What we’ll review today:
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understanding of crypto fans and crypto curious consumer groups
© 2021 Voyager Digital Ltd. All rights reserved. Privileged and confidential.
We recruited 12 respondents each in the Crypto Committed and the Crypto Curious segments (24 total) with representation from major US Markets in the sample (LA, SFO, POR, CHI, MI, ATL, MDN, SEA, RVA)
Each respondent completed mobile video assignments which captured, their overall approach to finances, investing and their perception of the vibe around crypto.
We interviewed 16 total respondents (08 in each segment) to dive deeper into who they are, their approach to finances, their interaction with crypto and what could increase their involvement in crypto.
enhance the Crypto For All campaign by delivering nuanced creative targeted to unique consumer needs
6 © 2021 Voyager Digital Ltd. All rights reserved. Privileged and confidential.
d erewopmEHNW
elbaegdelwonK© 2021 Voyager Digital Ltd. All rights reserved. Privileged and confidential. 7 As we learned more about the consumers, we identified
of opportunity.
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time stress energy adventure retirement purchases
9 © 2021 Voyager Digital Ltd. All rights reserved. Privileged and confidential.
good once and I and
“ “I want ability plan want for financial to freedom the buy things what freedom, of we schedule. we want need, the
have security for family.”
and an overall understanding where we are in a stable place don’t have to have conversations about small things like buying a new wallet or pair of shoes.
“We’re in a rat race forever chasing the prize. I invest not for money, I invest for freedom. But on earth, freedom requires money.”
© 2021 Voyager Digital Ltd. All rights reserved. Privileged and confidential.
“ “Crypto the Jones. proposition same The doesn’t rules whole is scary.
as follow Dow “ “I in educated trigger. know my When I buy individual stocks, I look at which companies are doing well like a big tech firm. That’s been very successful. But I don’t know how to apply this to crypto”
enough to pull the I don’t want to make
an amateur mistake.”
“I don’t feel confident with investing. But if I did understand it, I would also buy my lottery ticket”.
Utility is seen as security. The more Curious consumer see crypto being used in transactions, as compensation, and in bank investment funds - the more credible and safe crypto feels.
This also gives the Committed validation - they welcome more utility as it makes their investment feel more secure
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“ “I’ve brands can crypto, use seen have I with haven’t different cards your
looked
you
“ “I’m the what in crypto future really does currency. interested is it headed mean I’m to and in invest going
where
into it much but I like
to Brazil to help with social that it’s another way to
impact program with teens. use crypto.”
A friend of mine is starting a DAO, so I’m learning about tokenomics to create a token for these kids."
“I still don’t really know how people use crypto beyond investment. Maybe that’s the scary part. If people were regularly using their crypto in their day to day then that would make me believe in it a lot more.
A spectrum of automation is desired across audiences with small shifts based on accessibility to capital
© 2021 Voyager Digital Ltd. All rights reserved. Privileged and confidential.
long-game
“ “I’d investments, me involved. not rather to Let be automate it its emotionally run better in the my
for “ “I get touch and don’t in. I background.”
touch my money. I I set it up. I just don’t it. There’s a lot of noise don’t trust it”.
“ “I running \[Albert\] my love spending having has in the an habits background. algorithm and
on
saves over time”
“ Fan favorites “I gravitate towards apps with cool visual graphics. Aesthetics are the first thing I notice.”
“ “”I’ve started Robinhood accounts for my teen boys. It’s been a fun way to teach them about investing, and the app has nice features like confetti when you make a trade. The boys getting excited when they see that”
“I’m a casual investor so everything is on my phone, not my desktop.
Build trust by association: Tap into sources consumers already trust, particularly within trusted finance podcasts and sites.
Investor niche influencers: Round out influencer and talent list with respected investors who specialize in assets class outside of crypto.
Extend beyond the blog/email: leverage native ads and content partnerships to market volatility and need for education
guide to Voyager’s blog for in depth learning opportunities.
Promote strategy forward investing: Highlight features such as reoccurring buys and consider building ability for users to bucket assets by holding strategy.
Highlight the app: Test expansion of app centered creative to encourage trial amongst current crypto investors Build confidence across audiences with crypto utility and use cases
Tangible Utility: showcase easy to get utility of crypto with next phase of debit card creative.
Hit ‘em where it hurts: Test creative targeted at competitor opportunity areas COMPETITION
within current conquest targeting
Surprise & Delight: embed fun and celebratory moments into the user product journey to remind them of the joy of investing.
d erewopmEHNW
ecivoNNFT
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They are disciplined and detailed oriented in structuring their life. They show passion towards their profession and communities in which they belong.
They have concrete financial goals to realize their version of freedom. They are focused on smart returns and passive income with a well rounded, diversified portfolio.
The analytical side of their brain loves data and information. They seek out expert guidance in the form of books, podcasts, TV & now digital newspapers to inform their philosophies and strategies
They have a role for every dollar and clear principles on portfolio exposure. Crypto fits into their 10% ‘fun money’ allocated to high-risk investments
When considering crypto investments, they find comfort in researching the companies behind the coins, reviewing project roadmap and white papers.
They are thoroughly educated on matters of finance and economics and proactively consider the effects of the world on their current and future wealth.
Desktop is essential for setting up more complex trades. This is complemented with app usage for updates and on-the-go needs. Overall, they expressed a lower bar for expected UX experience.
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Many HNW investors have not only built wealth through salaried income, but also through other passive income sources with multiple asset classes (stocks, real estate, art, etc.).
While it seems HNW investors have a lot to invest in crypto markets, there remains a perception of crypto that it is risky and arbitrary. There would need to be an abundance of liquid capital WHAT WOULD
on hand for HNW investors to invest \>10% into crypto and thusly treat it as another viable asset class in their portfolio. IT TAKE TO INVEST MORE
Despite near-mainstream popularity and adoption by traditional financial institutions, cryptocurrency investments are still perceived highly risky or a possible bubble. Their unproven long term nature sidelines crypto as a “gamble” and deprioritizes them in comparison to other “tried and true” asset classes. As a result, if other passive income sources provide steady and “spare” capital for investors to play around with in crypto, then there is less risk aversion to invest more.
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Devoted to the ‘tried and true’ principled approach that delivers profit and allows for calculated risk.
Work within the rules for their money and focus on the long-game & long-hold.
Connect on their terms: Highlight trading capabilities inline with traditional investing terminology and strategies
Become a go-to source: Deliver journey-based comms that drives to white papers and company overviews in consideration phase
Win with earning: Pull them into the fold with long-holds and automated buys
24 © 2021 Voyager Digital Ltd. All rights reserved. Privileged and confidential.
© 2021 Voyager Digital Ltd. All rights reserved. Privileged and confidential.
Being known as an ‘investor’ feels them with pride and is a differentiator among their peers.
They source information from mainstream media and community movements such as Robinhood’s meme stock activity.
They require more ‘proof’ before investing in crypto. Little to know awareness of stable coins makes the level of risk less bearable for their portfolio.
Large amount of their portfolio in more traditional or highly managed 401K or conservative investment products. They check but aren’t eager to trade in or out of this part of their portfolio.
With less capital to move around, these consumers tend to heavy up in one asset class such as real estate or index funds. For those that do dabble in individual stocks, they tend be their favorite brands or short-term holds
Trigger happy These consumers tended to more more prone to getting antsy and trading off a whim or wisdom of the community.
Increased app reliance These consumers tend to check performance and make trades more frequently making their apps the go-to source for information.
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Mass market investors have followed conventional wisdom that has worked for many people in previous decades and generations. To branch out to crypto, they will need spare “play money” that they won’t mind losing but would greatly appreciate if a handsome return from crypto materialized.
barrier of educating themselves on the subject matter and putting skin in the game. If there are tangible, trustworthy IT TAKE TO
examples of reliable, sizeable returns on crypto, then they can be persuaded. INVEST IN CRYPTO?
Trust, or a lack of it, is a major component of crypto for MMI’s involvement in it. Trusted peers or family of MMI can provide greater viability of crypto to those who are not ready to trust the disjointed and confusing sources found online.
Education = confidence = action MMI need the confidence in their understanding of cryptocurrency for them to invest more. In this new realm of finance and technology, they see massive gains won by some people but also massive losses too. They require more understanding of this complex field before putting assets at risk.
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Pride drives their investing and keeps them from expanding beyond what they know.
Work alongside their pride by connecting in their zone of comfort and bestowing a new badge to show off.
Embrace Institutional Affirmations: Leverage influencers in respected investing niches (e.g., real estate) and draw connections between asset classes to normalize crypto and increase ease of understanding
Reframe Initial Investment: Leverage ‘loose change’ and incrementality to create comfort with starting small
Celebrate the conversion: Deliver UX that celebrates along with them and support them in finding the ‘right’ community
29 © 2021 Voyager Digital Ltd. All rights reserved. Privileged and confidential.
© 2021 Voyager Digital Ltd. All rights reserved. Privileged and confidential.
They have a narrative in their minds that focuses on their tougher financial upbringing and the accomplishment they feel when considering things like investments and overall spending.
They are striving to build financial freedom that provide them to live life both now and later. Core to this approach is asking ‘is the delta of happiness worth spending now?”
They root for the underdogs and get behind movements to get back at ‘the man’. There is heavy distrust against institutions of which they feel have rigged the system against them.
They aren’t afraid to start small, sometimes that’s the only option. They celebrate incremental investments regardless of how small it might be. Every dollar is a chance for a dream realized.
They like to talk about crypto, but they like friend referrals even more. Apps with the best earning programs and offers when their affection.
Platform hoppers They hop platform to platform if the benefits and rewards are there, there is a currency of rebelliousness and feeling of being alternative to mainstream.
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long as I have cash, I will invest it Crypto Barriers
Crypto Optimists fully understand the value of saving money from their humble upbringings. They look to take any amount of capital they can afford to invest and use it to pad their future wealth. They are limited by their living expenses and would invest more if they were afforded the ability to.
Not unlike the lottery winners, investors who capitalize early on low value coins that later spike in price reap massive and sudden returns. Crypto Optimists are hungry for any lead and insider edge to capitalize on hidden gems in the crypto INVEST MORE
market.
Some Crypto Optimists are also motivated by a sense of anger and perceived betrayal from existing institutions and the state of society. They highly value “sticking it to the man” who they have deemed as manipulators of the economy and have hoarded wealth and opportunity for themselves. COs view themselves as the common people who can rise up against the inequity of society and change the status quo. As a result, there is no love for any person or group that appears supportive of traditional powers and structures.
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On a mission on recoup economic value that they didn’t have access to growing up.
Build relationship and loyalty by providing access to information and ‘instant’ returns.
Show the way to the uncut gems: Showcase but mainly educate users on lesser-known coins. Prioritize the user with balanced analysis.
Be a part of the solution: Keep messaging consistent and empathize with the common person.
34 © 2021 Voyager Digital Ltd. All rights reserved. Privileged and confidential.
© 2021 Voyager Digital Ltd. All rights reserved. Privileged and confidential.
They love to talk to others about the power of technology and the defi revolution. This include cabbies, friends and clubs/organizations
These consumers tend to be the most risk tolerant but view every trade as a learning experience and an expression of faith.
They believe in decentralization and deregulation. They look forward to the inevitability of the transformation of work and the way value can be effortlessly transferred on the new internet of web3.
These consumers tend to focus exclusively on crypto investing outside of their company 401k (if provide). Within their portfolio they separate between long, mid, and short holds.
They have strategies, but their passion often lead them to make emotional trades. They welcome UX features that save them from themselves.
Fragmentation as status quo They use a lot of financial apps, seeking out the best of the best for each component of their portfolio. They would love a super app, but not holding their breath.
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Never enough fiat to turn into defi Crypto Evangelists not only have full confidence in cryptocurrencies, but also the future of blockchain and its transformative powers to the world economy. They view fiat currencies as outdated and trending towards obsolescence, though they admit normal money still has daily utility. CEs are only limited by their current living needs to invest more fiat into crypto.
More people in the pool Crypto Evangelists evangelize. They preach the benefits and potential of crypto to anyone, anytime. They are not only talking about the financial return from investing in coins, but more specifically the entire ecosystem of blockchain and how finance will change. The more people they get on board, the IN CRYPTO?
more confidence they have in the message they espouse.
True mainstream adoption by the man While seemingly paradoxical, crypto evangelists embrace governmental regulation and adoption. Though they aim for a decentralized future, CEs believe interest and action from governments will legitimize cryptocurrency and accelerate the pace of its utility and ubiquity in society.
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Desire to temper passion with guardrails and focus their energy on Web3 advancement
Showcase value vs. competition by amping up user-first approach to investing
Advanced features: Provide ‘ghost-mode’ and/or bucketing to enable discipline for long hold strategies
Highlight ease of reoccurring buys in creative Launch ‘loose change’ investing model
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“I READ ABOUT CRYPTO A WHILE AGO” Most Crypto Committed can recall a time they read a deeper or more involved summary/brief about crypto early on which piqued their interest. They also look to niche investors for the lead. “Chris Saaca mentioned Crypto back in 2014, so I bought some.”
GROUP AWARENESS The Committed are open to sharing their Crypto journey and have heard about different assets overall from people that they know - this makes their engagement in crypto seems less risky and a group journey which also adds to the sense of security.
Committed consumers are aware of and are continually intrigued by the mission of building a non- traditional structure of crypto. This gives some positive emotional/larger purpose association to the investment.
The Crypto committed, when first investing claimed making more of a sizable investment than just spare money. Ranging between 3-5% in their first investment, but
to find ways to keep digital assets, currency and stocks in the same place, making things more simple, consolidated and easier use.
grow the portfolio share from NICHE COMMUNITY there. Discord, curated Twitter, Reddit threads are all less-traditional
EXCHANGE/APP DATING research sources which Crypto Committed consumers seek for crypto advice and information. The information sources make them feel more exclusive because they are less public/more niche.
The Crypto Committed dated and skimmed several apps for buying and selling Crypto. In the end they wanted a simpler and quicker UX experience.
The Committed consumers in the sample all enjoy and engaging with the larger Crypto community either digitally or as an in-person talking point.
BUILDING SOMETHING NEW The community finds building something outside of traditional banking as appealing.
invested in the asset for the Conversion point / Next
fees
long-term, based on their belief step
in the overall cause of the asset and long-terms financial beliefs.
They are OK with enduring a downturn because they believe the price will go back up. The group does it, feeling of exclusivity
The lead and most credible source of the Curious getting into crypto is knowing or hearing from someone who has invested in crypto and is respected in other areas of investing.
Curious consumers, when hearing about crypto can often feel they have missed the upside, which is that most profitable part - this can sometimes cause them to delay investing or make it a “I'll
get to it when I have time” kind of task.
place where the curious hear about crypto, but with little
intimidating sources within Laker's arena” or “that is that
crypto. The overwhelming nature Matt Damon app”
of all the sources can sometimes discourage from crypto investing
\- making it seem too complicated.
Crypto curious people can name podcasts or other smaller-batch media which talks about crypto. This is seen as more close-in sources with the connection and focus podcasts receive.
Any app or exchange that makes crypto investment easy with as little process as possible is seen as simple and takes away late- stage investment hesitation. CONFIRMING THE INVESTMENT:
Closely related to finding circles is the Curious looking for confirmation of their investment through things like increased utility.
Many feel like the crypto market isn’t based on anything but Twitter commentary
A popular method that gets Curious consumers open to crypto are apps or systems which can invest spare change or money that is coming in that will “not be missed” and use for crypto investing.
There is an element of FOMO with the Curious consumer. There is a sense that they missed out on the bubble, but also don't want to miss on another one and see more of their friends and people they know into the asset, with them on the outside.
Once the Crypto Curious has made the investment, crypto becomes a talking point that can help find their circles of people they trust with crypto.
Build trust by association: Tap into sources consumers already trust, particularly within trusted finance podcasts and sites.
Investor niche influencers: Round out influencer and talent list with respected investors who specialize in assets class outside of crypto.
Extend beyond the blog/email: leverage native ads and content partnerships to market volatility and need for education
guide to Voyager’s blog for in depth learning opportunities.
Promote strategy forward investing: Highlight features such as reoccurring buys and consider building ability for users to bucket assets by holding strategy.
Highlight the app: Test expansion of app centered creative to encourage trial amongst current crypto investors Build confidence across audiences with crypto utility and use cases
Tangible Utility: showcase easy to get utility of crypto with next phase of debit card creative.
Hit ‘em where it hurts: Test creative targeted at competitor opportunity areas COMPETITION
within current conquest targeting
Surprise & Delight: embed fun and celebratory moments into the user product journey to remind them of the joy of investing.
Connect on their terms: Highlight trading capabilities inline with traditional investing HNW INVESTORS
terminology and strategies
Work within the rules for their money and focus on the long-game & long-hold.
Become a go-to source: Deliver journey-based comms that drives to white papers and company overviews in consideration phase
Win with earning: Pull them into the fold with long-holds and automated buys
Speak in their terms: Leverage influencers in respected investing niches (e.g. real estate) and draw connections between asset classes for ease of understanding MASS MARKET INVESTORS
Work alongside their pride by connecting in their zone of comfort and bestowing a new badge to show off.
Reframe Initial Investment: Leverage ‘lose change’ and incrementality to create comfort with starting small
Celebrate the conversion: Deliver UX that celebrates along with them and support them in finding the ‘right’ community
Build relationship and loyalty by providing access to information and ‘instant’ returns
Showcase value vs. competition by amping up user-first approach to investing
46 Show the way to the uncut gems: Showcase but mainly educate users on lesser-known coins. Show how small investments can potentially equate to certain returns but maintain balance in analysis.
Be a part of the solution: Keep messaging consistent and empathize with the common person.
Advanced features: Provide ‘ghost-mode’ and/or bucketing to enable discipline for long hold strategies Highlight easy of reoccurring buys in creative Launch ‘lose change’ investing model
or benefits Audience Components
associations Earning / Ease of Use / Thought leadership HNW Investors
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