Beyond the bull run: what strategies crypto platforms can put in place to 10x (or skyrocket) their growth?

There’s a double-edged sword in crypto. It’s something that I have always advocated for – a tempering of expectations and excitement when things are on the up, and instead focusing on a more sustainable growth strategy. Sure, as a crypto provider, you still have the potential to skyrocket, but it’s important to recognise what fuels a bull run in crypto, what is beyond your control and, perhaps most importantly, how you can best position yourself to ride that wave when it does arrive – and stay on it. 

The factors that determine crypto’s trajectory

Even if you are Coinbase, the crypto world doesn’t orbit around you. There are so many external factors that drive sentiment in the crypto industry, and it’s vital to acknowledge these if you are going to focus on your own, internal strategies. 

Firstly, we have mainstream adoption. The growing interest and adoption of cryptocurrencies by mainstream users and institutional investors has been pivotal in creating a more buoyant crypto market. If people aren’t buying, then the price of crypto – and the ecosystem that supports it – can’t go up. This shouldn’t be confused with fear of missing out (FOMO), which is a knee jerk reaction to trying to board a boat that has already sailed. FOMO is great at creating volatile, explosive growth, but it’s the institutional involvement that creates a more sustainable environment to crypto succeed in. Too often, I see “mainstream adoption” attributed to the masses, but it’s the entry of institutional players that has not only brought credibility but also much-needed liquidity to the crypto space.

Then there’s the ecosystem evolution, notably the implementation of Web3 as a technology. This goes beyond price speculation, and will be key in creating sustained interest in crypto as an industry. Web3 is like turning the page to a new chapter of the internet. It’s about decentralisation, handing back control and ownership of data to users, and it’s a game-changer. This is where the real magic happens, not just enhancing user engagement but also sparking a flurry of innovative applications that are transforming the crypto landscape. 

Finally, and probably the most crucial factor in my opinion, is regulation. We see it with Markets in Crypto-Assets (MiCA) in the EU, which has been crucial in promoting the safe development of the crypto ecosystem. Without regulatory approval, crypto wouldn’t be adopted by the mainstream; we’ve seen the effects of this recently with the SEC approving the first Bitcoin ETFs – market sentiment has turned much more bullish with this stamp of approval. 

The strategy for 10x growth

So, the stars are aligned and the crypto compass is pointing in the right direction. How do you take advantage of a market that is on the up? A well-rounded strategy is key to achieving sustainable growth. Here’s how you can approach this:

1. Be inclusive and offer something for everyone
   This involves expanding the range of cryptocurrencies and related services to cater to a diverse user base. Integrating various offerings means platforms can appeal to everyone from crypto novices to seasoned traders. But it’s not just about what you offer; it’s also about how easily users can access it. Incorporating a variety of payment methods and extending your geographical reach can open up new markets and bring in users from all corners of the globe.
   
   
2. Ensure your payment rails are best-in-class
   Enhancing the platform itself is an ongoing process. Continuously upgrading and adding new functionalities, such as local International Bank Account Numbers (IBANs) and instant fiat/crypto conversion networks, ensures that the platform stays ahead of the curve. At Fiat Republic, we understand the importance of evolving with the market. It’s not just about keeping up; it’s about leading the way, and we partner with crypto providers to give them seamless access to the most crypto-friendly banks.
   
   
3. Earn trust and be secure
   A major part of this leadership is ensuring trust and security. Engaging proactively with regulators and acquiring licences in Tier 1 jurisdictions isn’t just a compliance tick-box exercise; it builds foundational trust among users and partners. Similarly, implementing state-of-the-art security measures and providing insurance for user funds are non-negotiables when it comes to maintaining that trust. User trust and security are the linchpins of scaling a crypto platform. Regular communication about security measures and the potential risks involved, prioritising cold wallet storage for the majority of user funds, implementing multi-factor authentication, and conducting regular audits are essential practices. 
4. Partner with the right providers
   Lastly, the power of partnerships and collaborations in driving growth cannot be overstated. These alliances can offer expanded services, enhance liquidity, and provide regulatory support, thereby facilitating market access. For instance, partnerships that enable instant fiat/crypto settlements can significantly enhance the user experience, leading to substantial growth.

Challenges, with great opportunity 

Balancing regulatory compliance with infrastructure scaling is crucial to sidestep legal troubles and keep users satisfied. A proactive stance in this area is key. At Fiat Republic, we champion the idea of crypto providers actively collaborating with regulatory bodies and industry associations. This partnership aims to shape regulations that are both favourable and fair. Moreover, educating partners about compliance and adhering to global standards are practices we firmly believe in. These approaches don’t just ease the path to compliance; they also smooth the way for platforms like ours to expand internationally. This dual focus on regulatory engagement and education ensures that growth is both responsible and sustainable.

We’re on the brink of witnessing an unprecedented integration of crypto with TradFi – the Bitcoin ETFs should just be the beginning of a more democratised financial market –  and I expect to see a blurring of the lines between fiat and digital currencies. As cryptocurrencies become more mainstream, their adoption will surge, becoming a staple in the global financial toolkit. The maturation of decentralised finance will introduce more sophisticated services, while regulatory clarity will boost institutional involvement and bolster investor confidence. As a crypto provider, it is about being ready to take advantage of this. Put yourself on the right side of compliance, ensure your users have access to reliable fiat-crypto payment rails, and keep your platform secure.