Why Crypto Exchanges Need an Effective Multilingual Strategy

Due to the global and decentralized nature of the crypto industry, cryptocurrency exchanges are well-positioned to provide users with an excellent customer experience, but gaining the trust of non-English speaking users is crucial.

For companies looking to build a truly global customer base, the use of multilingual content in marketing, compliance and trading interfaces is an important part of their strategy. Not only does this help build trust with non-English speaking customers, but once implemented, it will enable businesses to grow in a scalable and compliant landscape.

Here are five reasons why cryptocurrency exchanges should implement a multilingual strategy (and some tips for getting started):

1. Create global appeal : As cryptocurrencies gradually go mainstream, more and more people are curious about them. According to Gemini data in 2024, nearly half of cryptocurrency holders purchased digital assets for the first time in 2021. Crypto companies need to consider the global market from the beginning and incorporate multilingual strategies into their growth plans to better serve the growing 300 million crypto users.
2. Generate Revenue : Exchanges make money by charging a commission on each trade (like Coinbase) or by increasing the bid-ask spread (like Robinhood). Therefore, any retail-oriented trading venue stands to gain by attracting new users and increasing trading activity.
3. Improved User Experience : Providing an easy user experience for any retail-oriented cryptocurrency exchange is critical. To achieve mass adoption, cryptocurrencies must be ubiquitous and as accessible as cash.
4. Ensure accurate translation of unique terminology : The cryptocurrency space is full of peculiar terms that have only recently become widely used in the financial industry. Terms such as proof of stake, altcoins, hash rate, tokens, and whales are unique to the crypto industry and often do not have direct translations in other languages. By choosing a translation vendor that has extensive experience working with crypto company materials and interpreting crypto-specific terminology, companies can ensure that information is accurately communicated to international audiences.
5. Increase employee diversity : Cryptocurrency is a global asset class, but its legal regulations are often murky. As a result, exchanges often recruit traders domestically and are limited by their ability to conduct online learning and internal compliance training. When companies offer multilingual training, they can engage with new employees at a deeper level during the employee onboarding process, building a richer and stronger corporate culture that celebrates diversity.

Arrow Translation shapes the 24/7/365 multilingual consumer journey for the world’s leading fintech organizations and cryptocurrency exchanges. This includes customized data identification workflows, encryption technology, and a global network of training resources supporting more than 200 languages.

Looking to advance your multilingual strategy? Contact our team to discuss the best options for your organization and how we can help you expand into global markets.

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