Building Wealth Through Crypto - App
Maryjose Cobos
Case Study - Crypto Wallet
Case Study - Crypto WalletCONTEXTIntroduction: BackgroundProblem StatementChallengePossible Solution🎯Goals🚦Research Discovery PhaseQualitativeKey InsightsSummaryQuantitativeSummaryCompetitive AnalysisDefining Phase👥User Personas
✍🏻WireframingHigh Fidelity Wireframe🎨Visual DesignTypographyColor SystemComponents
CONTEXT
Pocket is a cryptocurrency wallet app (Web3 SaaS) for the most demanding users. It keeps all your tokens in order while creating a community where you can interact and learn from the most experienced users and invited experts. You can save your NFTs and up to 1,800 different tokens.
My Role
Tools
Introduction: Background
The popularity of cryptocurrencies has been increasing since their appearance in 2009, led by Bitcoin. Despite the fact that in the last year, it has reached a historical minimum price, people continue to invest and be able to be part of this new financial resource. This market is valued at $826.6 million in 2020.
9 out of 10 Americans are familiar with cryptocurrenciesIndia holds that position with 100 million active investors.
Another important fact is that when asked about the main motivations for investing, 58% of Americans responded that they did so to generate a long-term investment, while also highlighting the loss of confidence in the current financial system.
Another variant of context to keep in mind is that a cryptocurrency investor earns around 111,000 USD per year on average.
Despite its popularity, Bitcoin, the pioneer of cryptocurrencies, was not the most traded in 2021. This position went to Tether (USDT).
Problem Statement
The world of cryptocurrency has been in constant evolution and growth. The current market shows us a constant rise in new investors. New users are looking for reliable options that are beginner-friendly to be able to store their active tokens and NFTs and also keep track of the prices of future investments. They want to get a wallet that not only helps them store their belongings but also keeps them up to date with all the news related to the crypto world.
Challenge
How to build an app for beginners that feels like cutting-edge technology and can also generate a community of exchange and growth for users while meeting the expectations of more experienced users at the same time?
Possible Solution
Create a mobile app and website that helps beginners familiarize themselves with the crypto world without feeling overwhelmed by the connection between peers with greater knowledge and that there can be organic growth while providing them with a safe space in which they can save their tokens and NFTs.
A smartphone app solves all of these key points for the user.
🎯Goals
📌Beginner-friendly design and options with access to news related to the crypto world.
📌Easy access to their stored tokens and NFTs
📌Enter a community where they don’t feel intimidated or that they are “too late” on board with web3 and cryptos.
🚦Research
Discovery Phase
Qualitative
Twelve interviews were conducted with potential users familiarized with the cryptocurrency market. In this interview, they were questioned about their expectations of a cryptocurrency wallet and their thoughts about the cryptocurrency world.
In the interview, they were asked about their initial feelings when starting in the world of crypto, their concerns, which topics seemed most relevant to them, and what they hoped to obtain when they started investing. They were also asked about their preferences in terms of design, showing screenshots of the competition to assess which interface seemed more attractive to them and why.
Key Insights
Summary
The principal motivations for getting into crypto are :
Quantitative
I created a questionnaire in Google Forms and posted it on 1 subreddit and 1 Facebook group (both related to cryptocurrency) targeted to get answers to our survey. The groups were selected based on prior investigation of the demographics and dynamics inside them, which tells me that they are mostly formed with people who have near to zero knowledge of the crypto world and get into these groups to start learning. There were 58 people who completed the survey.
📌The goal of the survey was to deepen the information obtained in the interviews since the interviews gave the guidelines to formulate multiple options. They were asked about their main motivation to invest in crypto, and what their biggest fear was. They were shown 3 screens with different design styles to see their affinity and sentiments about the cryptocurrency market and its recent fall.
Summary
The biggest motivation to get into the crypto world was FOMO, and secondly, but extremely closely, is generating passive income in the long run.
The 87% were males between 23 and 39.
The Neon design was the most liked, with 41%.
63.5% said they no longer trust traditional banks and wished they could run 100% of their lives in cryptocurrencies.
Competitive Analysis
There are plenty of cryptocurrency wallets. For this case, I decided to look into the ones with the biggest popularity since they would be the ones that would be used potentially by beginners since that’s “what the internet said”.
The criteria to evaluate them comes from the main points that were created in this first stage in Pocke
Coinbase and Metamask are the most popular, but only Coinbase represents a more direct competition since it gets almost all the points. In this case, the biggest differentiation would be the community. Coinbase used to have a community that was crafted like a forum for people to post their questions and then receive answers from the community.
This model was outdated and, promptly, they ended up getting rid of it and decided to just keep the blog posting.
Pocket's main differentiation is the “social media-like” design of its community. It combines the best parts of forums like Reddit and the visuals like Facebook and Instagram to create a new experience.
Defining Phase
👥User Personas
Taking the data I had so far, I created “Chris Caville” and “Tom Hiddlesworth”. They are the ones who will help me to get better solutions to satisfy his “needs” and give a more in-depth understanding of his frustrations and personality.
The user personas were defined by the demographics of the main research on the surveys and interviews but also by checking open data about the cryptocurrency market and how it is mainly regulated.
✍🏻Wireframing
High Fidelity Wireframe
🎨Visual Design
Typography
🖊️ Graphik is a sans-serif typeface with smooth lines that don’t fear being bold and clear. It gives our app higher accessibility because each letter is highly defined and helps the user have better visibility and erase any confusion since the screen is smaller than an average smartphone (to which our eyes are already used to).
Color System
Components
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Posted Apr 29, 2023
Discover how our Crypto Wallet app successfully simplifies the management and secure storage of cryptocurrencies, enhancing financial management for users.
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