Financial transactions between fiat currencies and cryptocurrencies are highly dependent on the location from which the transactions are initiated. The finding was shared in a research report by CoinTelegraph Research and OnRamper, a financial services provider. According to the report, 50 percent of transactions involving fiat and crypto fail due to patchy network and internet connectivity issues. The results were analyzed using the history of transactions processed by CoinTelegraph’s onramper service. Crypto onramp platforms allow users to facilitate cross-transactions between fiat and cryptocurrencies.
The research found that 90 percent of people who fail in facilitating crypto-fiat transactions abandon the process long-term, hindering crypto use and mainstream adoption. Nonetheless, these transaction failures were recorded KYC Requirements were met by the users.
Africa And South America experience the lowest crypto-fiat transaction rates. Europehowever, has the highest rate of successful transactions.
In addition to location, the size and type of crypto-fiat transactions also play a crucial role in ensuring the process is completed consistently.
Transactions of US$5,000 (about 4 lakh) and above are prone to more errors than smaller transactions, the report found. Crypto-fiat transactions of this magnitude have seen an authorization rate of around 19 percent.
According to the learnas token service providers integrate more onramping platforms into their operations, it could give people more options to try to complete their transactions successfully.
These transactions may include users trying to convert their fiat currencies to cryptocurrencies.
Overall, crypto-related transactions have increased in recent years, not only among retailers and individual investors, but also among companies from around the world.
In the coming days, industry insiders will try to solve the problems like transaction errors that are currently prevalent in the industry.
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