Fintech • Crypto
In 2018, a young entrepreneur who had difficulties sending and recieving cross border payments from clients and businesses in neighboring African countries, started Quidax to take on the task of building the future of money in Africa. Having grown tired of the existing financial systems and regulatory policies, he wanted a secure and quick way to send & receive value.
Today, Quidax has evolved to become a platform with robust infrastructure comprising of trading tools and entreprise solutions. It offers this unique blend of solutions to both individuals and businesses.
The history of money as we know it has largely remained the same for the past 200 years. I’ll admit that at different times in that history, incredible innovations and policies have been created to improve the global financial systems in different eras, but these systems have benefited mostly the same people for generations.
The answer to this in many ways is cryptocurrency. Cryptocurrency enables a new financial system. One that is open, decentralized, inclusive and benefits everybody.
A lot of new users of cryptocurrency exchanges want to test the waters before diving in. Often times, they are faced with cumbersome hurdles in the product experience. To correct this, we opted to design around existing patterns and habits. Some questions we asked ourselves include, "how might we make trading crypto as seemingly easy as buying an item on an eCommerce marketplace", "how might we reduce the number of steps in fulfilling an order to protect customers against price volatility?".
User research affirmed that majority of the target audience are males, who own & use smart devices, which therefore made it clear what we needed to prioritise.
At Quidax, business is driven by the customer, because we understand the intersection of our customers and the business. At the onset of the project, the goal was clear - "How might we simplify the experience of trading cryptocurrency?". Using our existing customer and market research data, we were armed with relevant information and insights to perfect the customer experience. Top level goals were to make it fast and reliable to buy, sell, send and receive crypto with Quidax. To do this well, we used key metrics to identify bottlenecks in the customer journey and designed to fix it.
Due to the novelty of cryptocurrency and the blockchain technology cryptocurrency exchanges run on, there are usually different cadres of people who use Quidax and similar exchanges. A common problem with emerging technology is how quickly it is adopted and normalized. Since Quidax allows every customer buy, sell, send, receive and store various cryptocurrency, the big question is "how do you make these actions as simple for the beginner as well as for the expert trader?"
At the root of every successful transaction - financial or otherwise - lies trust. Trust in who you are transacting with and trust in the channels you use for transactions. The landscape for cryptocurrency in Africa is still largely untrusting, particularly among early adopters of the technology. This is why in coming up with a solution for Quidaxians (what Quidax customers are called) it was necessary to be as transparent as possible while retaining simplicty and ease of use.
For beginners, with low risk apetites, introducing complex charts and formulas would have consequently led to drops in usage. This is why a mobile app was designed for entry level crypto traders and enthusiasts. This way they get to experience the full value of the entire Quidax infrastructure, with the more complex features abstracted.
You get the gist by now, newcomers are not as trusting as veterans. To make the experience as enjoyable as possible for everybody using the app, we designed for awareness and information every step of the way. Trying to place a buy / sell order, you get a notice about your existing balance and current level as a user. Need to upgrade your limits, you receive helpful visual guides and witty messgaes that make it a walk in the park.
This way, nobody gets left out. We inspired confidence and greatly reduced the chances of errorneous actions in every feature and on every screen.
Just as the spectrum of the human experience is vast, there is also the need to always bring this frame of mind to designing new features going forward.