Author｜ Joey Shin @IOSG

summary

The crypto industry constantly claims a lack of users, but the data tells a completely different story. Consumer-grade crypto has already reached tens of millions of active users, just outside the purview of Silicon Valley and New York. These people are in Manila, Lagos, Buenos Aires, and Hanoi, using Coins.ph (18 million users), MiniPay (4.2 million weekly active users), and Lemon Cash (ranked #1 in Argentina’s app charts) daily, yet English-language media barely reports on them. Conversely, the protocols that Western VCs discuss daily don’t even generate the same amount of active users in a whole day as Tron’s shadow clearing network in just one hour.

Seven key findings: The crypto user problem is…