Understanding the Bitcoin Wallet Experience

The Challenge

Bitcoin_SmartphoneA leading financial services firm was evaluating the possibility of developing a Bitcoin wallet, a service that none of its competitors provide. The firm engaged Corporate Insight to assess several leading Bitcoin wallets in terms of their capabilities and experience to help inform the firm’s wallet design and go-to-market strategy.

The Solution

To conduct the research, we opened live accounts at several different wallet providers, including Coinbase, Blockchain and Coinkite. We reported on the account opening and onboarding experience and then performed a variety of transactions using these wallets. Additionally, we evaluated each provider’s pricing and company branding to develop a more holistic assessment of each firm.

We provided the client with a comprehensive summary report that addressed several dozen questions and included screenshots, anecdotal comments and collateral materials (e.g., disclosure statements, messaging, statements, etc.) for each firm in the coverage set. We identified the firms that provided the best wallet experience and highlighted several best practices, including the ability to purchase bitcoin directly through a provider, and offering vault and cold storage options. We also created a detailed capabilities matrix covering fee structure, features and functionality to allow for easy comparison across numerous attributes.

The Impact

Our research provided the client with an objective view of the Bitcoin wallet landscape, including a detailed understanding of the strengths and weaknesses of several wallet services. The firm was able to factor these insights into its plans for the space and the design of its own wallet offering.