State of Crypto Banking in Vietnam
Vietnam is one of the fastest-growing markets in the blockchain and crypto industry, not to mention it has potential as one of the largest economies in Asia. To get a glimpse of the state of crypto banking services, including savings and deposits in Vietnam, HaruBank conducted a survey to learn more about our prospective users. The study was conducted of 85 respondents in Vietnam between August 5 to September 21, 2019. Here’s what we have found out.
Demographics of Respondents
Among 85 respondents, 65% were male, and 66% were under the age of 29. Nearly half of them said they are full-time employees/workers. When asked to score their own level of knowledge in crypto investment on a 1 to 5 scale, 3.25 was the average score.
Experience in Crypto Savings/Deposits
Let’s dive into real stuff here. We asked people if they have ever heard of or ever used any type of crypto savings and deposits service. 68% of the respondents said they are aware of such service, and 32% responded that they have used it.
State of Crypto Savings/Deposits in Vietnam
Among those who experienced crypto savings and deposits service, we further found out that 40% of them are getting annual interest rates ranging from 5% to 10% from their savings/deposits, while 30% of them are offered an APR ranging from 10% to 15%.
Moreover, 40% of respondents said they have deposited 1,000~5,000 USD. Respondents who have made a deposit of over 5,000 USD take up 29% of the total and 28% for those with deposits of under 1,000 USD. We also have learned that over 85% of respondents who have used crypto savings/deposits service chose BTC as a crypto to deposit, while 40% of them deposited ETH, and 30% chose stablecoin, including USDT and USDC.
As for the deposit period, about 40% of the respondents said they have deposited their crypto for 1 month to 3 months while 30% deposited theirs for 1 week to 1 month. Those who have deposited their crypto in savings for over half a year only took up about 17% of the total. Given that crypto savings and deposits services have just started to attract attention, a small number of long-term depositors reflect such a trend.
Reasons NOT to use Crypto Savings/Deposits
We found out that 68% of the total respondents said they have heard of crypto savings/deposits services, yet only 32% of them responded they have used such services. So, we asked them, ‘Why Not?’
The result shows that 74% of the respondents said they had trouble with a lack of credibility of service providers. A low-interest rate was a primary reason not to use crypto savings/deposits services for 32% of the respondents, and ‘lock-up requirements’ and ‘difficulty of usage’ for 30% and 22% of the respondents, respectively.
Let’s Make What the Market Wants
What does the market want? Lastly, we asked our respondents what they think is the appropriate range of APR for crypto deposits. And the average of their responses was 12.50%, while the current industry average for APR of crypto deposits is well below 3%.
Our takeaway from this survey is that we have designed a service that truly serves the market demand. The fact that current crypto savings and deposits services out there have failed to serve almost half of the users who are aware of their services has a significant implication for our service. Most of these users had trouble with a lack of credibility, low-interest rate, lock-up requirements, and difficulty of usage — issues that HaruBank aims to solve with our new service.
We have come up with a service that you have never seen before in the market. We offer you over 10% APR even without a lock-up, and over 12% APR with just a simple 1-month lock-up period. Learn more about our services by clicking here.
HaruBank is the trusted crypto savings and deposits service provider. We offer over 10% interest rate on cryptocurrency savings and up to 15% for monthly deposits of BTC, ETH, USDT, and Terra KRT. What we offer aims to shift a paradigm of investment in cryptocurrency — investment in crypto can be stable and comfortable, too. Keep your crypto asset smart.
Official Website: www.harubank.com