Mercuryo & Protocol Theory: Understanding Crypto Adoption in the U.S.
In Brief
Mercuryo and Protocol Theory are collaborating to study US crypto adoption dynamics, revealing income disparities and aiming to create inclusive, user-friendly products.
Mercuryo, co-founded by Petr Kozyakov, in partnership with Protocol Theory’s Alistair Rennie, is exploring the dynamics of crypto adoption across the United States. Their joint research highlights growing interest in digital assets but also reveals significant gaps between income groups. The study aims to provide actionable insights for building more inclusive, user-friendly crypto products that appeal to a mainstream audience while addressing usability and trust challenges.
The Importance of User-Centric Research
Kozyakov explains why this study was crucial:
“Our mission is to onboard the next billion users, and that starts with listening to the users themselves. By partnering with Protocol Theory, we can combine their research expertise with Mercuryo’s technology, scale, and ambition to turn insights into actionable solutions.”
Rennie adds:
“Timing is key. Web3 and crypto are at a pivotal moment, moving from early adopters toward mainstream adoption. To make that transition, we need to give users a voice, understand their needs, and design products that actually work for them.”
Uneven Adoption Across Income Groups
The research found that over half of high-income Americans own crypto, while only one in four lower-income individuals do. Kozyakov reflects on the divide:
“High-income users treat crypto mostly as an investment. Meanwhile, lower-income users see the real utility, cross-border payments, faster transactions, and lower costs. Our goal is to build products that make these benefits accessible to everyone, closing the gap between investing and practical use.”
Rennie adds context:
“Crypto adoption is shaped by broader social and economic forces, like wealth inequality and the erosion of the middle class. If we want meaningful decentralization, adoption must be fully inclusive.”
Usability Barriers: Making Crypto Simple
One of the biggest challenges identified is wallet usability. Users struggle with multiple wallets, obscure addresses, seed phrases, and unintuitive interfaces. Kozyakov explains:
“We want wallets to be as easy to use as a banking app. Our focus is on creating a first-time onboarding experience that is fast, intuitive, and safe, allowing users to receive and spend crypto without friction. Advanced options can be added later for those who want more control.”
Rennie emphasizes that education is key:
“People need to understand the why and the how, not necessarily the underlying tech. Mass adoption doesn’t require technical expertise, just like no one read a white paper to use ChatGPT, they shouldn’t need one to use crypto.”
Rebuilding Trust: Infrastructure and Behavior
Years of exchange failures and hacks have left users cautious. Rennie explains:
“Trust comes from experience. Mobile banking wasn’t trusted initially, but once users had access and saw the benefits, trust followed. Crypto needs the same approach: make it observable, trialable, simple, compatible, and clearly advantageous. Partnerships with reliable providers, like Mercuryo, help bring credibility without centralizing control.”
Kozyakov adds:
“Self-custodial wallets help prevent single points of failure, but ultimately they must feel intuitive and secure. Users shouldn’t worry about seed phrases or lost funds at the first touch; they should just transact and see crypto work for them.”
Driving Mainstream Adoption: Technology, Regulation, and Partnerships
The study identifies three levers for broader adoption:
- Technology Improvements – Simplified onboarding, intuitive interfaces, and better wallet usability.
- Regulation as an Enabler – Users care less about regulatory clarity upfront; it becomes important only once they start transacting.
- Strategic Partnerships – Collaborations with financial institutions and industry players can increase trust without compromising decentralization.
Rennie concludes:
“Adoption is a combination of compliant products, accessible design, and thoughtful partnerships. Crypto should not just be for investment, it should empower users to transact efficiently, cheaply, and safely.”
Disclaimer
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About The Author
Victoria is a writer on a variety of technology topics including Web3.0, AI and cryptocurrencies. Her extensive experience allows her to write insightful articles for the wider audience.
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Victoria is a writer on a variety of technology topics including Web3.0, AI and cryptocurrencies. Her extensive experience allows her to write insightful articles for the wider audience.
