is a spectrum of options.
Framework Ways of Onboarding
Places to learn about cryptocurrency
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Onboarding to Cryptocurrency
FRIENDS & FAMILY MEMBERS
BRANDED / INFLUENCER SOCIAL MEDIA
CUSTOMER SERVICE
SELF-SERVE �APP INTERFACE
LOCAL
EXPERT
ADJACENT COMPANY/ORG IN MY ENVIRONMENT
ORGANIZED COMMUNITIES OR PROJECTS
Learning from one or multiple friends or family members who are trusted, but not thought of as experts.
Learning from an expert in the community—potentially a coworker, friend, or relative who is known for being a knowledgeable and trusted resource for finance or technology.
Learning from a local business that is a part of the onboarder’s community—could be a mobile shop, local financial advisor, or other expert (OIC, Bitcoin Plug).
Participating in an online community devoted to a certain Web3 organization —for instance, a DAO or NFT project’s Discord.*
*Discord is a community chat app popular with members of Web3 project communities.
Consuming online videos, images, or threads by paid or unpaid content creators (YouTube, TikTok, Instagram, Twitter, Facebook).
AFFINITY GROUP SOCIAL MEDIA
Participating in a finance or technology-focused peer group on social media (Reddit, Telegram, Crypto Twitter, Signal, WeChat, WhatsApp, Facebook, Line).
Asking customer service for help over the phone, with an online text chat, or in a physical retail location.
Learning from the “onboarding flow” built into an app.
INTERMEDIARY OFFICIAL COMPANIES
Learning through an intermediary app or institution—for instance, learning about Bitcoin through CashApp.
Onboarders may learn about cryptocurrencies from many touchpoints in their journeys.
There is a rich environment for learning about cryptocurrencies through relationships in both the physical and digital spaces.��
Framework Ways of Onboarding
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Section 2: Context
Onboarding to Cryptocurrency
“Do Your Own Research” doesn’t work for everyone.
People learn in different ways, and have varying access to trustworthy resources (and varying experience in discerning what is and is not trustworthy in crypto). People will look to different touchpoints (many of which are trusted humans) for information, and most people will interact with multiple touchpoints during their journeys.
As we discuss in our UX in Cryptocurrency report, if the industry intends to shift from early adopters to mainstream usage, it will need to evolve past its DYOR mindset to more considered educational experiences.
We also talked earlier about the challenges right now with the “noise” in the crypto space, further compounding the difficulty for many of Doing One’s Own Research. Organizations looking to increase cryptocurrency and Web3 adoption should look at how information flows between various touchpoints and what they can do specifically to help people navigate.
DYOR!!
“Do your own research” is popular advice in today’s online cryptocurrency culture—important advice for a space infamous for scams.
Many in the space now DO do their own research, though the term DYOR is misleading, as “research” is often done socially, via interest groups or expert groups, both IRL and on platforms like Telegram or Discord.
Framework Ways of Onboarding
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Onboarding to Cryptocurrency
The Social Axis describes other people an individual learns around.
Some learn by searching the internet and watching online videos. Others are nervous to take their first steps—or wouldn’t know about cryptocurrency at all—without the help of others in their physical communities.
Cryptocurrency experience developers should consider how learning experiences differ in social versus individual situations, and what types of media artifacts are appropriate for each.
FRIENDS & FAMILY MEMBERS
INFLUENCER SOCIAL MEDIA
CUSTOMER SERVICE
SELF SERVE INTERFACE EXPERIENCES
LOCAL EXPERT
ADJACENT COMPANY IN MY ENVIRONMENT
ORGANIZED COMMUNITIES
ONLINE FORUMS
BRANDED SOCIAL MEDIA
Places to learn about cryptocurrency
More Independent
More Social
Framework Ways of Onboarding
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Onboarding to Cryptocurrency
The Branded/Organic Axis describes how distant the information touchpoint is from the org that made the product or service.
Onboarders can learn from verified sources—such as a product’s website or their branded social media touchpoints—or from organic sources that may be embedded in their physical or digital communities.
Onboarders may trust official sources for some types of information and organic sources for other types.
FRIENDS & FAMILY MEMBERS
INFLUENCER SOCIAL MEDIA
OFFICIAL SOCIAL MEDIA
CUSTOMER SERVICE
SELF SERVE INTERFACE EXPERIENCES
LOCAL EXPERT
ADJACENT COMPANY IN MY ENVIRONMENT
ORGANIZED COMMUNITIES
Official
Organic
Places to learn about cryptocurrency
Framework Ways of Onboarding
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Onboarding to Cryptocurrency
Specific Touchpoint Examples
Real examples of touchpoints can also be mapped on the matrix—showing the increased variety of places from which people may learn about cryptocurrency.
FRIENDS & FAMILY MEMBERS
INFLUENCER SOCIAL MEDIA
OFFICIAL SOCIAL MEDIA
CUSTOMER SERVICE
SELF SERVE INTERFACE EXPERIENCES
LOCAL EXPERT
ADJACENT COMPANY IN MY ENVIRONMENT
ORGANIZED COMMUNITIES
Company Call Center
FAQ’s on company site
Using the app
Company support chat
YouTube videos made by the company
YouTube videos made by influencers
Project Discord
Sponsored influencer YouTube video
SOCIAL MEDIA AFFINITY GROUP
Chat thread on affinity group
Sponsored AMA on a finance Reddit group
Learning from the owner of the cyber cafe
Learning from the owner of the mobile shop
My grandson who knows about tech stuff
The auntie that works in banking
ONLINE FORUMS
Interest-based Reddit, Twitter, Discord Groups
Official
Organic
More Independent
More Social
Places to learn about cryptocurrency
Framework Ways of Onboarding
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Onboarding to Cryptocurrency
Three Real-Life Stories
This report’s three real-life vignettes explore how onboarding experiences can span the range of the social axis and the official axis of the touchpoint matrix.
Our Stories:
While the depth of the social experience and the connection to branded touchpoints varies across these vignettes, each follows a common journey with emphasis on our four strategies:
Official
Organic
More Independent
More Social
Places to learn about cryptocurrency
1
2
3
Framework Ways of Onboarding
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1
2
3
4
5
What We Did
Context
What We Learned
Anatomy of an Onboarding Journey
Ways of Onboarding
Onboarding Stories
Key Takeaways
Next Steps
Contents
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Onboarding to Cryptocurrency
Onboarding Story 1
Nile, the Community Teacher
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Onboarding to Cryptocurrency
Hands-on, 1:1 education on different Web3 products, based on students’ interests.
How an Afrofuturist teacher creates a holistic onboarding experience led by students’ motivations.
Onboarding Story 1 Nile, the Community Teacher
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THE CONTEXT
Nile takes an Afrofuturist approach to teaching blockchain.
Nile Ferell, a young blockchain teacher, believes people can harness their creative power to build the universe that they want to see.
�He offers classes at Rapha Art Life Center in the Bed Stuy neighborhood of Brooklyn, New York to community members. Folks hear about the classes via social media promotion and word of mouth.
His students want to be onboarded to cryptocurrency because they:
Onboarding Story 1 Nile, the Community Teacher
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Nile uses a world-building activity—a fictional writing practice where students create an imaginary world—to illustrate the potential of the Web3 space.
He starts lessons by asking students a question that is not directly related to Web3, “If you were to have your own universe, what would be in it? What would it look like? What are people doing in the space?”
Students’ answers inspire the flow of the workshop for the day. For example, a common response is that in their own universe everyone can make their own art and sell it. Building off of that response, Nile introduces the role of NFTs and smart contracts as a possible solution to achieve that universe.
Another common response is wanting to build their wealth, which allows Nile to introduce the concept of non-custodial wallets. Then he teaches them how to set one up and buy cryptocurrency as a possible solution to better control their wealth.
In the following pages we’ll take you through Nile’s lesson step-by-step.
CREATE THE SPARK
Making NFTs relevant to students using world-building activities.
“[I] like to draw on their personal visions, desires, and then figure out how to mold it into Web3. [I start] seeing people's wheels turn…and it becomes a lot less intimidating.”
Nile Ferell
Web3 and Blockchain Educator, on why using people’s personal visions is effective for onboarding to new technologies like Web3.
Onboarding Story 1 Nile, the Community Teacher
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Onboarding Story 1 Nile, the Community Teacher
MINIMIZE THE SETUP
Quick & easy wallet setup
The first step to building the universe that students envisioned was creating a wallet.
Nile has a number of tactics to streamline this step for his students.
Experimenting in a test environment has another advantage: should new students lose the keys to their wallets, no value will be lost. This can help students avoid an additional common landmine in Web3 experiences without discouraging them from onboarding at all.
Above is a photo of Nile Ferrell’s QR code card that leads you to his personal website. �Below is a photo of a CRADL team member accessing the test network.
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Onboarding Story 1 Nile, the Community Teacher
COMPLETE A FIRST-TIME EXPERIENCE
Using the testnet, students create their first NFTs
In preparation for the NFT creation activity, Nile returns to the students’ ideas from their world-building activity—emphasizing that this world will be possible one day with the help of Web3. ��He directs students—still on the Ethereum testnet—to the NFT platform OpenSea, where he helps them sign in with their wallets and create an NFT “collection.” Once ready, the students "mint" their first NFTs.
In the no-cost test environment, the stakes are low. Students quickly sketch in a notebook or use existing images from their phone and, using OpenSea’s website, “mint” the images as NFTs within minutes. Students are free to play with the attributes of their NFTs, build out a collection, and set prices.
An entrepreneur himself, Nile’s class isn’t just about technical knowledge. As students create their test NFTs, he offers advice for when they’ll one day have real businesses:
“If you want to sell and make money doing NFTs…know your audience, know what's valuable to them.”
Students are encouraged to have fun building out the elements of the “world they’d like to see” as a collection of NFTs. On the Ethereum testnet, NFTs can be minted for free, offering a learning environment with a sense of fun and spontaneity.
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Onboarding to Cryptocurrency
COMPLETE A FIRST-TIME EXPERIENCE
Students practice and get comfortable with minting and trading NFTs.
After students mint and price their NFTs, they are encouraged to trade them with their fellow students.
In typical classes Nile would have students go through these two First-Time Experiences five times to get them comfortable with the process.
Onboarding Story 1 Nile, the Community Teacher
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Onboarding to Cryptocurrency
Onboarding Story 1 Nile, the Community Teacher
DESIGN AN OVERARCHING EXPERIENCE
Students come back to advance their skills and build community.
Through the personalized attention he gives and the safety his environment creates, Nile fosters growth and mentorship within this community.
Nile reports that most students return to his classes. They often intend to use their newly acquired knowledge to launch businesses and even leverage the tools to reshape their communities.
“I have students who come in long-term because they just like creating…just the opportunity to talk to other students and you know, that safe space.”
Nile Ferell
Source: Photo from Nile Ferell of one of his workshops at Rapha Life Art Center
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Onboarding to Cryptocurrency
Minimize the Setup�Nile quickly helps people set up a Metamask wallet and load it with testnet currency so they can immediately (and without cost) get started on OpenSea.
Meaningful First-Time Experience�Students can trade NFTs with one another, or buy from each other’s collections with testnet cryptocurrency.
Create the Spark�Nile asks students questions to gauge what their interests are in Web3 and inspires them to take their first steps during the class.
ACTION:
Create NFT
ACTION:
Trade NFT
Building community around blockchain and Web3 education
Meaningful First-Time Experience�Students create their first NFT and add it to an OpenSea collection.
Design an Overarching Experience�Students will keep coming back to Rapha Life Art Center or follow Nile on his teaching journey to build their own skills.
Setup: Install Metamask etc…
Spark
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Onboarding to Cryptocurrency
Onboarding Story 2
The Bitcoin Classic Streetball Tournament
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Onboarding to Cryptocurrency
Streamlining cryptocurrency onboarding at a Harlem streetball game.
How CashApp crafted a cryptocurrency onboarding experience embedded in a community event.
Onboarding Story 2 The Bitcoin Classic
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Onboarding to Cryptocurrency
CashApp is positioning itself for underserved clientele.
CashApp—an app that started as an easy way to send seamless ACH payments—has positioned itself as a neobank serving traditionally underserved communities in the U.S. with features such as:
Jack Dorsey, the CEO of CashApp’s parent company Block, has also been actively promoting (and gifting) bitcoin to underserved communities in collaboration with influencers such as Jay Z and Lamar Wilson, who creates content under the Black Bitcoin Billionaire brand.
Onboarding Story 2 The Bitcoin Classic
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Onboarding to Cryptocurrency
THE CONTEXT
Bitcoin Classic: A street basketball game on a storied court in Harlem.
Sponsorship of local events grants CashApp an opportunity to introduce cryptocurrency usage in a cultural and communal context. A streetball competition in August 2022—the Bitcoin Classic—provided just this opportunity.
The Bitcoin Classic was held at the storied Rucker Park in Harlem. Teams from across the country pay a fee to compete for a pot of bitcoin (worth about USD $20,000 at the time of the game).
The event offers an organic introduction to bitcoin in an environment that feels natural and connected through a community activity. Black Bitcoin Billionaires, a partner to CashApp, also brought out their community.
“I won the Block endowment grant...and then once they saw the vision behind this, they jumped on board and that's how we built this connection [with CashApp].”
Yusef Abdul-Ali Bitcoin Classic Organizer
“Oh, man, So there's Madison Square Garden...Yankee Stadium...Mets [Citi Field] and then you got Rucker Park, most iconic sports facilities courts! So I had to do it here, right?”
Yusef Abdul-Ali Bitcoin Classic Organizer
Onboarding Story 2 The Bitcoin Classic
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CREATE THE SPARK
How bitcoin is introduced.
Context matters when introducing new concepts. In this case, bitcoin is introduced in a familiar and dynamic context that may spark curiosity.
Influencers such as Lamar Wilson (mentioned earlier, a co-creator of online media under the Black Bitcoin Billionaire brand) position bitcoin as a decentralized financial alternative to a community often skeptical of traditional financial offerings.
In this specific event, bitcoin is positioned as something of value: the prize money for the competition.
Onboarding Story 2 The Bitcoin Classic
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Onboarding to Cryptocurrency
MINIMIZE THE SETUP
Onboarding is designed to use an app people already have and are familiar with.
In a clear example of the power of seamless integration between TradFi and DeFi, CashApp’s introduction of bitcoin to their customers was “just another feature” or currency they could purchase, via a product they already use.
CashApp’s investment in community outreach and advertising means that many people already have the app. By the time they attend the event, people are already familiar with the value the app provides.
A recent in-depth study by Jay Cunningham et al. on the use of CashApp in Black communities grouped crypto and Bitcoin-related activities with other buying and selling of assets (e.g. stocks).
Onboarding Story 2 The Bitcoin Classic
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Onboarding to Cryptocurrency
COMPLETE A FIRST-TIME EXPERIENCE
Scan to receive bitcoin, and new customer acquisition.
Posters around the event offered attendees a super simple way to get their first cryptocurrency: simply scan the QR code to receive some for free.
Those who already use CashApp are likely familiar with the interaction of scanning QR codes for sending and requesting fiat currency. This simple extension of that interaction model gives CashApp an easy way to familiarize customers with the idea of buying and holding bitcoin.
For those without the app, an incentive of $10 USD worth of free crypto might encourage an app download and setup. Even if someone immediately sells the bitcoin, they’ve now been introduced to the idea and CashApp has gained a customer.
Onboarding Story 2 The Bitcoin Classic
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Onboarding to Cryptocurrency
COMPLETE A FIRST-TIME EXPERIENCE
CashApp lowers the barrier to bitcoin buying
For many, the thought of “investing” can be intimidating. CashApp has significantly reduced barriers to start by making onboarding to its app, loading it up (even with cash), and buying as little as $1 worth of a stock easy and seamless.
When a person scans a QR code and receives some free bitcoin, something else special has happened: they’ve become a cryptocurrency buyer. If the customer simply leaves the bitcoin alone, they can easily see how their single-asset portfolio rises and falls in value without any effort or cost on their part.
The customer having a balance also reduces a barrier to further investment— in crypto or not—using CashApp.
After receiving free bitcoin, the value of the asset is visible every time they open the app.
Onboarding Story 2 The Bitcoin Classic
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Onboarding to Cryptocurrency
COMPLETE A FIRST-TIME EXPERIENCE
Deepening use with a second First-Time Experience: send some bitcoin
Loaded up with free bitcoin, the Bitcoin Classic encouraged spectators to try out another First-Time Experience within cryptocurrency: sending money.
Each player in the tournament sported jerseys provided by CashApp with a large QR code on the back. When spectators scanned the jersey QR with their CashApp, they could add bitcoin to the prize money teams were playing for.
Spectators could send as much or as little as they wanted. For CashApp, the effect is just the same: their customer now has the experience of sending bitcoin.
Onboarding Story 2 The Bitcoin Classic
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Onboarding to Cryptocurrency
Bitcoin Classic streamlined three cryptocurrency experiences embedded in a dynamic cultural setting.
Any action is easier to take a second time, but high barriers, both conceptual and material, discourage people from trying something new—especially something new with money and finance.
By sponsoring the Bitcoin Classic, CashApp lowered barriers and incentivized people to try using cryptocurrency via embedded bitcoin experiences:
The three different experiences demonstrated not only how to interact with crypto, but also how it can be used in real-world situations.
Onboarding Story 2 The Bitcoin Classic
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Onboarding to Cryptocurrency
Create the Spark�The name Bitcoin Classic familiarizes people with crypto in a way that sparks curiosity. Bitcoin influencers like Lamar Wilson position bitcoin as a new way to take control of finances.
Meaningful Experience�In addition to receiving free money, someone new to the concept has just seamlessly become a crypto buyer.
Minimize the Setup�Because CashApp offers multiple banking services, it is likely that athletes and spectators already have downloaded and set up the app.
ACTION:
See bitcoin in my app
Introducing bitcoin in CashApp
Despite the word “bitcoin” in the name, it is important that this event was not a “cryptocurrency” themed event. It was a community-oriented event featuring a beloved sport in a meaningful traditional space. While many at the event may have been aware of bitcoin, it offered CashApp an opportunity to onboard new people through a complete (and seamless) experience anchored in the use of their product.
Meaningful First-Time Experience�People can simply use CashApp to scan one of many posters at the event to receive about $10 USD of free bitcoin.
Meaningful First-Time Experience�With bitcoin in their app, people can send their first bitcoin in a meaningful way: contributing to the prize money at a community event.
Onboarding Story 2 The Bitcoin Classic
Setup: Install app, etc…
Spark
ACTION:
Scan to receive, then receive bitcoin
ACTION:
Scan to send bitcoin
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Onboarding to Cryptocurrency
Onboarding Story 3
The Black Wall Street App Experience
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Onboarding to Cryptocurrency
The Black Wall Street (BWS) app uses in-app content from trusted thought leaders to build momentum for customers to get started with bitcoin investing.
How the BWS app educates and inspires communities who do not trust traditional financial systems to learn about crypto buying through the embodiment of responsible principles for investing.
Source: Screenshot from the Black Wall Street App start up screen
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Onboarding to Cryptocurrency
Source:
(left) Book Cover of The Wealth Cure: Putting Money in Its Place by Hill Harper
THE CONTEXT�Hill Harper, author and actor, founded the BWS app
As a longtime advocate for Black communities to build intergenerational wealth, Hill's latest project is creating the Black Wall Street (BWS) app.
In an interview with Selena Hill in Black Enterprise's The New Norm, Hill explained his motivations for founding the BWS app:
"For me there is a datapoint that really breaks my heart.
In 1863 when the Emancipation Proclamation was signed, Black people in America held a little less than 1% of American wealth. Today, April 2021, it's financial literacy month 2021, Black people in America hold a little less than 1% of American wealth.
Combine that with a Property Now study that came out recently called "The Road to Zero Wealth" that detailed the fact between 2043-2050, it’s estimated that Black people in America will be at zero wealth and Latino Americans are only 20 years behind...we really have a financial literacy and capacity problem."
In our interviews, Hill explained how his team listened closely to people's needs, fears, and hopes to build an app that would create a seamless onboarding experience. Our evaluation of the app concludes that the BWS team created an engaging execution of the Onboarding Experience from Spark to a First-Time Experience with minimal setup.
Onboarding Story 3 The Black Wall Street Experience
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Onboarding to Cryptocurrency
THE CONTEXT
BWS is built on a foundation of trusted and reputable community leaders.
The BWS app was built by a team of people who are actively engaging with the communities that they serve through grassroots financial literacy and crypto education initiatives.
Two key leaders are Najah Roberts and Tavonia Evans, trailblazers in the crypto and Web3 industries. They produce accessible educational content that focuses on the financial and social value of crypto over its technical attributes.��Najah Roberts is the Chief Visionary Officer of the BWS app. She is a pioneering Web3 tech entrepreneur and educator, founder of Crypto Blockchain Plug, and host of “Ahead of the Crypto Curve” radio show. She leads the Digital Financial Revolution Tour, a nationwide onboarding event, where she stops in underserved communities to introduce them to the financial opportunities of cryptocurrency. ��Tavonia Evans is the Chief Technology Officer (CTO) of the BWS app. She is a veteran data scientist, web developer, and founder of GUAP Coin, the first publicly launched cryptocurrency token that prioritizes the financial and economic concerns of the Global African Diaspora community. ���
Onboarding Story 3 The Black Wall Street Experience
Sources:
(left): Najah Roberts of Crypto Blockchain Plug �(right): Tavonia Evans of GUAP Coin
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CREATE THE SPARK
Najah led a 30-city literacy tour to spread the word about the BWS app
To launch the BWS app, Najah Roberts began a 30-city literacy tour in the historically Black community, Leimert Park, in Los Angeles, California. The tour symbolically ended in Tulsa, Oklahoma, the site of the original Black Wall Street in Greenwood District that was destroyed by white residents and served as the inspiration for the BWS app.
Roberts reported giving away millions of satoshis* to attendees of the Digital Financial Revolution Tour as they signed up for the app.
*A satoshi is a fraction of a bitcoin, 1 satoshi = 1/100,000th of 1 bitcoin.
Source: (above) Black Cultural Events News Release , “Najah Roberts Queen of Crypto – 2nd Annual Digital Financial Revolution Tour”
Onboarding Story 3 The Black Wall Street Experience
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MINIMIZE THE SETUP
In-app video content provides immediate value, creating the momentum to overcome setup barriers
Regulations on many apps in the U.S. require people to undergo a tedious KYC process before buying financial products like cryptocurrencies—a major barrier for all apps in the space.
With limited options to lower this setup barrier, BWS focuses on momentum through a well-considered content strategy. Even before customers complete their KYC verification, they can gain value from the app by watching its preloaded videos that give advice about investing from Najah Roberts and Hill Harper.
This content contextualizes the value of responsible investing in a person’s life and positions bitcoin as an important part of a person’s portfolio; it nudges people to continue with the app setup and make their first investment.
Onboarding Story 3 The Black Wall Street Experience
Source: (right) Screenshot of Learn to Earn videos from The Black Wall Street app
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“If you look at the value in BTC it’s intimidating, but if you see it in satoshis [you’ll think] “Oh! I can participate!” You're just seeing it in a different form”
Onboarding Story 3 The Black Wall Street Experience
COMPLETE A FIRST-TIME EXPERIENCE
The path from download to first investment is swift
After going through the setup process, people can access the app’s primary Experience: buying and holding bitcoin.
The app’s experience design includes a number of intentional design choices to make investing feel more accessible. For example:
The high price of a single bitcoin can also present an intimidating optical challenge for buyers just starting out. A $100 investment looks tiny: .005 BTC.
Hill Harper Founder of Black Wall Street app
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DESIGNING THE OVERARCHING EXPERIENCE�The app encourages consistent and responsible investment at accessible amounts.
As people become more comfortable, the BWS app’s Overarching Experience enables them to build complexity and automation into their bitcoin investing strategies.
BWS’s “set it and forget it” feature enables people to easily implement dollar cost averaging (DCA), a responsible investment strategy promoted by the app’s creators to automatically withdraw a pre-determined amount at a predictable cadence.
Hill and his team realized that their audience wasn't willing to use the strategy to invest in themselves. This led to creation of a feature called Savings Vault, which allows people to build a profile and save for a loved one or an organization.
Onboarding Story 3 The Black Wall Street Experience
“Black people don’t invest in themselves. People say I don’t DCA myself. But I will invest in my kids. So we made savings vaults where you can direct money to your kids, grandkids, or church”
Hill Harper Founder of Black Wall Street app
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Create the Spark�Potential buyers learn about BWS listening to content from influencers like Najah Roberts or Hill Harper online or through their financial literacy bus tour.
Minimize the Setup�Short and easy-to-watch videos explaining the benefits of being a bitcoin buyer build momentum for people to take the next step: to buy their first bitcoin.
The Black Wall Street app onboarding experience
…
Meaningful First-Time Experience�People buy bitcoin in the app, giving them the opportunity to become a bitcoin buyer.
ACTION:
Buy some bitcoin
Setup: Education on how to invest in bitcoin
Spark
Design an Overarching Experience�The BWS Overarching Experience focuses on becoming a responsible buyer with an emphasis on consistent investment and strategies to support loved ones.
ACTION:
Set up dollar cost averaging
ACTION:
Create a savings vault
New Experience:�Dollar Cost Averaging�People can enhance their bitcoin-buying and reduce volatility exposure through the “set it and forget it” feature.
New Experience:�Savings Vault�Opportunities to save for others are introduced as a way to deepen a person’s relationship with investing.
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Onboarding to Cryptocurrency
Additional Stories
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Onboarding to Cryptocurrency
In-person, guided onboarding with a trusted community organization.
The OIC of South Florida (OIC-SFL) is a community-based workforce, job development, and training organization. OIC-SFL is one of 31 Opportunities Industrialization Centers around the U.S. and Africa. OIC-SFL serves the unemployed, underemployed, unskilled, and those with barriers to self-sufficiency due to past indiscretions in their background through various Workforce Development Division programs. OIC-SFL also seeks to proactively address the vicious cycles of poverty via their programs such as the Youth and Family Division programs and financial literacy program.
OIC-SFL is a community onboarding model that mirrors elements of our first case study of Nile, the Afrofuturist teacher who created student-centered curriculum.
The OIC-SFL wants to ensure its communities are informed about cryptocurrencies, have access to cryptocurrencies, and that cryptocurrency companies are developing products with their communities in mind.
“[I want to ensure] that our communities are not left behind with blockchain and crypto. In the dot-com boom people were left behind. We don't want that to happen. We have be to working with the companies, not lagging behind them."
Newton Sanon President of OIC-SFL
Source: (above) Derek Kearny for CRADL
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Field Story
Onboarding to Cryptocurrency
Meeting people where they are: Crypto Blockchain Plug
Crypto Blockchain Plug is run by Najah and Dimitri Roberts. It's the first physical store in the country where community members can make an appointment, learn about bitcoin and blockchain, and be assisted in purchasing bitcoin. The space is also used for community meetings and is command central for Najah’s consulting and education work.
The Plug is located in the Inglewood, California proximate to communities skeptical of large financial institutions. Anyone can either go to The Plug or request a visit from a team member for their appointment to learn about using a crypto wallet. They support every step of the process, from facilitating cash-in to recommending specific cold storage (and the most reputable places from which to buy it).
In addition to the Bitcoin and Blockchain essentials courses found on the Crypto Blockchain Plug's website, Najah and team host a variety of crypto education both at the Plug and in the community, including a Crypto Kids’ Camp.
Najah also hosts a daily show on KBLA talk radio called “Ahead of the Crypto Curve,” and leads a variety of other efforts to ensure her community is up-to-date and comfortable with concepts relating to cryptocurrency. Plus, she organizes an event for Bitcoin Pizza Day.
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Field Story
Onboarding to Cryptocurrency
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What We Did
Context
What We Learned
Anatomy of an Onboarding Journey
Ways of Onboarding
Onboarding Stories
Key Takeaways
Next Steps
Contents
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Onboarding to Cryptocurrency
Key Takeaway
The more people understand the value propositions of using cryptocurrencies, the more likely they are to adopt them.
There is a strong correlation between what people know about cryptocurrencies and how likely they are to acquire some.
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Key Takeaway
Ownership is the best teacher.
People learn by doing. The experience of buying and holding (or hodling) cryptocurrency helps people understand the process (and may inspire them to learn more).
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Key Takeaway
The industry needs to re-think “crypto literacy,” and shift from explaining the tech to explaining the value and how to use it.
Teams should focus on the Minimum Viable Knowledge needed for people to have their first experiences.
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Onboarding to Cryptocurrency
Key Takeaway
Onboarding is often a social experience.
From the initial Spark and over the long-term journey, people learn the value of cryptocurrency and Web3—and how to use it for themselves—from the community around them through a variety of branded and informal channels.
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Key Takeaway
“Onboarding Guides” play a critical role in curating the journey.
People who play the “onboarding guide” role in their communities are critical for helping people become comfortable with cryptocurrency.
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Key Takeaway
Let people feel the value by focusing onboarding on complete First-Time Experiences.
…and minimize the setup steps until after people have felt the value.
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What We Did
Context
What We Learned
Anatomy of an Onboarding Journey
Ways of Onboarding
Onboarding Stories
Key Takeaways
Next Steps
Contents
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Onboarding to Cryptocurrency
Studies and Surveys
�What’s Stoppping Crypto Skeptics [A Study]
Study: Over 46 Million Americans Likely to Buy Crypto in the Next Year�2021 State of Crypto Literacy
The 2022 Consumer Pulse on Crypto
BlockFi Survey Reveals Nearly 1 in 3 Women Plan to Buy Crypto in 2022�The Road to Zero Wealth: How the Racial Wealth Divide is Hollowing Out America’s Middle Class
�Articles
16% of Americans say they have ever invested in, traded or used cryptocurrency
Crypto is Creating Newfound Wealth – and Job Freedom – for Many Americans�90% of current, potential crypto investors plan to buy more in the next 6 months, according to BofA survey�Lack of knowledge about bitcoin is the biggest barrier to usage, finds new study by Block, Inc.
Additional Resources
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Onboarding to Cryptocurrency
CRADL is a research organization committed to objectively documenting people, organizations, and activities in the crypto ecosystem and their impact on the broader industry.
The views and perspectives of research participants included in this report are their own and not necessarily reflective of CRADL, its partners, funders, and advisors.
We do not provide investment advice nor do we endorse any cryptocurrencies, financial strategies, products, or companies.
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