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Why multiple digital asset accounts are a UX challenge
Mass adoption hinges on helping users manage their various crypto wallets and accounts.
July 20, 2023
As blockchain and crypto have proliferated, so have the digital asset platforms and wallets people use. People want the flexibility to use different tools but it can be difficult to keep track of every digital asset account. They shouldn’t have to jump from app to app in order to check their portfolio, execute a trade, or sign an on-chain transaction.
There is an opportunity to unify and simplify the crypto user experience. Solutions are emerging as part of the Web3 infrastructure stack to tackle this issue so people can bring their crypto into the app of their choice from other platforms with just a username and password. At Portal we’re constantly looking for solutions to integrate directly into our Web3 infrastructure that help businesses add value to their users. Functionality that simplifies how users access their various financial apps will become a differentiator for any new Web3 offering.
The current state of digital asset app management
As the digital asset space grows, users are struggling to keep track of their assets on different platforms—wallets, crypto exchange accounts, brokerage accounts, and NFT marketplaces. Their assets, balances, and transaction histories are scattered. When they want to initiate or complete a transaction, they often have to leave one app and sign into another. Moving between apps adds steps and increases the risk of a user sending assets on the wrong network or to the wrong address. It leads to users abandoning the transaction altogether, which keeps businesses from converting users.
Enterprises recognize this problem but solving it requires them to integrate multiple platforms, apps, and protocols. The process is overwhelming and developer-intensive, particularly for enterprises still in the exploratory phase with digital assets.
The opportunity to remove friction for users
Even though decentralized finance is the most active part of Web3, the industry is still in its early days. Many enterprises recognize that expanding their offerings into digital assets is a business opportunity. The right tools and resources to integrate the breadth of available financial services into a unified experience for end users will increase adoption.
The future of digital asset adoption rests on many factors, including:
- A simplified user experience
- Increased access and integrations on enterprise platforms to bring Web3 their users
- Removing the burden of technical understanding for both end users and enterprises
- Clear paths to navigate financial apps and activity
- Increased confidence in the value of decentralized technology, particularly its security, long term viability, and usability
Currently, most Web3 experiences, including decentralized finance, are not connected. Even a large financial enterprise or centralized exchange that has multiple apps only allows users to connect to the products under their own umbrella. For example, a Robinhood user can seamlessly move between their centralized account and their crypto wallet. However, as noted above, users increasingly have accounts and wallets across many platforms, not just the Robinhoods of the fintech world. Businesses need to provide an interface that allows users to connect across their currently siloed accounts.
Tackling the UX challenge of managing digital assets
Companies are emerging to address the challenge of managing digital assets across different accounts. One example is a company called Front, which provides seamless connectivity to all centralized exchanges and DeFi wallets with one click. Users can deposit funds securely from over 300+ exchanges and wallets without having to leave their favorite app. Front’s APIs make it simple for businesses to reduce the friction of moving digital assets around for end users.
As an embedded blockchain infrastructure company, our mission at Portal is to enable better user experiences for both end users entering crypto and enterprises building blockchain solutions. Our stack abstracts away the backend development of Web3 infrastructure so businesses can focus on their core products for users.
Interested in talking about how your enterprise can build an out-of-the-box blockchain solution for your users using Portal’s building blocks? Get in touch!