Two new cryptocurrency wallets are being planned for release by Robinhood and Jaxx, which promise new features to make using cryptocurrencies easy for non-technical consumers.
Robinhood, which already offers commission-free trading on their app, is reportedly working on an in-house cryptocurrency wallet that will “build out new functionality for our crypto product, such as adding new currencies or providing wallet functionality”. The report is based on a job hiring post for a new crypto engineer.
Jaxx is building Jaxx Liberty, currently beta testing in Canada, to expand on their current offerings of the Jaxx cryptocurrency wallet. According to Anthony Di Iorio, CEO and founder of Decentral & Jaxx, “Jaxx Liberty is the web browser for your digital assets, empowering the masses to adopt the benefits of cryptocurrency and blockchain”. The new wallet will employ three features to engage users; Decentral Unity (JXX) Loyalty Token to encourage users to engage with platform partners, Decentral Academy to educate users about decentralized technologies, and MyJaxx to gamify the user experience and encourage them to engage with the platform.
Improving user experience is key to wider adoption
Cryptocurrencies have thrived within the communities of computer scientists, cypherpunks, libertarians, and individuals currently suffering from hyperinflation, but has struggled to achieve wider adoption among average consumers. Cryptocurrencies have received a lot of mainstream media attention with its price movements, so it is doubtful to attribute its lack of widespread adoption to a lack of media. More likely, using theories of economic switching costs, it can be attributed to average users being intimidated to enter an unknown field with little help.
Additionally, the author can draw on real world experience of setting up new individuals with Dash Wallets on behalf of Dash Force News. Many individuals wanted to get into cryptocurrencies but languished about how little they knew and how little time they had to learn the inner workings of cryptocurrencies. However, after receiving an easy and intuitive crash course, they whole-heatedly dived into the cryptocurrency ecosystem.
Robinhood has pitched itself as an investment app for millennials with hip and intuitive user interfaces and user experiences. The traditional Jaxx wallet leaves much to be desired, but Jaxx Liberty appears to be bucking this trend by focusing on improved UI/UX to make cryptocurrencies accessible for the average non-technical consumer. The wider move to focus on consumer usability replicates the actions of the Dash community to allow individuals to feel comfortable to adopt a relatively new technology that can appear intimidating at first.
Dash focuses on being accessible to all
The Dash community has already recognized that to achieve wider adoption, switching costs have to be minimized to allow individuals to benefit from decentralized money without having to invest the time to learn the technicalities of cryptocurrencies. The treasury of Dash allows professional organizers to attend trade shows, community events, and even organize in-house events to introduce new individuals to Dash and give them a crash course on how to use Dash and how they benefit from using Dash. This allows consumers to learn about Dash and cryptocurrencies without investing large amounts of time, which makes them more likely to become involved in the space.
Additionally, Dash has been steadily working on the development of the Copay wallet to integrate new features, as well as the Evolution platform to make using Dash easily accessible for all consumers. Evolution wants to give consumers a familiar wallet experience that mimics what they are already used to with features like contact lists, user profiles, messages, notification history, and more. Dash wants to be able to give consumers the benefits of decentralized money, while also moving the technicalities to the backend so they do not need to be seen nor known if that is what consumers desire. Dash wants to allow the average consumer to simply spend money quickly, cheaply and securely, while also escaping government censorship, manipulation, inflation, and to be responsible for their own financial lives.