Panelists At Hack Seasons Singapore Discuss Key Drivers For Mainstream Crypto Adoption
In Brief
At the Hack Seasons Conference in Singapore, industry leaders highlighted that crypto mass adoption is hindered by usability challenges, security concerns, and education gaps.
At the recent Hack Seasons Conference in Singapore on October 2nd, leading industry figures convened to examine the challenges preventing widespread adoption of cryptocurrency. The panel, titled “From Friction To Adoption: What’s Really Holding Back Mainstream Crypto Use” and moderated by Michael van de Poppe, CIO and Founder of MN Fund, included Petr Kozyakov, Co-Founder and CEO of Mercuryo, Christian Rau, Senior Vice President of Global Partnerships at Mastercard, and Sharon Ideguchi, GTM at Cantina.
The panel discussion began with an overview of recent research on cryptocurrency wallet usage, which indicated that cryptocurrency is increasingly appealing to wealthier users while remaining expensive and difficult for smaller users. Although cryptocurrency has historically aimed to serve the unbanked, decentralized applications can make it costly and less accessible for those with smaller holdings.
The research highlighted that mass adoption of non-custodial wallets remains limited primarily because of usability challenges, particularly in on-ramping and off-ramping funds. Wealthier users continue to treat cryptocurrency largely as an investment asset, while broader adoption depends on practical use cases. Many potential users still lack solutions that provide the same ease of use as traditional banking applications.
User experience (UX) was identified as a critical factor for onboarding new users. The UX of platforms like Mastercard sets a high standard for accessibility, which has contributed to widespread adoption. Since 2020-21, engagement between cryptocurrency and Mastercard has evolved, reflecting broader efforts to improve the usability of crypto cards and integrate them into daily financial activities.
The discussion noted that Mastercard and its partners are increasingly moving beyond simple buy/sell/hold activities toward developing next-generation financial services superapps, which are already prevalent in Asia. These platforms require seamless UX as a prerequisite for adoption. In regions with financial exclusion, users face significant barriers to accessing services, whereas in other markets, a virtual card integrated into a mobile phone represents the baseline UX standard needed to drive engagement.
Security in blockchain and card usage was also emphasized as a major challenge. While Web3 is beginning to adopt security practices developed in Web2, infrastructure must first ensure a secure platform for users. Education is the next step, helping users understand potential threats, their differences from Web2 security issues, and the consequences of breaches. Achieving mass adoption requires balancing ease of use with strong security measures to prevent misuse.
The panel returned to the topic of education, noting that explaining technical blockchain concepts to users is largely ineffective. True mass adoption occurs when people can use products without needing to understand the underlying technology. Education should focus on simple guidance, such as recognizing suspicious activity, rather than technical mechanics, allowing users to interact safely and confidently.
Improving Usability, Self-Custody, And Stablecoins: Exploring Drivers For Mass Adoption
Cryptocurrency wallet usability was highlighted as a particular barrier. Wallet interactions involve multiple steps that many users find intimidating. Only 20% of survey respondents reported that cryptocurrency wallets were easy to use or fit into their routine with other banking applications. Requirements such as remembering seed phrases and avoiding sending cryptocurrency to incorrect addresses create friction. Gradual exposure to these requirements through wallet usage could improve adoption.
The panel concluded that the next step for the ecosystem—including wallets, providers, and other players—is to focus on designing solutions that are genuinely simple and accessible, ensuring users can interact with cryptocurrency seamlessly while maintaining security.
The discussion then shifted to self-custody and Mastercard’s perspective on the topic. It was emphasized that the company does not dictate how individuals should manage their assets but seeks to provide options that are safe, simple, and secure. While the principle of self-custody, encapsulated in the phrase “not my keys, not my coins,” resonates with a small segment of users, the majority of people are accustomed to protections such as deposit insurance, zero liability, and chargebacks. The concept of acting as one’s own bank can be appealing, but users must understand that errors can result in the permanent loss of funds.
Self-custody is recognized as a powerful tool, comparable in some ways to innovations like open banking in traditional finance. However, mass adoption is hindered by friction in asset movement, which can discourage users. Ultimately, consumers tend to choose solutions that offer ease of use and security. The conversation also touched on the integration of hardware wallets with payment cards, highlighting practical implementations of self-custody.
The discussion further identified stablecoins as the most practical assets for use with payment cards. Stablecoins are viewed as a key driver of mass adoption because users generally understand how to use them and recognize their value. Panelists debated whether stablecoins represent the next wave of financial payments or a speculative bubble and discussed the steps necessary to expand adoption over the next five years.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
