More than half of UK citizens surveyed are willing to use cryptocurrencies as collateral to borrow money, according to research by Coinbase.

UK citizens have recently revealed a growing appetite for cryptocurrencies like Bitcoin and Ethereum, as many see the industry as a viable alternative to traditional banking.

According to a recent survey sponsored by digital asset exchange Coinbase, a significant portion of the respondents (41%) indicated that long-term investment and stable returns are the main drivers for investment. they invest in cryptocurrencies, while almost as many (39%) say it is possible to use cryptocurrencies to make cross-border transfers cheaper and faster.

At the same time, more than half of the respondents (51%) said they would be interested in using cryptocurrencies as collateral for borrowing.

According to Marcus Hughes, managing director at Coinbase’s Europe division, these findings represent a significant shift in UK consumer attitudes towards cryptocurrencies as more and more people move beyond their thinking. mere guess. Mr Hughes said:

“The future of cryptocurrencies is directly linked to their utility, and we are therefore extremely encouraged by these findings.”

Other possible use cases for cryptocurrencies include the ability to profit from investments through staking on proof-of-stake (PoS) blockchains and lending through financial platforms. Decentralized (DeFi). Coinbase says 25% of its customers are currently engaged in one of these activities.

Coinbase Survey Report

In the study, an initial total of 5,000 British adults were surveyed, this number dropped to 2,000 of those who said they were familiar with cryptocurrencies.

Separate research, conducted earlier this year by the UK’s Financial Conduct Authority (FCA), shows that crypto users in the UK are growing in number – an estimated 2 The country’s .3 million adults own virtual assets — and seem more confident in crypto as an alternative investment vehicle.

However, as Coinbase highlights, 1.3 million people in the UK still don’t have a bank account – a pretty important number for the world’s fifth-largest economy with a population of more than 66 million.

This demographic could benefit from the opportunities offered by cryptocurrency as the sector “removes barriers for users to safely and securely access capital,” according to Coinbase.