Why Cryptocurrency Exchange Needs A Customer Service Partner

Build consumer trust with secure, efficient digital and customer experience solutions. Learn about trends, trust and technology in the evolving financial services industry. Multi-language capabilities – Crypto currency is a global phenomenon. With customers located in countries all over the world, it’s critical that service is offered in multiple languages in order to meet worldwide demand.

What are crypto services

Investors hungry for exposure to digital assets can choose between a host of crypto exchange options, with competition only standing to intensify as more users and institutions enter the market. Rapid growth, combined by the complex and 24/7 nature of the cryptocurrency industry, can be difficult for even the most established organizations to service. Universal agents – Highly-skilled and engaged customer service agents are critical, as many crypto exchange users are looking for guidance in a market perceived as both complex and risky. Professional human interaction can serve as a competitive differentiator and help customers feel more at ease when buying, selling or exchanging cryptocurrency.

Build On Ethereum

Widely cited market surveys, such as Oracle’s suite of customer experience studies, indicate consumers are likely to abandon a business because of a poor experience. In fact, a majority of customers are even willing to pay more for a similar Crypto services product to get the service they want. When it comes to fast-growing tech markets, having customers discover and cope with service problems on social media can breed company distrust and potentially damage a business’s reputation.

What are crypto services

“You’ll be able to connect to your PayPal account to buy and sell cryptocurrencies. Behind the scenes, Paxos takes care of trading and custody.”

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With the rise of new exchanges, as well as new digital currencies to compete with Bitcoin, cryptocurrency investors have more choice than ever before to get the CX they want. Cryptocurrency exchanges looking to maintain or gain an advantage in this highly competitive market need to consider the value of partnering with a customer service expert in order to gain the upper-hand. But with rapid growth, comes the potential for reputational damage if companies are unprepared to scale their customer service operations to meet heightened consumer demand.

What are crypto services

“Blockchain and cryptocurrency startup Paxos has raised $65 million from investors including venture capital firms RRE Ventures and Liberty City Ventures.” “The infrastructure Paxos is building is potentially transformative for fields beyond cryptocurrency.” Paxos is a regulated blockchain infrastructure platform, building a new, open financial system. Financial service experience– An experienced partner can help you navigate the different regulatory environments, and ensure robust data-protection policies and technologies are in place. Digital currency exchange Coinbase experienced major growing pains after transaction volumes last November and December increased by 295 percent.

Crypto For Enterprise

The risks are even greater for cryptocurrency-related companies, as many individuals have large sums of money wrapped up in the market, making customers exceptionally sensitive to bad service. Rarely have companies seen the amount of growth that cryptocurrency and crypto exchanges have enjoyed in the last 12 months. Earlier this year, NBC reported that market capitalization for digital https://xcritical.com/ coins could climb to $1 trillion by year-end — despite the dramatic sell-offs in Q1. A follow-the-sun service model – Similar to the above, customers looking to trade cryptocurrency will vary in terms of their region and time zone. A customer experience partner operating around the clock, across multiple geos, not only serves to appease customers, but can also generate more business.

  • Coinbase’s general manager, Dan Romero, said in a blog post that this led to long wait times and that “The team was left feeling like we were bailing out a sinking ship with pots and pans,” he wrote.
  • Next-gen technology – The right partner will be able to provide the ideal combination of human and technology resources to reduce cost, increase efficiencies and enhance the overall customer experience.
  • But with rapid growth, comes the potential for reputational damage if companies are unprepared to scale their customer service operations to meet heightened consumer demand.
  • Multi-language capabilities – Crypto currency is a global phenomenon.
  • Widely cited market surveys, such as Oracle’s suite of customer experience studies, indicate consumers are likely to abandon a business because of a poor experience.
  • Rapid growth, combined by the complex and 24/7 nature of the cryptocurrency industry, can be difficult for even the most established organizations to service.

Online forums and social channels lit up with comments about unanswered and unresolved operational issues. Coinbase’s general manager, Dan Romero, said in a blog post that this led to long wait times and that “The team was left feeling like we were bailing out a sinking ship with pots and pans,” he wrote. With MetaMask, Infura, and a leading suite of blockchain products, we make it easy to build applications on Ethereum and participate in DeFi, NFTs, DAOs, and the metaverse. Collaboratively explore suspicious activity, uncover money laundering, and trace stolen funds, ransomware, and illicit payments. “Binance USD is only the latest stablecoin whose reserves are being held by Paxos. The company now custodies the dollar reserves for its own Paxos Standard stablecoin and Huobi’s HUSD token.” “To launch the feature, PayPal said it had teamed up with cryptocurrency startup Paxos.”

Scaling Cryptocurrency Exchange Customer Service With Power And Agility

Join a discussion with the report authors as they break down how key Merge outcomes will affect institutions and the DeFi ecosystem. Measure your crypto exposure from destination and origin of fiat funds and risk rate virtual asset service providers. See how the Culture Value Chain can transform your customer experience organization. Continuously monitor incoming and outgoing crypto transactions for compliance violations and SARs-triggering events.

Multiple locations also ensures system continuity in the event of a major disruption. Next-gen technology – The right partner will be able to provide the ideal combination of human and technology resources to reduce cost, increase efficiencies and enhance the overall customer experience. Look for omnichannel service delivery, artificial intelligence capabilities and advanced analytics. In this instance, executives learned the hard way that scaling is crucial to protecting their brand. Coinbase has since invested heavily in their customer service cryptocurrency exchange operation and is seeing significant improvement. However, taking an expert-led, data-driven approach from the start can help enormously when it comes time for cryptocurrency exchanges to scale.