Gemini Aims to Break Down Crypto’s Entry Barriers With Education Platform
Gemini, the major cryptocurrency exchange founded by Tyler and Cameron Winklevoss, has announced the launch of Cryptopedia, a free educational platform aider to provide high-quality crypto education to the masses.
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According to the announcement, the platform will offer to crypto enthusiasts of all levels of knowledge and interest, including resources on a wide range of topics and applications such as cryptocurrency fundamentals, investing and trading concepts, information on specific projects, and tips on cybersecurity practices.
The platform will allow experts and leaders to share their knowledge and thoughts on the technology, with names like Brendan Eich (Brave CEO), Frederik Gregaard (Cardano Foundation CEO), Stani Kulechov (Aave CEO), Charlie Lee (Litecoin Creator), and Kathleen Breitman (Tezos co-founder) being listed as some of the members of the “Expert Network”.
This network will allow industry leaders to contribute with their insights to provide a deeper level of understanding to crypto enthusiasts using the platform, straight from the mind of some of the greatest visionaries in the ecosystem.
Cameron Winklevoss expanded on the new platform by stating:
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“Our mission at Gemini is to empower the individual through crypto and we believe that journey begins with understanding. We know that the lack of comprehensive education around crypto is one of the main barriers to entry and adoption for consumers — which is where Cryptopedia can help.”
Major exchanges like Binance, Coinbase, and Kraken have previously launched their own education platforms to offer resources to their users but the collaboration from industry leaders could make Gemini’s platform one of the most influential for future education on crypto.
Crypto Education is Essential for Crypto Adoption
Lack of clarity has been one of the main barriers of entry to those interested in cryptocurrencies due to the technical and financial nature of the technology, which makes it difficult for the general public to understand it.
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While cryptocurrencies and their underlying technologies have continued to gain popularity as an investment and medium of exchange, education remains an essential aspect to boost their adoption and allow a holistic understanding of the technology beyond its use as a speculative tool.
Universities around the world have also realized the transformative potential of blockchain technology and cryptocurrencies, with Coinbase’s reports showing an increasing offering of courses on the topics by more than half of the world’s top 50 universities since 2019.
The increasing interest in blockchain presents a unique opportunity not only to facilitate adoption but also to ensure the future of the industry as a place for innovation and transformative application by highlighting the benefits it can present to existing and future systems.
Regulation Requires Education
With the crypto market still in its initial stages, educational efforts need to provide interested parties with concise and easy-to-digest information on the technology to facilitate adoption and help newcomers to understand not only what they are investing in, but what the technology can be used for.
With concerns about cryptocurrency regulation increasing each day, education will also allow regulators to make informed decisions based on objective information and facts, something that has been a problem in the past when it comes to regulating new technology without a clear understanding of how they operate.
In the past, regulators have proven to have trouble grasping the technical aspects of new technologies as evidenced by multiple hearings with CEOs like Mark Zuckerberg, Tim Cook, and Sundar Pichai, which could spell disaster for emerging technologies that could disrupt the status quo.
Back on February 11, U.S. Treasury Secretary Janet Yellen stated that,
“Cryptocurrencies have been used to launder the profits of online drug traffickers; they’ve been a tool to finance terrorism”, which suggests that American institutions are paying close attention to the industry.
While the Treasury Secretary claims that the use of crypto for illegal activities is on the rise, a report by Chainalysis shows that criminal use of cryptocurrency dropped from 2% in 2019 to 0.34% in 2020, according to Coin telegraph.
This type of report by governmental institutions, as well as occasional scams, continues to proliferate distrust in cryptocurrencies among those unfamiliar with them. Education could be the best path toward dispelling these misunderstandings.
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