5 Reasons Why Cryptocurrency Exchanges Need an Effective Multilingual Strategy

Cryptocurrency exchanges have taken the global capital markets by storm; FTX alone saw its revenue grow from less than $90 million in 2020 to more than $1 billion last year as cryptocurrencies hit an all-time high.

Crypto exchanges are inherently well-positioned to deliver exceptional customer experiences for their users due to the global and decentralized nature of the industry, but it’s essential that they earn the trust of their non-English-speaking customers.

For companies within this sector who wish to develop a truly global customer base, multilingual content for marketing, compliance, and trading interfaces is an essential part of their strategy. Not only will this help them build trust with customers who don’t speak English as their first language but also, once in place, it will position the organization for scalable, compliant growth.

Here’s a list of the reasons cryptocurrency exchanges should roll out multilingual strategies (plus a few tips for getting started):

1. Create Global Appeal: As crypto becomes mainstream, more people are said to be “crypto-curious,” with nearly half of crypto holders buying their first digital asset in 2021 according to Gemini. Crypto companies need to think global from the onset and embed a multilingual strategy in their growth plans to properly service the growing 300 million crypto users.

2. Generate Revenue: Exchanges make money by either charging commissions on each trade (Coinbase) or marking up the spread (Robinhood); therefore, any retail-facing trading venue benefits from onboarding new users and increased trading activity.

3. Improve User Experience: Providing an easy user experience  is  crucial for any retail-facing crypto exchange (trading venue). For cryptocurrencies to reach mass-adoption, crypto has to be omnipresent and as accessible as cash.  

4. Ensure Accurate Translation of Unique Terms: The cryptocurrency space is filled with special terms that have only recently become part of the broader financial industry’s glossary. Terms such as Proof-of-stake, Altcoins, Hash rate, Tokens, and Whale, are specific to the crypto industry and often do not have a direct translation in other languages. By using a translation vendor who has extensive experience working with crypto companies, handling crypto materials, and explaining crypto-specific terms, companies can ensure messaging is accurate for international audiences.

5. Increase Employee Diversity: Crypto is a global asset class but the laws governing it are vague. As a result, exchanges often recruit domestically for traders and are further limited based on their e-learning and internal compliance training capabilities. When firms offer multilingual training, they engage with their new employees at a deeper level during onboarding and consequently build a richer and stronger firm culture where diversity is celebrated.

TransPerfect has shaped 24/7/365 multilingual consumer journeys for leading fintech organizations and crypto exchanges around the world. This includes bespoke data identification workflows, encrypted technology, and a network of globally trained resources who support more than 200 languages.

Looking to improve your multilingual strategy? Contact our team to talk through the best approach for your organization and how we can help you tap into the global market at FinanceFuture@transperfect.com