Market leaders are advocates and mentors, influencing their respective industries by leading innovation and promoting social impact. The crypto market is no exception. The standards set by key players in the education, onboarding and training are particularly significant as they quickly become blueprints for the nascent crypto and Web3 ecosystem.
The goal of financial inclusion in crypto is a top priority, but this dream cannot be achieved without better access. To achieve widespread adoption, effective, accessible education is essential.
To learn more about cryptocurrencies, blockchain technology, and the concept of decentralization, Crypto education is essential for the general population. To effectively utilize this new tech and financial ecosystem, it's crucial to understand it. Although educational programs about digital assets can be launched by governments, the unprecedented and disruptive nature of cryptocurrencies means that they can be more effective as they come from within the community and built by the frontrunners of crypto innovation themselves.
Web3 has a diverse collection of advanced technology, but technical jargon can obscure this. Crypto terms such as blockchain, hot wallet, and stop loss can be casually dropped in daily crypto discussions, making even simple conversations feel awkward and daunting for the average user coming from traditional finance. The crypto industry's journey to mainstreaming begins with education.
The lack of regulation in the crypto market has a lack of trust and poor user experience, unfortunately common among DeFi exchanges, makes it challenging for newcomers to adjust to the Crypto market. The current steep learning curve is not making the situation any easier. To achieve widespread Web3 adoption, top crypto-industry players should step up to the plate and be the flag carrier of this revolution.
Binance, a major cryptocurrency exchange, has created a robust online course for crypto and Web3 beginners. Binance Academy, which focuses on the basics of Web3, cryptocurrencies and blockchain technology, is known as the Binance Academy. The popularity of the Academy's beginner track - 200,000 students enrolled in 2022 and 31% of those completed the entire track, according to Binance, led to the rollout of the intermediate track in July 2023. The internet's worth as a platform for offering crypto education is buoyed by its high uptake and clear appetite for more materials.
The majority of the course's participants come from outside the U.S., covering a broad area of the rest of the world, such as Europe, Latin America and Asia-Pacific. This geographical diversity of the learners indicates that crypto focus on the 'unbanked' is more than an empty slogan, with developing countries making up the majority of self-learners in the Binance Academy.
Binance is not the only one that helps newbies navigate the cryptocurrency market, assisting in the process of navigating the market. Blockchain Council, a top-notch certification and training program on cryptocurrencies and digital assets, and Ethereum's Learning Hub, an informative guide on how Ethereum works and how to utilize it, are just two examples of tailored educational resources.
For Web3 to be built worldwide as intended, more market leaders should develop education programs and promote them outside the cryptoverse, he said. In these programs, people who otherwise would have lacked the knowledge necessary to enter Web3 are given the authority to do so, resulting in greater adoption in the long term. As people are able to spot ill-intentioned actors and pies in the sky, concerns of scams and empty promises will also be mitigated.
The education will be most fruitful in developing nations when combined with direct financial aid: to start understanding crypto, people need to have some to use. Cryptocurrencies are an effective way to offer aid, especially in regions where people can't access the traditional banking system. Crypto money transfers are seamless, immediate, traceable, and resistant to physical threats.
Also, education and grassroots community work should be incorporated into this financial aid, he said. The combination of substantial education and economic aid - a virtuous circle - that will lead to financial literacy and independence and so greater economic stability in the long term.
Binance Charity has brought in CARE International, a global humanitarian non-governmental organization, to Kenya for a joint effort. Aiming to provide financial literacy alongside financial aid, the pilot project involved providing Crypto vouchers and community-based trainers in an economy striving to recover from the devastating impact of COVID-19.
Crypto voucher donations enabled the local population to create shared funds and start growing their assets. The CBTs were instrumental in promoting financial literacy and crypto basics, demonstrating that they were able to make better decisions.
With the assistance of this ample instruction, people can forever access a new financial system, especially significant in places like Kenya where many individuals are either unbanked or underbanked. One CBT emphasized this by saying:
Even during the extended bear market, the crypto community is exceptional in philanthropy, with further examples such as the Ukraine response, Ethereum Foundation and Binance Charity projects in Afghanistan. When other crypto players follow suit and involve themselves in developing charitable projects that incorporate educational initiatives, it would help underprivileged populations, realizing the potential for a better wealth distribution.
The whole ecosystem works together to achieve the same objective of reducing inequality, promoting diversity, and advocating for financial independence.