Singapore, Singapore, March 27th, 2025, Chainwire

Foresight Ventures, a leading global crypto VC firm bridging East and West, is proud to announce the release of the latest PayFi report with Bitget Wallet. This analysis explores how blockchain technology, crypto wallets, and the PayFi model are being applied to address inefficiencies in traditional financial systems, expand access to financial services for underbanked populations, and introduce new approaches to personal financial management.

Key Highlights:

• Exposing the High Costs of Traditional Finance: Cross-border payments incur fees of 6%-8%, with Africa facing up to 8.2%, and settlement times often extending over days, as per World Bank data. Globally, 1.7 billion people remain unbanked and excluded from essential financial services.
• Blockchain’s Transformative Impact: By eliminating intermediaries, blockchain reduces transaction costs to an average of ~$2 (OECD: 60-80% lower than traditional methods) and enhances transparency through its public ledger. Solutions like Ethereum Layer 2 further minimize fees, making them ideal for small payments.
• Surge in Crypto Payments in Emerging Markets: The Bitget Wallet Onchain Report reveals that 46% of users prefer crypto payments for their speed—52% in Africa and 51% in Southeast Asia—where traditional banking systems lag. Additionally, 41% value global accessibility, particularly in North America and Oceania.
• PayFi Bridges On-Chain Profits and Real-World Spending: PayFi integrates DeFi profits (5%-8% annualized yields) with everyday spending through smart contracts, offering instant settlement and low costs. Stablecoins like USDT and USDC enable users to hold dollars and bypass local currency restrictions.
• Evolution of Crypto Wallets: Once simple storage tools (e.g., MetaMask), wallets like Bitget Wallet now combine trading, profit generation, and payments. They reduce cross-border transfer fees by 50%-80% and simplify global remittances.

Traditional finance leaves funds idle, with savings rates below 1% in developed nations, and excludes billions from wealth-building opportunities. Blockchain and PayFi democratize access, enabling the unbanked—70% of the population in Morocco and Vietnam—to access dollar assets and high-yield tools. Millennials and Gen Z are leading adoption, prioritizing borderless convenience, while privacy concerns drive uptake in the Middle East (38%) and Western Europe (35%).

Crypto wallets have evolved beyond niche tools to become the cornerstone of personal finance. With DeFi integration, transparent blockchain networks, and sustainable innovations, they are set to democratize wealth creation. The report forecasts rapid blockchain market growth over the next decade, signaling a shift toward a more open and efficient global financial system.

Forest Bai, Co-Founder of Foresight Ventures, commented: “This report underscores our commitment to supporting innovations that bridge the gap between blockchain technology and real-world financial needs. PayFi and crypto wallets are not just transforming finance—they are creating a new era of financial inclusion and efficiency.”

About Foresight Ventures

Foresight Ventures is a crypto venture capital firm with a presence in both the United States and Singapore, aiming to connect markets in the East and West. Recognized among the top 5 most active crypto VCs in 2024, the firm follows a research-driven investment strategy and is involved in both investment and incubation. Its media portfolio includes platforms such as The Block, Foresight News, BlockTempo, and Coinness. Foresight Ventures supports early-stage blockchain initiatives, working with project teams across sectors in digital finance and related technologies.

For more information, users can visit: Website | Twitter | LinkedIn

For media requests, users can contact media@foresightventures.com. 

About Bitget Wallet

Bitget Wallet is the home of Web3, uniting endless possibilities in one non-custodial wallet. With over 60 million users, it offers comprehensive onchain services, including asset management, instant swaps, rewards, staking, trading tools, live market data, a DApp browser, and crypto payment solutions. Supporting over 130 blockchains, 20,000+ DApps, and millions of tokens, Bitget Wallet enables seamless multi-chain trading across hundreds of DEXs and cross-chain bridges, along with a $300+ million protection fund to ensure the safety of users' assets. Experience Bitget Wallet Lite to start a Web3 journey.

For more information, users can visit: X | Telegram | Instagram | YouTube | LinkedIn | TikTok | Discord | Facebook 

For media inquiries, users can contact media.web3@bitget.com

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