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Morfin Market Study & Rationale

January 22, 2019

Purpose of the study

Morfin.io wanted to find out from which are the biggest problems people from the crypto community face with personal finance tools and institutions they use, how much it is costing them to manage their personal finances and how much would they willing to pay for a product that will solve their problems.

 

Method

Morfin.io created 3 electronic surveys and collected answers through social media:

  1. Problems and features survey (13 questions)
  2. Banking and Exchanges fees (poll)
  3. Price elasticity study (4 questions)

 

Total responders:

  1. 443 persons
  2. 330 persons
  3. 235 persons

The values on the graphs are cumulative scores (of ratings given by the users from “very important to not important”)

The surveys took place between July and August 2018.

 

Demographics

Most of the people targeted were in the age bracket of our sub-segment: 25 to 49.

 

More than half of the respondents were from Europe, our primary market.

 

How many participants belong to crypto community?

Most of the survey participants owned crypto and 19% were familiar with and potentially interested in crypto.

 

THE PROBLEMS THEY SEE

Conclusion: The first 2 problems with the banks was the same throughout all customer segments: low returns on deposits and high exchange rates. The difference starts to show when the crypto community wants to have a crypto wallet much more than lower fees, better credit conditions or better account management.

Crypto Owners in Europe, all ages

 

General population (all ages, people having or not having crypto, all continents)

 

Non-crypto population (people that are NOT owning crypto)

 

FEATURES THEY NEED

General population figures (all ages, people having or not having crypto, all continents)

Conclusion: most people will like to have a crypto wallet (except the ones not interested in crypto at all), and what is interesting is that after the wallet they would like the bank to be a mutual style bank and only on the 3rd and 4th place comes the price. (in EU is 3rd and in the world is after p2p  FX), which makes sense since inside Eurozone FX is not needed that often.

Crypto Owners in Europe, all ages

 

General population (all ages, people having or not having crypto, all continents)

 

Non-crypto population (people that are NOT owning crypto)

 

FEES – THE PREFERRED COMMERCIAL MODEL

We found quite a balanced distribution between the people who would like to pay transaction fees and people who would like to pay flat fees.

Crypto Owners in Europe, all ages

 

General population (all ages, people having or not having crypto, all continents)

 

Non-crypto population (people that are NOT owning crypto)

 

HOW MUCH MONEY IS SPENT IN CRYPTO RELATED ACTIVITIES?

 

  

HOW MUCH MONEY CRYPTO COMMUNITY MEMBERS WOULD PAY AS A FLAT FEE FOR A PLATFORM TO OFFER FIRST 4 VOTED FEATURES?
(a bank with crypto wallet, mutual and with cheap FX)

 

 

Conclusions:

  1. Most of the people feel that 10 EUR is too cheap of a bargain.
  2. They think such services are worth paying for between 10 EUR and 20 EUR.
  3. Above 25 EUR, they feel such services would be too expensive.
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