Crypto’s killer app is the first 60 seconds: Fix onboarding or forget adoption | Opinion

Key Points

1. Rigid KYC demands drive 70% of potential users to abandon the onboarding process before depositing any money, leading to significant marketing losses.

2. Fintechs that optimized onboarding saw abandonment rates drop from 62% to 27%, demonstrating the impact of smoother verification processes.

3. Crypto exchanges benefit from mobile-friendly onboarding, instant-gratification loops, and behavioral nudges, which improve perceived usability and retention.

4. Delays in onboarding hurt conversions—each additional second can reduce conversions by up to 20%, making clunky KYC processes costly for exchanges.

5. Single-sign-on (SSO) options (e.g., Apple, Google) can increase sign-ups by 20–40% and reduce support costs by minimizing password resets.

6. Reusable KYC and tiered verification (e.g., light checks for small purchases, deeper checks for withdrawals) can improve pass rates and speed up clearance.