The crypto community is continually looking for ways to bridge the gap between traditional finance (TradFi) and fiat currencies with decentralized financial (DeFi) tools. Crypto onramp platforms are a primary way users are able to cross between these two financial ecosystems. 

However, a new report from Cointelegraph Research and Onramper, a crypto-based financial services provider, revealed that 50% of fiat-crypto transactions fail, even after KYC completion.

Moreover, due to difficulties in the transaction process, transaction abandonment during the purchase flow can be as high as 90%.

The survey looked at 9 of the largest fiat-crypto onramps including Coinify, Moonpay, Transak and Wyre, among others. 

According to the data, the performance of various onramps widely differs, though one of the main factors includes user location. Europe had the highest success rates in transactions, while the lowest are found in Africa and South America.

(By SAVANNAH FORTIS)

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