Crypto Users Care More About Trust than Lower Fees: Kraken Survey

Core Insights - A recent survey by Kraken indicates that trust is a significant factor for American crypto users, with 79% willing to pay higher fees for trusted exchanges [1][2] - The survey reveals that U.S. crypto users prioritize long-term confidence and security over low fees, with 26% citing trustworthiness as the most important factor [3] - The aftermath of the FTX collapse has heightened awareness of trust and security among users, as evidenced by the survey results [4] User Preferences - Among survey respondents, 16% identified fees as the most important factor for choosing an exchange, while 26% prioritized trustworthiness and 14% focused on security features [3] - Regulatory compliance is not a primary concern for most users, with only 6% ranking it as their top factor for selecting an exchange [6] - Customer support is also a low priority, with only 7% of respondents citing it as a key factor [6] Market Dynamics - Kraken is reportedly preparing for an IPO, and its reliance on transaction fees for revenue remains unclear [5] - In comparison, Coinbase disclosed that transaction revenue constituted 53% of its total revenue, amounting to $764 million in Q2 [5] - The survey found that many U.S. crypto users maintain accounts on multiple platforms, with 44% using two exchanges and 26% using more than two [6]