- ConsenSys’ Nicole Adarme shared the current state of cryptocurrency adoption in the Philippines, noting challenges such as negative news affecting public perception and influencers swaying opinions.
- The gaming industry and the market for trading coins and tokens show potential for growth, but contrasting segments exist with some active participants and others hesitant due to past negative experiences.
- ConsenSys’ Metamask Learn platform serves as a valuable educational resource for web3 activities, with simulations and continuous improvements to facilitate onboarding and guide users through the entire process.
Following its recently released research, Ethereum firm Consensys shared to BitPinas the current state of cryptocurrency adoption in the Philippines.
Challenges of Crypto Adoption
When asked about the challenges the country currently faces in its push for crypto adoption, Nicole Adarme, Head of Institutional Marketing at Consensys, noted that the negative news surrounding the industry is difficult to erase from the public’s memory.
She also highlighted how influencers hold significant sway, particularly with the older generation, who tend to trust their friends’ opinions. Negative experiences or scams spread rapidly through social media, creating apprehension towards the entire crypto space, making it challenging to overcome this mindset rooted in personal networks.
“When somebody is worried about a particular scam or maybe one isolated experience, it spreads like wildfire because of how prevalent Facebook is and how there are WhatsApp groups… That kind of top of the mind, maybe just not really prejudice against the space, but this one event or one scam will just put them off entirely,” she explained.
Despite this, Adarme noted that the gaming industry and the market interested in trading coins and tokens in the Philippines holds notable potential. However, according to her, there are still contrasting segments, with some already active participants, such as players of Axie Infinity, and others who remain hesitant due to past negative experiences.
“I’m really hoping that once we have much better infrastructure and better onboarding so people know how to start, know how to safely transition from web two to web three, I’m hoping that that active population will do even more good by helping influence that segment of the population,” she shared.
Accordingly, to further push the crypto educational drive in the country, Adarme highlighted Consensys’ Metamask learn— a free-to-use web3 educational platform available in 10 languages.
“I think Metamask Learn is a really great starting point. There are simulations inside the program that allow people to really walk through the flows of very basic crypto web3 activities, and some other resources that I really found useful,” she shared.
Adarme also highlighted that the platform have a “bankless guide” that provides comprehensive coverage of the onboarding process. She also shared that Metamask Learn is continuously being improved by the team to offer more extensive and diverse onboarding methods.
She expressed her vision that Metamask Learn would become a comprehensive “one-stop shop” that guides users step-by-step through the entire onboarding process.
Future of Crypto in PH
Adarme expressed optimism about the positive figures related to Web3 adoption in the Philippines. She expressed her hope that the growing awareness of Web3’s benefits will encourage more Filipinos to explore and engage with the technology.
“As you see, when you look at barriers to the ecosystem, yes, people are worried about scams and market volatility or not knowing where to start, but I think, more and more as the industry grows, you have much more improved infrastructure and also improved assets for people to get started,” she affirmed.
Consensys Recent Study
A recent report by ConsenSys and global survey conducted by YouGov revealed that 65% of Filipinos are curious about investing in cryptocurrencies.
The same survey found that 51% of Filipinos believe that cryptocurrency regulations are necessary to protect investors and safeguard traditional financial markets. 34% of respondents emphasized the importance of regulators establishing regulations that promote responsible engagement in cryptocurrencies while protecting investors.
ConsenSys also discovered that Filipinos have a limited understanding of web3 technology, with only 25% of respondents being familiar with it. Moreover, half of Filipinos have owned crypto at some point, but only 19% still do.
This article is published on BitPinas: BitPinas Interview: ConsenSys Tackles Crypto Adoption in PH
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.