How to succeed in Blockchain with Localization
What Does Blockchain Have to do with Localization?
Elon Musk’s tweet sent the prices of Dogecoin rocketing to 75 cents from mere 5 cents. Jack Dorsey the ex-owner of Twitter and an advocate for bitcoin was soon seen as its spiritual leader! Both crypto enthusiasts have been vocal about crypto mining. These were the billionaires; let’s analyze what investors think about blockchain and cryptocurrency.
According to a report published by Binance, there has been a drastic shift in people’s outlook toward crypto. As per their data, 97% of people believe in the idea of cryptocurrency and see it as a long-term investment strategy. Another report by Insider Intelligence says that 34 Million US adults now own cryptocurrency as a digital asset. They no longer see crypto investments as a hobby; they feel that blockchain technology is a great source for managing transactional and financial data.
The cryptocurrency market is disrupting the world of digital finance and has become a great fascination for investors. Blockchain technology is a major factor driving the popularity of cryptocurrencies. Why? Because blockchain technology is decentralised, meaning government entities and institutions have no control over them.
Bitcoin, Ethereum, Solana, Polygon Matic, etc., are cryptocurrencies that are not dependent on any country. However, people from vastly different geographies use them from different locations. Interesting right? What does that mean?
As cryptocurrency grows, the platforms or applications through which people will access their funds and investments will evolve. These applications or platforms are known as crypto exchanges that utilise a secure, decentralized gateway for digital transactions.
If people from different geographies use them from other locations, we can expect these platforms to put efforts into localizing their content. Why? To reach wider audiences! However, like many other industries that need a set of localization tactics, crypto investment and exchange platforms need agile localization strategies.
Crypto Platforms: The Uncharted Business Territory
Localizing a decentralized service
Cryptocurrency is a borderless, international investment and payment system. Although it has a global impact, if you get down to it, you’ll see people living in various local areas using it. Therefore, cryptocurrency services platforms can serve local societies from different countries. Native crypto users who show up on the platform expect the brand to assist them in their native language. Here we can see how each audience category comes with certain language expectations and local needs.
Can we say translation and localization have a major role in regulating information related to cryptocurrency? Yes! Financial information about crypto investment can be sensitive and complicated. Hence, Blockchain-based crypto exchange platforms need to offer culturally relevant translation and localization for an easier and smoother user experience.
Since cryptocurrency exchange is a relatively new vertical in the finance industry, it requires innovative technology and localization. Technology and localization can help blockchain-based brands to reach diverse audiences, which will uplift their business growth. Users worldwide have different mindsets, goals, and opportunities to invest in cryptocurrency; hence, crypto platforms have fresh challenges to overcome! Such brands must prepare themselves to localize their platform, content, and business communication quickly and accurately. Why? Well, we can answer that in our next segment. Let’s dive in!
Pump & Dump, HODL-ing, Whale, and Buy the Dip
The Crypto Slangs in the Cryptoverse!
Apart from localization, there are many unique terms in the cryptocurrency field. For instance, “FUD,” Bagholder,” “SATS,” “HODL-ing,” and “Buy the Dip.” Such Gen-Z and tongue-twisting words can get lost in translation. These terms often lack a direct relationship with the language; therefore, they can create communication barriers between the platform and the native users. There are also a bunch of acronyms in these decentralized applications which may get lost in translation.
The intersection of finance, technology, translation, and transcreation can create unwanted communication gaps. It can prevent the onboarding of new native or local investors. Many brands find it difficult to convey the meaning of their cryptocurrency ads or content. Crypto translation and localization can help your brand deliver your message to audiences overseas and offer content that is culturally relevant to them.
Even though many blockchain-based platforms remain on top of the latest blockchain-related content, they often fail to explain their services and crypto-related terms to young and local audiences. Culturally relevant translation can help them turn their platform and marketing collateral into content in the right context and deliver the correct scope of their crypto platform. Let’s evaluate the key challenges your crypto platform can face while making a global blockchain product.
How to Take Your Crypto Exchange to the Moon?
What are Diamond Hands and Paper Hands? Diamond Hands are serious HODLers who plan to hold their investment. It is derived from the natural properties of diamonds because they can withstand extreme pressure. Investors who are Diamond Hands don’t sell their coins no matter how bad the market is right now. On the other hand, Paper Hands are individuals with a poor sense of investment. During a bad trade day, they are likely to sell their coins. The term paper hand is more or less used to insult individuals with flawed investment strategies.
Great localization strategies can help your brand earn more Diamond Hands. With the right content and educational videos, collaterals, guides, etc., you can educate them in their native language. It will help them to learn more about their investments and the market, which will, in turn, help your brand retain more users. However, like any other industry, the crypto industry has its translation and localization challenges. Let us discuss them one by one.
- Simplify Technical Content for Users
Reading information related to blockchain currencies can be a little intimidating for local, native users, especially if they are new to cryptocurrency. They must be aware of computing and finance to understand the blockchain network. Like any other industry translation, for instance, legal translation, academia translation, medical translation, etc., your platform will need native experts to implement the correct blockchain translation. It would help if you had a lineup of linguists specialized in blockchain and the native language. Localization and translation specialists can help your brand grow, form a better relationship with audiences, and build brand trust.
- Platform User-Experience
What role does translation play in determining the UX of your platform? Top-notch translation can make or break the customer experience! Yes, it is influential for your app’s or platform’s user experience. Imagine a brand having a crypto trading platform and wallet. To simplify its user experience, the brand should focus on making its app readable for local audiences. The translated content or app should help users navigate the platform seamlessly while accessing technical information and the right legal terms. This section now brings us to UI localization! Besides translating the content, native translators can also lay down their design and development inputs. An experienced localization team can help the brand develop culturally appropriate, crisp, consistent content and design.
- Localized Payment Gateways
Even if users on your platform don’t need to put effort into mining coins, they might choose your platform to invest in or trade cryptos. If that’s the case, they might need to deposit money in their wallet to buy coins. In such scenarios, your brand has to localize the way of making payments or depositing money. It can be pretty similar to what eCommerce businesses do.
How do you localize payment gateways? Have you heard of PayPal? It is one of the leading payment portals used across the world. In some countries, a certain category of cards is popular. These categories of cards may vary from country to country. For instance, India has RuPay for domestic payments, the USA has Discover, and China has Alipay. Setting up payment options that accept these cards can be a vital step. In our previous blogs, we have often said how localization is more than mere translation. We think this is an ideal example to explain localization.
- Legal Formalities & Documentation
Firstly, the crypto industry is comparatively new; secondly, it is decentralized. However, there are always legal and governmental restrictions wherever liquidity is involved. At this moment, a few national authorities worldwide are sceptical about adopting cryptocurrencies or blockchain technology. You’ll notice some countries giving a green flag to cryptos while some countries are banning their usage. Therefore, your crypto platform must be critical of the “local” legal requirements. Right legal translation services can help your brand operate well in every local market. Hence, your company needs crypto translators and support from native legal experts to maintain the correct legal sensitivity during the localization process.
Into23 Makes Localisation Easy
Is your brand planning to take its cryptocurrency platform or blockchain product to the next level? Into23’s team of experienced crypto and blockchain translators provides translation and localization of text, audio, design, or video file resources. We can also help you localize the cloud drive folder or a full-fledged website.
Over the recent years, we have helped a dozen blockchain products go global while assisting them in aligning with different markets per culture. Our translators can also help you maintain your true voice across cultures. At Into23, we understand how nuanced rendition of content and simplicity can help brands like yours ace the blockchain world. We can help you with multiple services such as website & business translation, legal & marketing translation, and crypto & blockchain Translation. We’d be happy to provide you with a quick quote. Why not contact us today?