Crypto Exchanges Are Beginning to Open Physical Branches, and the Idea Is Brilliant

Live Bitcoin News
Live Bitcoin News October 6, 2021
Updated 2021/10/06 at 5:53 AM
4 Min Read

Crypto exchanges, up to this point, have largely been online. While prior to the COVID pandemic many had customer service teams you could call and speak to on the phone or through email, it seems as of late that it’s very difficult to get assistance from anyone, as many of these firms have ultimately done away with their call centers, and customers have complained left and right about how hard it is to get answers from an actual person.

You Can Now Visit Certain Crypto Exchanges

All this is now beginning to change with what is arguably one of the best ideas the crypto space has ever had. Many crypto exchanges are now setting up public branches that traders – both new and experienced – can visit in person. Similar with standard bank branches, customers can walk in and speak to representatives about the financial activities they would like to partake in. They can ask questions, make deposits, and do just about everything else a person can do in a standard bank.

It’s brilliant, in many ways. One thing that arguably many people in the space have not thought of is that a digital revolution occurring all at once is going to turn a lot of individuals off, whether they’re for the technology supporting such a movement or not. The fact is that if traders cannot get the answers they seek and establish trust with the companies they work with, they are not likely to move towards working with those firms.

One of the many crypto exchanges now opening physical branches that can assist customers is a company called Coin Nerds Inc. Based in Ontario, the branch has established a solid location between a dentist and a Pizza Hut restaurant. The store initially opened in 2018 but has since been picking up speed. Adam Hack – the chief executive and founder of the company – explained in a statement:

We allow individuals from all walks of life to be able to participate in this digital asset ecosystem without the hurdles of attempting to onboard with self-service online exchanges, not to mention the technological barriers that people of a certain age might perceive.

This Is Why Banks Are Still Trusted

One of the reasons why people still go to banks and utilize their services is because they have physical presences. You’re not going to convince anyone that your company or service is better simply because you say it is. You need to provide the support and answers they need if you are going to earn their trust and business, and to an extent, crypto exchanges – while ever present online – have not always been strong in this department.

That said, you can still be an online company even if you establish brick-and-mortar locations for those who are new to the industry. Even Amazon knows this, so perhaps these locations will push the digital revolution even further.

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