Re-intermediation of the crypto asset ecosystem by banks: An empirical study on acceptance drivers among the populace

Zeiß, Ch is ian; Schaschek, My iam; S aub, Lisa; Tomi za, Ch is oph; Winkelmann,
Axel
A icle — Published Ve sion
Re-in e media ion o he c yp o asse ecosys em by banks:
An empi ical s udy on accep ance d i e s among he
populace
Elec onic Ma ke s
P o ided in Coope a ion wi h:
Sp inge Na u e
Sugges ed Ci a ion: Zeiß, Ch is ian; Schaschek, My iam; S aub, Lisa; Tomi za, Ch is oph;
Winkelmann, Axel (2024) : Re-in e media ion o he c yp o asse ecosys em by banks: An empi ical
s udy on accep ance d i e s among he populace, Elec onic Ma ke s, ISSN 1422-8890, Sp inge ,
Be lin, Heidelbe g, Vol. 34, Iss. 1,
h ps://doi.o g/10.1007/s12525-024-00720-4
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RESEARCH PAPER
Re-in e media ion o he c yp o asse ecosys em by banks:
An empi ical s udy on accep ance d i e s among he populace
Ch is ian Zeiß1·My iam Schaschek1·Lisa S aub1·Ch is oph Tomi za1·Axel Winkelmann1
Recei ed: 19 Feb ua y 2024 / Accep ed: 17 June 2024 / Published online: 18 July 2024
© The Au ho (s) 2024
Abs ac
A e he ini ial su ge in decen alized inance, widesp ead public adop ion did no ma e ialize. A p edominan po ion o
he populace ha bo s dis us owa ds he c yp o asse ma ke . Con e sely, banks, se ing as in e media ies in inancial
managemen , enjoy heigh ened us . The con empo a y de elopmen wi hin he banking sec o indica es an inclina ion
owa ds in eg a ing in o he c yp o asse ma ke . This in eg a ion esul s in new business models o banking ins i u ions and
eme gen oppo uni ies o hei clien ele. P io esea ch add esses pe cep ions su ounding c yp ocu encies. The p esen
esea ch augmen s his ield by in es iga ing he accep ance o c yp o asse s. Speci ically, we conduc ed an empi ical use
s udy o analyze in es ing beha io s. By adap ing he heo e ical amewo k o he echnology accep ance model o he
unique cha ac e is ics o c yp o asse s, we highligh accep ance d i e s. No able a iances in awa eness o c yp o asse s
a ec in es men decisions. The indings o his s udy con ibu e o social wel a e by iden i ying impedimen s o sus ainable
in es men p ac ices. Addi ionally, hese insigh s acili a e a mo e sophis ica ed comp ehension o s a egic al e na i es
a ailable o banking ins i u ions.
Keywo ds C yp o asse s ·Digi al asse s ·Accep ance ·In es men banking ·DeFi ·Blockchain
JEL Classi ica ion G110 ·G41 ·G210
In oduc ion
Financial ins i u ions a e en e ing he c yp o ma ke (Singh,
2022). Fo in es o s, his de elopmen opens up a secu e
ga eway o c yp o in es men s (Aue e al., 2023b). Since
2018, Ame ican inancial ins i u ions ha e applied o spo
Responsible Edi o : S e ano Fe e i
BCh is ian Zeiß
ch is ian.zeiss@uni-wue zbu g.de
My iam Schaschek
my iam.schaschek@uni-wue zbu g.de
Lisa S aub
lisa.s aub@uni-wue zbu g.de
Ch is oph Tomi za
ch is oph. omi za@uni-wue zbu g.de
Axel Winkelmann
axel.winkelmann@uni-wue zbu g.de
1Julius-Maximilians-Uni e si ä Wü zbu g, Ins i u e o
Business Managemen and Business In o ma ion Sys ems,
Sande ing 2, 97070 Wü zbu g, Ge many
bi coin exchange- aded p oduc s (ETPs) (Gensle , 2024).
The yea 2024 ma ks a miles one; he SEC app o ed he
lis ing and ading o ETP sha es (Gensle , 2024). In he
Eu opean ma ke , new o ms o ETPs e lec a de elopmen
in a simila di ec ion (Singh, 2022). In esponse, he EU
in oduced a egula o y ounda ion o ma ke s in c yp o
asse s (MiCA) (Maia & ao dos San os, 2021; Fe ei a &
Sandne , 2021). These changes con adic he o iginal phi-
losophy o decen alized inance (DeFi). Dis ibu ed us
(Seidel, 2018) wi hou p e-exis ing us ed in e media ies
(Schä , 2021; Ze zsche e al., 2020). Enabled by blockchain
echnology, he ision was an open inancial sys em (Chen
& Bella i is, 2020).
An obse a ion o he DeFi ma ke shows ha he busi-
nessmodelsdi e in hei deg eeo decen aliza ion(Ka ona,
2021). Agains he ideology o DeFi, new in e media ies
eme ged a e elimina ing he exis ing ones (Langley &
Leyshon, 2021). An example is inancial echnology (Fin-
Tech), whe e echnology companies subs i u ed inancial
ins i u ions (Chen & Bella i is, 2020; Piñei o-Chousa e al.,
2022).Despi e hisambigui y, he o alma ke alueo c yp o
asse s inc eased o e he yea s (G amlich e al., 2023). The
123
37 Page 2 o 24 Elec onic Ma ke s (2024) 34 :37
obse a ion aises he ques ion o whe he in es o s demand
and suppo e-in e media ion (Schwide owski e al., 2023b).
The no ion o e-in e media ion appea ed as a complemen-
a y pe spec i e on ins i u ional in e media ies becoming
obsole e h ough he decen aliza ion o inance. Hence, i
subsumes he possibili ies o inancial in e media ies o
eac o he decen aliza ion o ansac ions (Feulne e al.,
2022).
P e ious s udies examined indi iduals’ in en ion o adop
c yp ocu encies (Alqa you i e al., 2020; Saghee e al.,
2022) o hei awa eness o he c yp o ma ke (Hen y e al.,
2018). The indings show ha he main mo i a ion o
in es ing in c yp o asse s is a combina ion o echnolog-
ical cu iosi y (P es hus & O’Malley, 2017) and dis us
in inancial sys ems (Boh & Bashi , 2014). Howe e , a
ecen esea ch s eam on he ole o us in c yp o in es -
men decisions p o ided e idence ha us in ins i u ions
and blockchain echnology is no in e changeable (Lockl &
S oe ze , 2021; Jalan e al., 2023). Fu he mo e, a ecen
empi ical s udy has shown ha an indi idual’s li e acy le el
canp edic c yp oasse in es men beha io (Pila in&Önde
Dilek, 2023). Ye , esea ch s ill needs o explo e he indi id-
ual’s in en ion o in es in c yp o asse s unde he bounda y
condi ion o inancial ins i u ions as e-in e media ies. This
s udy con ibu es o his eme ging esea ch and in es iga es
he ollowing esea ch ques ions:
RQ 1. Which ac o s in luence indi idual’s c yp o asse
in es men beha io unde he bounda y condi ion o e-
in e media ion?
RQ 2. How can inancial ins i u ions pa icipa e in he
c yp o ecosys em and s eng hen he c yp o asse accep-
ance?
By adap ing he heo e ical pe spec i e o echnology
accep ance, we add ess ou esea ch ques ions. In doing so,
we buil a heo e ical model by syn hesizing use us heo y,
he heo y o planned beha io (TPB), and he echnology
accep ance model (TAM) o align wi h he na u e o c yp o
asse in es men and o comp ehend an indi idual’s in en ion
o in es . In his ein, we conduc ed a quan i a i e use s udy
o p o ide empi ical suppo o ou heo e ical model. Due
o changing legisla ion, c yp o asse ading a ies by ime
and coun y (Aue e al., 2023b). To s udy he impac o e-
in e media ion, we ocus on coun ies whe e he in ol emen
o he banking indus y is high ac oss he popula ion. Thus,
we sampled ou da a om coun ies o he DACH egion
(Ge many, Aus ia, and Swi ze land).
This esea ch makes a h ee old con ibu ion o he exis -
ing li e a u e. Fi s ly, we in oduce an explo a o y model o
hecon ex o c yp oasse in es men .Whilep e iouss udies
ha e p ima ily concen a ed ei he on c yp ocu ency accep-
ance (Mendoza-Tello e al., 2019; Voskobojniko e al.,
2021a) o he ole o us in in es men beha io (Lockl &
S oe ze , 2021), we explo e bo h o eme ging c yp o asse
classes, such as c yp o okens (Schwide owski e al., 2023a).
Secondly, mos quan i a i e esea ch onc yp oasse s ocuses
on coun ies wi h minimal inancial ins i u ion in ol emen
and low epu a ion le els among he popula ion. Ou empi -
ical s udy analyzes he in luencing ac o s o c yp o asse
in es men , pa icula ly in an en i onmen whe e banks
a e signi ican in he digi al age. Thi dly, by alida ing
es ablished hypo heses, we p o ide a mo e comp ehensi e
unde s anding o he ac o s in luencing in es o accep ance
o c yp o asse sand explainbeha io owa din es men deci-
sions.The eby,ou con ibu ion oelec onicma ke esea ch
in ol es explo ing he in e play be ween echnology and
ma ke dynamics, le e aging blockchain pe spec i es and
ad ancing om inancial ins i u ions’ pionee ing in eg a ion
e o s (Al e al., 2024; Al , 2020).
The s uc u e emainde o he pape is as ollows: Sec-
ion “Resea ch backg ound” in oduces he c yp o asse
in es men ecosys em, echnologyaccep ancein he inancial
indus y, and ela ed wo k pe inen o ou esea ch. Sec ion
“Resea ch model and hypo hesis de elopmen ” de ails he
de elopmen o ou hypo heses and p esen a ion o ou he-
o e ical esea ch model. Sec ion “S udy design” desc ibes
ou s udy design, he measu emen s, sampling s a egy, and
da a collec ion. We p esen he indings om he quan i a i e
analysis in Sec ion “Resul s” and discuss hem in Sec ion
“Discussion.” We conclude wi h Sec ion “Conclusion”by
summa izing ou main indings.
Resea ch backg ound
Ecosys em o c yp o asse s in es men
Change o banking: De elopmen s ini ia ed p ima ily in
in o ma ion echnology and he eme gence o FinTech sig-
ni ican ly impac he in es men ecosys em (Schwide owski
e al., 2023b; Piñei o-Chousa e al., 2022). They lead o
subs an ial al e a ions in he inancial sec o p opelled by
echnical inno a ions, new egula ions, o escala ing cus-
ome demands (Ya as e al., 2004). Online and mobile
bankinghaswi nessedasu geinpopula i yin hepas decade
due o clien eques s and echnological ad ancemen s (Luo
e al., 2010; Ri ai e al., 2012). This signi ican shi allows
cus ome s o conduc banking ac i i ies emo ely, a he han
isi ing a bank physically, by u ilizing mobile applica ions
(Al-Somali e al., 2009;Lee,2009). As digi iza ion p o-
g esses and he inancial sec o unde goes ans o ma ion,
new digi al cu encies a e eme ging (Minesso e al., 2022;
Allen e al., 2022). Cen al banks, as in e media ies wi h
conside able powe and in luence, a e spea heading ini ia-
i es o cen al bank digi al cu encies (CBDC), including
he digi al Eu o (Aue e al., 2023a; Allen e al., 2022).
These CBDCs can u ilize blockchain echnology o enhance
123
Elec onic Ma ke s (2024) 34 :37 Page 3 o 24 37
p i acy, us ,andsecu i y(T onnie e al.,2022;Bech&Ga -
a , 2017). Wi h he ad en o blockchain in ecen yea s,
a ple ho a o use cases occu ed in he inancial indus y,
encompassing a eas such as ade inance, compliance, secu-
i y, and cus ome se ice (Guo & Liang, 2016; Ko pela
e al., 2017; Ga g e al., 2021). Mo eo e , he in eg a ion
o blockchain echnology in he inancial indus y acili-
a es dis ibu ed clea ing mechanisms, c edi in o ma ion
sys ems, and inno a ions in supply chain inance (Guo &
Liang, 2016; Ko pela e al., 2017; Du a e al., 2020). By
emb acing blockchain in eg a ion in p ocesses and s uc u es
a an o ganiza ional le el, banks can enhance hei esilience
in he dynamic inancial landscape (Mish a e al., 2023;Zei
e al., 2024). P io o he blockchain mo emen ’s eme gence,
ans e ing small amoun s was no p o i able (Schä , 2021;
Piñei o-Chousa e al., 2022). Decen alized ma ke ansac-
ionswe ehinde edbyhigh adingcos s,suchasexchanging
money ac oss di e en banks and coun ies, as well as lack o
inancial inclusion (G amlich e al., 2023; Fe ei a & Sand-
ne , 2021).
Unde s anding c yp o asse s: In he con ex o c yp o
asse s, he inc easing ele ance o c yp o asse s and o he
DeFi se ices links o hei pe cei ed ad an ages o e a-
di ional asse s, including as e and cheape ansac ions,
g ea e accessibili y, mo e c edibili y, and g ea e ans-
pa ency (Schwide owski e al., 2023b; G amlich e al.,
2023; Chen & Bella i is, 2020). C yp o asse s a e based on
blockchain as hei unde lying echnology (Voskobojniko
e al., 2021a; Schä , 2021). They acili a e he c ea ion and
secu e s o age o digi al ep esen a ions o angible o in an-
gible objec s wi hin he DeFi en i onmen (Schwide owski
e al., 2023a; K eppmeie e al., 2023; Sockin & Xiong,
2023). The DeFi ecosys em (Piñei o-Chousa e al., 2022;
Schä , 2021) ep esen s a decen alized inancial sys em u i-
lizing sma con ac s o design inancial se ices ha aim
o anspa ency and in e ope abili y (Ze zsche e al., 2020).
Asse s pe inen o DeFi o blockchain include digi al a ,
icke s, collec ibles (physically exis en bu aded digi ally),
and digi al exchange objec s such as imma e ial oo ball
ca ds,in-gamei ems, and igh s o eal es a e ha a e adable
digi ally(K eppmeie e al.,2023;Whi ake &K äussl,2020;
Valeon i e al., 2021; Sockin & Xiong, 2023). C yp o asse s
can be dis ibu ed h ough mechanisms such as ini ial coin
o e ings, which indi iduals also use o in es ing in o gani-
za ions, pa icula ly s a ups (Howell e al., 2020; B uckne
e al., 2023). A dis inc ion exis s be ween c yp o okens
wi h paymen (e.g., c yp ocu encies), asse (e.g., okenized
sha es), and u ili y unc ions (e.g., i ems ha enable access
o online games) (Schwide owski e al., 2023a). C yp ocu -
encies a e ex ensi ely in es iga ed as paymen okens due
o hei spendabili y and economic impac (Mendoza-Tello
e al., 2019; Rehman e al., 2020). Fu he mo e, non- ungible
okens a e digi al asse s adable on blockchain echnol-
ogy, p o iding a p oo -o -owne ship (Chalme s e al., 2022;
Valeon i e al., 2021). In addi ion, okeniza ion and oken
economy, which en ail ep esen ing objec s and hei own-
e ship using blockchain, a e widely applied concep s in
o ganiza ions’ digi al supply chains wi h an emphasis on
aceabili y (Py el e al., 2023; Sunyae e al., 2021; Du a
e al., 2020). Tokens ep esen ing owne ship o asse s enable
he di ision o p e iously immobile o indi isible aluable
objec s in o smalle digi al sub-uni s, a p ocess known as
ac ionaliza ion (Whi ake & K äussl, 2020; K eppmeie
e al., 2023). This concep o ac ionaliza ion also holds
signi icance o p o ide s o a is s, as i allows o equi y
owne ship and p o i ealiza ion wi h each subsequen ade
(Whi ake & K äussl, 2020).
New in e media y: A ple ho a o new playe s is inunda ing
he inancial wo ld cu en ly, along wi h a di e se ange o
new in es men p oduc s and en i onmen s (Voskobojniko
e al., 2021a; G amlich e al., 2023). His o ically, a limi ed
numbe o in luen ial en i ies domina ed his ield, leading
o he lack o a cen al and unbiased au ho i y (Chen &
Bella i is, 2020;Howelle al.,2020). La ge inancial ins i-
u ions, especially banks, held a nea -monopolis ic s ance.
P esen ly, eme ging business models enabled by new ech-
nology o e inno a i e alue p oposi ions o use s (Chen &
Bella i is, 2020; Schwide owski e al., 2023b). A shi in he
in es men oppo uni ies a ailable o p i a e in es o s p e-
cipi a es his e olu ion (Piñei o-Chousa e al., 2022). In he
con empo a y landscape, cus ome s ha e access o a a i-
e y o in es men op ions. These include adi ional a enues
such as p ecious me als (e.g., gold), cu encies (e.g., he US
dolla ), and in es men s (e.g., unds, s ocks, and sha es),
alongside angible asse s like wa ches o ca s, and c yp o
asse s (Fe ei a & Sandne , 2021; Wu gle , 2000;G am-
lich e al., 2023). The in eg a ion o blockchain echnology
has e olu ionized he app oach by o e ing a digi al and
au oma ed concep o secu i y, anonymi y, anspa ency, and
da a in eg i y. This concep ob ia es he need o a cen al-
ized, us ed in e media y in con olling ma ke ac i i ies
and ansac ions (Chalme s e al., 2022; G amlich e al.,
2023; Ze zsche e al., 2020). Howe e , new en i ies, such
as applica ion p o ide s, a e now en e ing he ecosys em
and diminishing he in luence o es ablished playe s (Chen
& Bella i is, 2020; G amlich e al., 2023). A conside able
body o li e a u e on disin e media ion also e e s o “ e-
in e media ion” o desc ibe he s uc u al ans o ma ions in
he banking indus y (Schwide owski e al., 2023b).
In his con ex , he elimina ion o any in e media ies om
he ecosys em in connec ion wi h he blockchain concep is
a he an idealiza ion ha obscu es he ac ual subs i u ion.
New playe s, such as echnology companies, a e eplac-
ing inancial ins i u ions (Chen & Bella i is, 2020). Figu e1
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37 Page 4 o 24 Elec onic Ma ke s (2024) 34 :37
T adi ional Banking
New T adi ional T ansac ion
In es o I In es o II
Banks
Financial Ma ke
Disin e meda ion (P2P)
In es o I In es o II
Re-in e media ion I
In es o I In es o II
New In e media ies
Re-in e media ion II
In es o I In es o II
Banks
New In e media ies
Fig. 1 In luence o disin e media ion and e-in e media ion (I and II) in inancial ma ke
illus a es he change in he inancial ma ke and in ol ed
in e media ies. This shi is pa ly due o in e media ies’
ad an ages, such as educing ansac ion cos s, consolida -
ing exis ing o e ings, and p o iding a mo e di e se ange
o use s. Ne e heless, hey a e essen ial in o going con-
nec ions be ween di e en segmen s o he ecosys em (Chen
& Bella i is, 2020).
Acco ding o Voskobojniko e al. (2021a), he e is an
expec a ion o a u he inc ease in he supply o c yp o
asse s. I is also imp obable ha he numbe o in e media ies
will emain a he cu en le el. Iden i ying he causal ba i-
e s o accep ance mus be add essed o make he echnology
mo e appealing o a b oade audience is c ucial. Failing o
add ess heseba ie scould esul in an inc easingly complex
and daun ing ecosys em o use s.
Technology accep ance in he inancial indus y
Asdigi iza ion pe mea esdailyli e, heaccep anceand adop-
iono eme ging echnologies is a signi ican ield o esea ch
(Ajzen, 2020; Tahe doos , 2018). Technology accep ance, in
con as o ejec ion, e e s o he posi i edecisionbyuse s o
adop an inno a ion o new echnology. Especially in social
and linguis ic con ex s, he e is o en a con la ion o e ms
suchas a i ude,use sui abili y, andadop ion (Mülle -Böling
& Mülle , 1986). Nume ous models in his ield o in o ma-
ion sys ems add ess his opic, each conside ing di e en
de e minan s(Venka esh e al., 2003). The echnology accep-
ance model (TAM), p oposed by Da is (1985), se es as a
ounda ional amewo k in many esea ch endea o s (Dine
&Hu,2007; Fea he man & Pa lou, 2003). By now, i is
one o he mos popula models ocusing on he explana-
o y powe ega ding accep ance (Jockisch, 2010). I s o igins
ace back o he Theo y o Reasoned Ac ion (Fishbein &
Ajzen, 1975), a psychological model ha aims o p edic he
beha io al in en ion o an indi idual (Da is, 1985). Theo y
o easoned ac ion and i s ex ension, he Theo y o Planned
Beha io (TPB), ha e unde gone ex ensi e scien i ic es -
ing and applica ion (Ajzen, 1991;Lee,2009; Wu & Chen,
2005). Beyond indi idual pe spec i es, nume ous esea ch
app oaches also conside g oups and o ganiza ions in he
con ex o echnology adop ion (Venka esh e al., 2016). The
TAM2 and TAM3 models in oduce new a iables compa ed
o he o iginal app oach (Venka esh e al., 2000,2016). Fu -
he mo e, he Uni ied Theo y o Accep ance and Use o
Technology (UTAUT) is a well-es ablished model in his
domain (Venka esh e al., 2003). Addi ionally, he e is a
model by Taylo & Todd (1995) ha me ges he TAM wi h
he Theo y o Planned Beha io , e med Combined Technol-
ogy Accep ance Model and Theo y o Planned Beha io s.
Rela ed wo k
Resea ch in he domain o echnology accep ance wi hin
in o ma ion sys ems has been conduc ed in a ious sec o s,
including e-se ices (Fea he man & Pa lou, 2003), social
media (Hansen e al., 2018), in elligen sys ems (Wanne
e al., 2022), and online en i onmen s (Kuen e al., 2023).
The ad en o online and mobile banking ep esen ed a glob-
ally signi ican shi in he digi iza ion p ocess, in eg a ing
inance and in o ma ion sys ems (Sa hye, 1999; Al-Somali
e al., 2009; Mu aha e al., 2018; Ri ai e al., 2012). Lee
(2009) examined he impac o isk on he adop ion o
online banking. Luo e al. (2010) expanded his analysis by
obse ing use s’ beha io wi h a scope on us and isk. In
he con ex o c yp ocu ency adop ion, echnology accep-
ance s udies ha e been ca ied ou in mul iple coun ies,
including Spain (A ias-Oli a e al., 2019), China (Shahzad
e al., 2018), Tu key (Pila in & Önde Dilek, 2023), Thai-
land (Namahoo & Ra anawiboonsom, 2022), and Sou h
123

Elec onic Ma ke s (2024) 34 :37 Page 5 o 24 37
Pila in &
Dilek 2023
Voskobojniko
e al. 2021
Ja iyapan e al. 2022
Folkinsh eyn &
Lennon 2016
Wal on & Johns on 2018
Albaya i
e al. 2020
Namahoo &
Jan as i 2022
A ias-Oli a
e al. 2019
Mendoza-
Tello e al. 2019
Shahzad e al. 2018
Saghee
e al. 2022
DeFiC yp o Asse s C yp o-
cu encies
Bi coin
Thema ic Focus Model T
y
pe
T us Risk FinLi /AW BI
Folkinsh eyn &
Lennon 2016
TAM TPB UTAUT
Ja iyapan e al. 2022
Albaya i e al. 2020
A ias-Oli a e al. 2019
Mendoza-Tello e al. 2019
Shahzad e al. 2018
Saghee e al. 2022
Wal on &
Johns on 2018
Pila in &
Dilek 2023
Voskobojniko e al.
2021
Namahoo &
Jan as i 2022
Fig. 2 Classi ica ion o ela ed wo k acco ding o hema ic ocus and model ype
A ica (Wal on & Johns on, 2018). Addi ionally, esea che s
explo ed use s’ pe cei ed isk (Ab amo a & Böhme, 2016;
Ja iyapan e al., 2022) as well as inancial li e acy (Ja iya-
pan e al., 2022). Albaya i e al. (2020) and (Mendoza-Tello
e al., 2019) in es iga e inancial ansac ions in ol ing c yp-
ocu encies in e-comme ce. No ably, he e was speci ic
esea ch on he adop ion and echnology accep ance o Bi -
coin (Folkinsh eyn & Lennon, 2016; Ab amo a & Böhme,
2016). Howe e , esea ch on he adop ion and accep ance
o c yp o asse s emains ela i ely limi ed. Pila in & Önde
Dilek (2023) examined echnology accep ance using a lead-
ing model in Tu key. Addi ionally, Voskobojniko e al.
(2021a) in es iga ed he adop ion o c yp ocu encies and
c yp o asse s wi h a ocus on isk and us .
To gain an o e iew, Fig.2illus a es he ela ed wo k
and s uc u e o he li e a u e in wo ma ices. The i s one
s uc u es he li e a u e on a hema ic ocus. The second one
illumina es he exis ing accep ance esea ch on he opic. We
summa ize om Fig.2 ha he e needs o be mo e esea ch
on he hema ic ocus o c yp o asse s. In he ollowing, we
concep ualize ou esea ch model wi h posi ioning ega ding
us , isk, and awa eness.
Resea ch model and hypo hesis
de elopmen
Ou esea ch cen e s on iden i ying he d i e s in luencing
in es men beha io in c yp o asse s and how banks can sus-
ainably posi ion hemsel es in he c yp o ma ke o enhance
accep ance among he b oad masses. To achie e a heo e i-
cal unde s anding, we will employ a echnology accep ance
model(Da is,1989),whichap lysui s he esea ch needsand
allows o expansion wi h concep s de i ed om li e a u e.
We inco po a e ex ensional heo e ical amewo ks and
cons uc s, such as he heo y o planned beha io and he
heo yo easonedac ion.These amewo ks,whicha easso-
cia ed wi h cogni i e app oaches, add ess human beha io in
ce ain si ua ions (Ajzen, 1991; Wu & Chen, 2005; Taylo &
Todd, 1995). The complemen a y elemen s a e de ailed in
he hypo heses chap e .
Ou esea ch model, named he c yp o asse s accep ance
model, encompasses co e componen s, he c yp o asse s
ex ension, and mode a o s (as illus a ed in Fig.3). The con-
s uc s and hypo heses o he co e componen s a e p ima ily
ounded on echnology accep ance esea ch in in o ma-
ion sys ems, pa icula ly in he c yp o ield (Da is, 1989).
The c yp o asse s ex ension en iches he model wi h new
cons uc s, aiming o p o ide a comp ehensi e iew. This
includes ocusing on use s’ awa eness, isk, us , and beha -
io al con ol. The cons uc s and hypo heses om bo h he
co e and c yp o ex ension de i ed om he li e a u e a e suc-
cinc ly ou lined.
Awa eness (AW) o in es ing in c yp o asse s
The awa eness o echnology, including i s p o ision as a
se ice (Roge s & Shoemake , 1971), is c ucial in in o -
ma ion sys ems esea ch on echnology accep ance beha io
(Dine &Hu,2007). Gi en he limi ed esea chon he beha -
io in in es ing in new and inno a i e c yp o asse s, we use
esea ch on he echnological ans o ma ion o inance and
banking as a ounda ion. In con ex s such as echnology
adop ion in online banking o digi al cu encies, echnology
awa eness is a undamen al componen o many empi i-
cal s udies, and i s impac on he beha io is con i med
(Sa hye, 1999; Al-Somali e al., 2009; Ri ai e al., 2012). In
123
37 Page 6 o 24 Elec onic Ma ke s (2024) 34 :37
Awa eness (AW)
o in es ing in c yp o asse s
Pe cei ed Risk (PR)
o in es ing in c yp o asse s
Pe cei ed Beha io al Con ol
(PBC) o in es ing in cyp o
asse s
Pe cei ed Ease o Use
(PEOU)
o in es ing in c yp o asse s
Pe cei ed Use ulness (PU)
o in es ing in
c yp o asse s
Beha io al In en ion (BI) o
in es ing in c yp o asse s
A i ude (ATT) owa ds
in es ing in c yp o asse s
In e ac ion Mode a ion
Gende Age Expe ience
Pe cei ed T us (PT)
o in es ing in c yp o asse s
C yp o Asse s
Ex ension
Co e Cons uc s
H1a (-)
H1b (+)
H1c (+)
H1d (+)
H2 (-)
H3 (+)
H4 (+)
H5b (+)
H5a (+)
H6a (+)
H6b (+)
H7 (+)
Fig. 3 C yp o asse s accep ance model
de ail, se e al s udies demons a e ha awa eness in luences
pe cei ed isk (Mu aha e al., 2018), pe cei ed use ulness
(Al-Somali e al., 2009; Mu aha e al., 2018), pe cei ed ease
o use (Mu aha e al., 2018) o a i ude owa d using as well
as beha io al in en ion (Sa hye, 1999; Ri ai e al., 2012;
Dine & Hu, 2007). In c yp ocu ency echnology adop ion,
he link be ween echnology awa eness in using c yp o asse s
in Pakis an and pe cei ed isk, ease o use, and use ulness
was examined (Saghee e al., 2022). Addi ional esea ch
explo ed he ela ionship be ween awa eness and in en ion
o use Bi coin as a c yp ocu ency in China (Shahzad e al.,
2018).
We hypo hesize ha awa eness o in es ing in c yp o
asse s is c i ical o he pe cei ed isk o po en ial p i a e
in es o s.Inou c yp oasse saccep ancemodel,weassumea
highe le el o awa eness and educa ion o ou people ega d-
ing he echnology as well as he p o iding se ice when
in es ing in c yp o asse s will dec ease he pe cei ed isk
as indi iduals ecognize isks wi h less loss (Mu aha e al.,
2018). Fu he mo e, based on cu en esea ch, we an icipa e
awa enessposi i elyimpac ingpe cei edbeha io alcon ol,
use ulness, and ease o use when in es ing in c yp o asse s
(Al-Somali e al., 2009; Saghee e al., 2022; Mu aha e al.,
2018). Wi h inc eased awa eness abou he unde lying ech-
nologyand hese icep o ided o in es inginc yp o asse s,
mo e po en ial p i a e in es o s a e likely o belie e ha hei
pe o mance will be imp o ed.
Hypo hesis 1a. Awa eness nega i ely in luences he pe -
cei ed isk o in es ing in c yp o asse s.
Hypo hesis 1b. Awa eness posi i ely in luences he pe -
cei ed beha io al con ol o in es ing in c yp o asse s.
Hypo hesis 1c. Awa eness posi i ely in luences he pe -
cei ed ease o use o in es ing in c yp o asse s.
Hypo hesis 1d. Awa eness posi i ely in luences he pe -
cei ed use ulness o in es ing in c yp o asse s.
Pe cei ed isk (PR) o in es ing in c yp o asse s
Baue (1967) cha ac e ized pe cei ed isk as a combina ion
o unce ain y and he se e i y o ou come, examining con-
sume beha io andunce ain yconce ning heconsequences
o p oduc use. Addi ionally, Pe e e al. (1976) concep ual-
ized pe cei ed isk as a ype o subjec i e expec ed loss. Wi h
he e olu ion o consume beha io and he ad en o online
se ices, pe cei ed isk has expanded beyond jus conce ns
abou aud o p oduc quali y. Pe cei ed isk now encom-
passes po en ial losses when using an e-se ice o achie e
a desi ed ou come (Fea he man & Pa lou, 2003). In he
domains o inance, banking, and echnology, pe cei ed isk
includes dimensions such as social, inancial, secu i y, and
ime (Lee, 2009; Fea he man & Pa lou, 2003).
In he speci ic a ea o mobile banking, a subse o inance
and in es ing in c yp o asse s, pe cei ed isk is a c ucial com-
ponen o echnology accep ance models. Va ious s udies
ha e assessed he impac o pe cei ed isk in mobile banking
se ices o use s, who a e he same a ge g oup as po en ial
p i a e in es o s o ou su ey (Lee, 2019; Luo e al., 2010).
Fu he mo e, inancial esea ch has explo ed he ela ionship
be weenpe cei ed isk and in es men pe o mance, no ing a
di ec posi i e e ec (Thai e al., 2017). Cuong & Jian (2014)
conduc ed a s udy on he Vie namese s ock ma ke , a i ming
he p esence and in luence o psychological ac o s, such as
isk psychology, on indi iduals’ a i udes owa d in es ing.
Resea ch ocusing on pe cei ed isk in he con ex
o c yp o asse s emains limi ed. An empi ical s udy by
Mendoza-Tello e al. (2019) in es iga es pe cei ed isk in
he accep ance o c yp ocu encies as mone a y ansac ions
123
Elec onic Ma ke s (2024) 34 :37 Page 7 o 24 37
in e-comme ce. Fu he s udies by Ja iyapan e al. (2022),
A ias-Oli a e al. (2019), Namahoo & Ra anawiboon-
som (2022), and Ab amo a & Böhme (2016) examined he
in luence o pe cei ed isk on beha io in en ion ega ding
c yp ocu ency adop ion. Risk mi iga ion in non- ungible
oken (Schwide owski e al., 2023b) and egula ion (Fe -
ei a & Sandne , 2021) play signi ican oles in c yp o asse s
esea ch. In es ing in c yp o asse s is simila o using online
banking se ices, so we adap social, inancial, and secu i y
isks om he online banking sec o . Emo ional, inancial,
and secu i y conce ns a e cen al o us ing echnology
and managing money and asse s (Lee, 2009; Fea he man &
Pa lou, 2003; Voskobojniko e al., 2021a). Rega ding he
beha io o in es ing in c yp o asse s, we a gue ha indi idu-
alswi hahighe expec edloss(pe cei ed isk)exhibi alowe
pe cep ion o use ulness (Mu aha e al., 2018; Mendoza-
Tello e al., 2019).
Hypo hesis 2. Pe cei ed isk nega i ely in luences he
pe cei ed use ulness o in es ing in c yp o asse s.
Pe cei ed us (PT) o in es ing in c yp o asse s
The heo y o us pe cep ion examines a ious componen s:
p opensi y o us ,ins i u ion-based us ,andbelie sin us
(Maye e al., 1995). T us is pa amoun in es ablishing and
endo sing a speci ic sys em o echnology, os e ing a pos-
i i e appo among ci izens (Pa lou & Fygenson, 2006).
Addi ionally, us is a ounda ional elemen in economic
and social esea ch, pa icula ly in con ex s cha ac e ized
by unce ain y, au ho i y delega ion, and he po en ial o
oppo unis ic beha io (Ge en e al., 2003; McKnigh e al.,
2002; Pa lou & Fygenson, 2006). Empi ical s udies on ech-
nology adop ion (Wanne e al., 2022; Kuen e al., 2023;
Hansen e al., 2018; Wu & Chen, 2005; Lee & Tu ban,
2001) equen ly inco po a e us as a signi ican a iable.
In subsequen esea ch ocusing on echnology adop ion and
accep ance in he inancial sec o , us plays a i al ole (Luo
e al., 2010; Cheng e al., 2008).
In he ealm o in es men beha io , pe cei ed us is u i-
lized in echnology accep ance o comp ehend in es men
beha io . These s udies obse e an e ec on he a i ude
owa d using as well as he in en ion o use c yp o asse s,
pa icula ly c yp ocu encies (Mendoza-Tello e al., 2019;
Albaya ie al.,2020;Voskobojniko e al.,2021a).Anempi -
ical s udy could no con i m dis us o adi ional banks as
a d i e o joining DeFi se ices (Lockl & S oe ze , 2021).
We iden i y esea ch wi h de ailed analysis o us issues
wi hin he c yp ocu ency ecosys em, encompassing aspec s
such as walle s, aud de ec ion, secu i y, ma ke ac o s, and
s akeholde analysis (Rehman e al., 2020). As we in es iga e
he accep ance o c yp o asse in es men s, we hypo hesize
ha he pe cei ed us o po en ial p i a e in es o s a ec s
hei in en ion o in es in c yp o asse s.
Hypo hesis 3. Pe cei ed us posi i ely in luences a i-
ude owa d in es ing in c yp o asse s.
Pe cei ed beha io al con ol (PBC) o in es ing in
c yp o asse s
Indi idual beha io , pa icula ly he oles o indi idual o ga-
niza ional membe s and social sys ems, is elucida ed and
p edic ed ia he heo y o planned beha io , an ex en-
sion o he heo y o easoned ac ion (Fishbein & Ajzen,
1975; Ajzen, 1991). This beha io includes a i ude, pe -
cei ed beha io al con ol, and subjec i e no ms. The a i ude
explains how an indi idual e alua es he beha io in ques-
ion, ei he a o ably o un a o ably. Addi ionally, pe cei ed
beha io al con ol e e s o an indi idual’s pe cep ion o
how easy o di icul i is o pe o m he beha io . Acco d-
ing o Taylo & Todd (1995), pe cei ed beha io al con ol
encompasses ex e nal and in e nal beha io al cons ain s as
well as esou ces and echnology acili a ing ac ions (Ajzen,
1991).Subjec i eno m signi ies hepe cei edo ganiza ional
o social p essu e exe ed on a pe son aiming o unde ake
a speci ic beha io (Ajzen, 1991;Lee,2009; Wu & Chen,
2005).
In his s udy, we amalgama e he ex ended echnology
accep ance model wi h he heo y o planned beha io in line
wi h Hansen e al. (2018), inco po a ing pe cei ed beha -
io al con ol and a i ude. Beha io al con ol is a commonly
employed cons uc in he accep ance o echnology (Taylo
&Todd,1995;Venka eshe al.,2003,2000).Nume ouss ud-
ies in in o ma ion sys ems and inance add ess he cons uc
o pe cei ed beha io al con ol (Hansen e al., 2018;Wu&
Chen, 2005;Dine &Hu,2007). In he con ex o In e ne
banking, Lee (2009) de ined pe cei ed beha io al con ol as
an indi idual’s pe cep ion o he ease o di icul y o pe -
o ming he beha io in ques ion and con i med i s e ec
on beha io al in en ion. Mo eo e , signi ican suppo exis s
o he posi i e in luence o beha io al con ol and beha -
io al in en ion in in eg a ing Bi coin in Sou h A ica (Wal on
& Johns on, 2018) and in Tu key (Pila in & Önde Dilek,
2023). Consequen ly, we ind ha when in es ing in c yp o
asse s, he indi idual’s pe cei ed beha io al con ol impac s
beha io al in en ion.
Hypo hesis 4. Pe cei ed beha io al con ol posi i ely
in luences beha io al in en ion o in es ing in c yp o asse s.
Pe cei ed ease o use (PEOU) o in es ing in c yp o
asse s
As a co e componen in alignmen wi h (Da is, 1989), pe -
cei ed ease o use is he deg ee o which an indi idual
belie es ha a pa icula sys em o echnology would be
e o less ouse(Da is,1989;Venka eshe al.,2003).S udies
123
37 Page 8 o 24 Elec onic Ma ke s (2024) 34 :37
in he inancial ield ocusing on echnology accep ance ha e
explo ed he e ec o he pe cei ed ease o use and pe -
cei ed use ulness (Lee, 2009; Fea he man & Pa lou, 2003),
he beha io al in en ion o use (Dine & Hu, 2007) and he
a i ude (Lee, 2009; Al-Somali e al., 2009). O he examina-
ions ha e e i ied he in luence o pe cei ed ease o use on
he a i ude owa ds using and pe cei ed use ulness in adop -
ing c yp ocu encies (Albaya i e al., 2020; Folkinsh eyn &
Lennon, 2016; Mendoza-Tello e al., 2019; Shahzad e al.,
2018). Ul ima ely, we conclude ha he pe cei ed ease o
use when in es ing in c yp o asse s a ec s indi iduals’ pe -
cei ed use ulness and a i ude owa d using.
Hypo hesis 5a. Pe cei ed ease o use posi i ely in luences
pe cei ed use ulness o in es ing in c yp o asse s.
Hypo hesis 5b. Pe cei ed ease o use posi i ely in luences
a i ude owa d in es ing in c yp o asse s.
Pe cei ed use ulness (PU) o in es ing in c yp o
asse s
Acco ding o Da is (1989), he co e componen o pe -
cei eduse ulnessa icula es heex en owhichanindi idual
belie es ha u ilizing a speci ic sys em would be ad an-
ageous and augmen hei pe o mance in ac i i ies. The
co ela ion and e ec be ween pe cei ed use ulness and
a i ude owa d using, as well as beha io al in en ion, a e
e idenced in nume ous empi ical s udies on echnology
accep ance in in o ma ion sys ems (Lee, 2009;Dine &Hu,
2007;Da is,1989). Addi ionally, esea ch on blockchain o
c yp ocu ency adop ion equen ly inco po a es pe cei ed
use ulness (Albaya i e al., 2020; Namahoo & Ra anawi-
boonsom, 2022; Mendoza-Tello e al., 2019; Ja iyapan e al.,
2022). Schwide owski e al. (2023b) examine he alue
c ea ion in he non- ungible oken ma ke o collec o s, pla -
o ms,anda is s. We an icipa e ha hepe cei eduse ulness
o p i a e in es o s when in es ing in c yp o asse s a ec s
hei beha io al in en ion and a i ude owa d using.
Hypo hesis 6a. Pe cei ed use ulness posi i ely in luences
a i ude owa d in es ing in c yp o asse s.
Hypo hesis 6b. Pe cei ed use ulness posi i ely in luences
beha io al in en ion o in es ing in c yp o asse s.
A i ude owa d in es ing in c yp o asse s (ATT) and
beha io al in en ion (BI) o in es ing in c yp o
asse s
In amalgama ing he echnology accep ance model wi h he
heo y o planned beha io , a i ude and beha io al in en ion
eme ge as pi o al ac o s (Ajzen, 1991;Da is,1989; Taylo
& Todd, 1995). Beha io al in en ion quan i ies an indi id-
ual’s commi men o enac ing speci ic beha io s (Ajzen,
1991; Taylo & Todd, 1995). As elucida ed by Taylo &
Todd (1995), a i ude cons i u es an e alua i e assessmen
and exe s a di ec in luence on beha io al in en ion. Fu he
esea ch ex ensi ely discusses he signi icance o a i ude in
echnology accep ance esea ch (Venka esh e al., 2003). We
ollow Dine & Hu (2007); Pa lou & Fygenson (2006); Lee
(2009) inco po a ing in ou c yp o asse s accep ance model
he a i ude owa ds in es ing in c yp o asse s and beha -
io al in en ion o in es in c yp o asse s. Mo eo e , we expec
a posi i e impac o a i ude on he beha io al in en ion o
in es in c yp o asse s.
Hypo hesis 7. A i ude owa d using posi i ely in luences
beha io al in en ion o in es ing in c yp o asse s.
S udy design
To e alua e and in es iga e ou esea ch model and hypo he-
ses, we conduc a s udy o gain insigh s in o he p i a e
in es o pe spec i e on in es ing in c yp o asse s. Fo ou
s udy, we concep ualized and pe o med a quali a i e c oss-
sec ional analysis o explo e he cu en ba ie s o adop ion
and he pe spec i es o e ail in es o s on in es ing in c yp o
asse s. To do his, we need o speci y he a ge audience in
ou s udy. As we explo e he cu en pe spec i e o po en-
ial p i a e in es o s in c yp o asse s, we equi e an audience
wi h cul u al simila i ies and a consolida ed inancial and
banking sys em. In addi ion, we limi he coun ies o Aus-
ia, Ge many, and Swi ze land, he DACH egion, as hese
coun ies ha e simila cul u al beha io s and a e a s ong
economic sub-en i onmen in Eu ope (Mülle , 2018). Fu -
he mo e, conside ing he u u e ole o banks, we equi e
an audience wi h a simila inancial sys em and awa eness
and us in he sys em. This egion, whe e banks will ace
challenges wi h c yp o asse s in he u u e, is pi o al o ana-
lyzingba ie s oaccep ingc yp oasse s om hepe spec i e
o po en ial p i a e in es o s. Gi en he mul ilingual popu-
la ion in his egion, speaking I alian, F ench, and Ge man,
we o e bilingual s udy in English and Ge man o acili a e
pa icipa ion. Figu e4p o ides a imeline o he conduc ed
s udies.
P elimina y wo k
In he i s s ep o ou s udy de elopmen , we conduc ed
wo p elimina y s udies (n = 155 s uden s and hei social
en i onmen ) o iden i y impo an aspec s and pe spec i es
o in es men in c yp o asse s. The i s s udy comp ises
n=72and he second n=83pa icipan s. We communi-
ca ed he pilo s udies o unde g adua e s uden s ia lec u es
and social media. Fu he mo e, we conduc ed a li e a u e
e iew o analyze p elimina y wo k o he used cons uc s
and measu emen s. The esul s o ou p elimina y s udies
123
Elec onic Ma ke s (2024) 34 :37 Page 15 o 24 37
Table 4 Con e gen alidi y analysis o cons uc s
Cons uc Composi e eliabili y A e age a iance ex ac ed
AW 0.83 0.55
PR 0.85 0.64
PT 0.92 0.69
PEOU 0.86 0.60
PU 0.88 0.72
PBC 0.90 0.71
ATT 0.96 0.85
BI 0.94 0.78
Connec ing he co e cons uc s
Thes udyexplo es he ela ionshipbe weenpe cei edeaseo
use, use ulness, and a i ude on beha io al in en ion o in es
in c yp o asse s. Acco dingly, we pos ula e wi h H5, H6, and
H7 a posi i e ela ion be ween ease o use and use ulness
o a i ude and a posi i e impac om use ulness on a i ude
o beha io al in en ion. Conce ning he link be ween ease o
use and use ulness, we can e i y wi h ou s udy ha H5a
has a signi ican posi i e e ec o 0.304. Addi ionally, we
obse e a posi i e ela ionship be ween ease o use (0.169)
and use ulness (0.354) o a i ude. Fu he mo e, we can con-
i m H7 wi h he connec ion be ween a i ude and beha io al
in en ion (0.736). I indica es he mos subs an ial impac in
ou esea ch model, sugges ing a s ong posi i e e ec o
a use ’s a i ude ega ding c yp o asse in es men s on he
in en ion o use i . Finally, we can suppo H5a, H5b, H6a,
H6b, and H7. Table 5depic s an o e iew o all e ec s.
T us as an eceden o a i ude owa ds in es ing in
c yp o asse s
Pe cei ed us is pa amoun o in es men decisions and an
impo an p edic o o adop ing c yp o asse s. We ob ain a
highly signi ican e ec o us on a i ude owa ds in es ing
in c yp o asse s, wi h a magni ude o 0.445, making i a p i-
ma y posi i e de e minan o a use ’s a i ude owa ds c yp o
asse s alongside use ulness (0.354) and ease o use (0.169).
Fu he , we obse e an indi ec ela ion o us o beha -
io al in en ion h ough a i ude (0.323). In de ail, a highe
pe cei ed us in luences he a ec ion owa ds in es ing in
c yp o asse s and a ec s ou in en ion o use i di ec ly and
indi ec ly.
Di ec e ec sIndi ec e ec s
Cons uc Indi ec l
y
e ec in
g
S en
g
h Pe c.025 Pe c.975 Media ion
AW
AW
AW
PU
ATT
BI
0.228
0.344
0.422
0,577
0,296
0,374
0,661
0,389
0,463
Complemen a y
Indi ec -only
Indi ec -only
PR
PR
ATT
BI
-0.008
-0.007
-0,028
-0,025
0,011
0,010
No-e ec non-media ion
No-e ec non-media ion
PT BI 0.323 0,280 0,375 Indi ec onl
y
PEOU
PEOU
ATT
BI
0.109
0.222
0,224
0,181
0,332
0,264
Complemen a y
Indi ec only
PU BI 0.263 0,272 0,366 Com
p
lemen a
y
No e pe c.025 and pe c.975 deno e he lowe and uppe bounds o he 95% boo s apped con idence in e al; * p<0.05, ** p<0.01, ***
p<0.001
Awa eness (AW)
o in es ing in c yp o
asse s
Pe cei ed Risk (PR)
o in es ing in c yp o
asse s [0.135]
Pe cei ed Beha io al
Con ol (PBC) o in es ing in
cyp o asse s [0.398]
Pe cei ed Ease o Use
(PEOU) o in es ing in
c yp o asse s [0.517]
Pe cei ed Use ulness
(PU) o in es ing in c yp o
asse s [0.429]
Beha io al In en ion (BI)
o in es ing in c yp o asse s
[0.789]
A i ude (ATT) owa ds
in es ing in c yp o asse s
[0.732]
In e ac ion Mode a ion
Gende Age Expe ience
Pe cei ed T us (PT)
o in es ing in c yp o asse s
C yp o Asse s
Ex ension
Co e
Cons uc s
-0.371***
0.630***
0.720***
0.392***
-0.022
0.445***
0.213***
0.169***
0.304*** 0.354***
0.054*
0.736***
Fig. 5 The c yp o asse s accep ance model wi h he es ima ed SEM e ec s
123

37 Page 16 o 24 Elec onic Ma ke s (2024) 34 :37
Table 5 Es ima ed SEM pa h
e ec s Hypo hesis Pa h Di ec e ec S d. e o Pe c.025 Pe c.975 p- alue
H1a AW →PR −0.371 0.035 −0.437 −0.303 0.000***
H1b AW →PBC 0.630 0.023 0.587 0.674 0.000***
H1c AW →PEOU 0.720 0.018 0.686 0.760 0.000***
H1d AW →PU 0.392 0.036 0.323 0.458 0.000***
H2 PR →PU −0.022 0.028 −0.081 0.037 0.414
H3 TP →ATT 0.445 0.031 0.392 0.503 0.000***
H4 PBC →BI 0.213 0.016 0.178 0.250 0.000***
H5a PEOU →PU 0.304 0.037 0.238 0.381 0.000***
H5b PEOU →ATT 0.169 0.025 0.124 0.219 0.000***
H6a PU →ATT 0.354 0.025 0.309 0.401 0.000***
H6b PU →BI 0.054 0.024 0.014 0.100 0.022*
H7 ATT →BI 0.736 0.022 0.697 0.782 0.000***
Awa eness as key ac o
We obse e a highly signi ican connec ion be ween awa e-
ness and beha io al con ol (0.630), con i ming H1b. Wi h
inc eased awa eness, po en ial p i a e in es o s an icipa e
mo e con ol o easie access when in es ing in c yp o asse s.
We con i m a signi ican e ec om awa eness o pe cei ed
isk,easeo use,anduse ulness.Inde ail,weobse eas ong
link be ween awa eness and ease o use (0.720). Fu he ,
wi h a highe le el o awa eness o he bene i s and isks,
people pe cei e less isk (−0.371) when using c yp o asse
in es men s. Rega ding ou indi ec e ec s, he link be ween
awa eness and use ulness is highly signi ican (0.620), sup-
po ingH1a, H1c,andH1d. Finally,we ecognize heindi ec
impac o awa eness on he beha io al in en ion o in es
(0.422) as well as he a i ude (0.344).
Pe cei ed beha io al con ol as la en di ec
p edic o o beha io al in en ion o use c yp o
asse s
Fu he , we examine he ole o pe cei ed beha io al con ol
as a p edic o o in en ion o in es in o use c yp o asse s.
We can con i m H4 since we obse e an eno mously signi -
ican e ec o beha io al con ol on he beha io al in en ion
o in es in c yp o asse s, wi h a magni ude o 0.213 (see
Table 5). Conce ning he coe icien o de e mina ion, beha -
io al con ol explains 40 pe cen o he a iance o beha io al
in en ion.Thise ec de elopsasan icipa ed since use s’ pe -
cep ion o he ease o di icul y o ealizing he beha io in
ques ion in luences hei in es men . The eby, i conce ns he
con ol belie s abou esou ces and oppo uni ies a ailable o
he use o e which hey do no ha e delibe a e con ol. We
did no obse e any indi ec e ec s o beha io al con ol on
o he p edic o cons uc s.
Pe cei ed isk
The e ec o he awa eness o he unde lying echnology and
i s p o iding se ices and he pe cei ed isk when in es ing
in c yp o asse s is highly signi ican , wi h a nega i e impac
o −0.371. An inc eased deg ee o awa eness educes he
isk o po en ial p i a e in es o s when using c yp o asse
in es men s. We in es iga e he possible in luence be ween
isk and use ulness, inding a non-signi ican in luence wi h
a magni ude o −0.022. Finally, we can alida e H1a wi h
ou esul s, bu he e was no suppo o H2.
Discussion
Theo e ical implica ions
Ini ially, we discuss b ie ly he main esul s o ou s udy.
Based on he indings, a i ude p edominan ly in luences he
beha io al in en ion o in es in c yp o asse s, which aligns
wi h esea ch by Da is (1989), Pa lou & Fygenson (2006),
Albaya i e al. (2020), Pila in & Önde Dilek (2023), and
Wal on & Johns on (2018). In addi ion, an ele a ed u ili y
alue when in es ing in c yp o asse s enhances he in en-
ion o in es , aligning o cu en s udies on c yp ocu encies
(Ja iyapan e al., 2022; Shahzad e al., 2018; Mendoza-Tello
e al., 2019) as well as in o ma ion sys ems (Mu aha e al.,
2018; Hansen e al., 2018;Lee,2009; Al-Somali e al., 2009).
Fu he , as beha io al con ol is associa ed wi h he p obabil-
i y o how easy o di icul he beha io pe o mance appea s,
p i a e in es o s a e mo e likely o in es in c yp o asse s as
hey belie e hey ha e an adequa e le el o con ol, and he
beha io implemen a ion appea s mo e accessible (Pila in &
Önde Dilek, 2023; Wal on & Johns on, 2018). Lee (2009)
and Wu & Chen (2005) co obo a e simila indings in he
ield o echnology adop ion in inance, whe e beha io al
123
Elec onic Ma ke s (2024) 34 :37 Page 17 o 24 37
con ol was one o he la en a iables ha explained he
pa amoun a iance o beha io al in en ion o use. Addi ion-
ally, ou obse a ionsalign wi h he indings o Ajzen (1991);
Dine & Hu (2007); Pa lou & Fygenson (2006), which sug-
ges ha e en i use s s ongly in end o beha e in a ce ain
way, hey equi e he necessa y esou ces and skills. The pe -
cei ed us o p i a e in es o s no ably a ec s he beha io al
in en ion o in es in c yp o asse s. Ou indings s and in line
wi h s udies (Shahzad e al., 2018; Namahoo & Ra anawi-
boonsom, 2022; Mendoza-Tello e al., 2019; Voskobojniko
e al., 2021a) on c yp ocu encies and asse s, indi iduals’
us and us wo hiness, belie s o disposi ion a ec an
inc eased beha io al in en ion. Fu he mo e, he esul s o
ou s udy a e consis en wi h he esea ch indings on he
digi al Eu o, as he e is a ela ionship be ween ha d and so
us ac o s o he digi al Eu o (digi al cu ency) and he
willingness o use i (T onnie e al., 2022). Mo eo e , we
con i m ha he deg ee o e o a p i a e in es o assumes
when in es ing in c yp o asse s impac s he in es ing beha -
io (Da is,1989;Lee,2009;Ri aie al.,2012).Inacco dance
wi h s udies on he adop ion o c yp ocu encies (Ja iyapan
e al.,2022;Ab amo a&Böhme,2016;Mendoza-Telloe al.,
2019), we con i m ha i he in es men in c yp o asse s
equi es a easonable le el o e o o he p i a e in es o s,
heya emo elikely oengageinsuchin es men s.Inc easing
awa eness is essen ial o a heigh ened le el o in es men
in c yp o asse s. Enhanced educa ion abou he unde lying
echnology o inancial li e acy can acili a e an upsu ge in
in es men (Dine & Hu, 2007; Ri ai e al., 2012; Shahzad
e al., 2018; A ias-Oli a e al., 2019).
Secondly, we summa ize and discuss he a ious impac s
on he a i ude owa ds in es ing in c yp o asse s. Wi h his,
us signi ican ly a ec s he a i ude owa ds in es ing in
c yp o asse s. P i a e in es o s’ a i udes migh inc ease wi h
us wo hy and c edible websi es o c yp o asse in es -
men s (Hansen e al., 2018; Al-Somali e al., 2009; Albaya i
e al., 2020). In addi ion, an enhanced p i a e in es o use-
ulness is s eng hening he a i ude. These indings align
wi h a ious s udies on echnology accep ance in he a ea
o inancial paymen suppo ed by in o ma ion sys em ech-
nologies (Albaya i e al., 2020; Pa lou & Fygenson, 2006;
Lee, 2009;Dine &Hu,2007; Al-Somali e al., 2009). Fu -
he mo e, indi iduals pe cei ed ease o use in luences he
a i ude owa d in es ing in c yp o asse s (Albaya i e al.,
2020; Pa lou & Fygenson, 2006;Lee,2009; Al-Somali e al.,
2009). Mo eo e , in acco dance wi h p e ious empi ical
s udies in c yp o and inance, he indi idual’s pe cei ed ease
o use di ec ly in luences he use ulness posi i ely (Albay-
a ie al.,2020; Al-Somali e al., 2009). The non-signi ican
e ec o isk on use ulness is in acco dance wi h Fea he man
&Pa lou(2003) bu con a y o he s udy by Mendoza-Tello
e al. (2019) whe e hei esul s indica e an indi ec neg-
a i e e ec on use ulness. A leas , a mo e ele a ed le el
o awa eness s eng hens p i a e in es o s’ a i udes owa d
in es ing in c yp o asse s.
Thi dly, we discuss he pi o al ole o awa eness when
in es ing in c yp o asse s. Ou esul s alida e a nega i e
ela ionship be ween awa eness and he expec ed loss as pe -
cei ed isk. Inc eased inancial li e acy, anspa ency, and
a ge ed in o ma ion abou he employed echnology and he
p ocesses enable p i a e in es o s o unde s and ha in es -
men pe o mance isin insicallylinkedwi h isk, po en ially
leading o enhanced esis ance o aud and heigh ened secu-
i y awa eness (Mu aha e al., 2018; Saghee e al., 2022).
Consequen ly, heyexpe iencealowe expec edlossasa isk.
Addi ionally, awa eness p o oundly in luences he pe cei ed
use ulness o in es ing in c yp o asse s wi h a s onge u il-
i y pe cei ed by hose mo e cognizan o he in es men case
and i s bene i s (Al-Somali e al., 2009; Mu aha e al., 2018;
Saghee e al., 2022). Ou s udy u he shows an e ec on
beha io al con ol, ease o use, and a i ude, leading o he
conclusion ha awa eness signi ican ly in luences he beha -
io al in en ion o in es in c yp o asse s o p i a e in es o s
(Mu aha e al., 2018; Saghee e al., 2022;Dine &Hu,
2007; Ri ai e al., 2012; Sa hye, 1999).
Finally, ou s udy u ilized he co e componen s o a ech-
nology accep ance model (Da is, 1989) as i s ounda ion.
Fu he , we ex ended he co e cons uc s wi h new measu es
o he pe cep ion o awa eness, us , and isk. Mo eo e , we
inco po a ed he heo y o planned beha io (Ajzen, 1991)
when in oducing he a i ude owa ds in es ing in c yp o
asse s as well he pe cei ed beha io al con ol o ou model
(Hansen e al., 2018). As ce ain pa s o ou model, pa ic-
ula ly cons uc s, ha e been es ed in o he models on he
accep ance o c yp ocu encies o asse s, we de eloped a
no el and inno a i e model combining hese pe spec i es
inasingle amewo k.
P ac ical implica ions
In addi ion o he heo e ical implica ions, we ecei e he
p ac icaldimensiono ou esea ch as a signi ican pa o ou
con ibu ion, wi h subs an ial implica ions. In ou esea ch
pape , we in es iga ed d i e s in luencing he beha io o
in es ing in c yp o asse s o he b oad mass (RQ1) and,
u he mo e, how inancial ins i u ions can pa icipa e in
he c yp o ecosys em and enhance c yp o asse accep ance
(RQ2). In doing so, ou s udy e ealed ha p i a e in es o s’
beha io al in en ion o in es in c yp o asse s is p edomi-
nan ly a ec ed by hei a i ude, as well as hei pe cei ed
us and awa eness. The e o e, s akeholde s in DeFi mus
conside hese ac o s i hey wish o es ablish c yp o asse
in es men b oadly. As ou lined in ou c yp o asse s accep-
ance model, addi ional incen i es o p i a e in es o s a e
essen ial o add ess he co ec pe cep ions.
123
37 Page 18 o 24 Elec onic Ma ke s (2024) 34 :37
Building upon his ounda ion, we aim o analyze how
inancial ins i u ions can engage wi h he DeFi and c yp o
asse ecosys em, he eby os e ing he accep ance o c yp o
asse s (RQ2). As p e iously indica ed, disin e media ion is
undamen al o blockchain echnology (Ze zsche e al., 2020;
Schä , 2021). Wi h he ising popula i y o DeFi and c yp o
asse s, adi ional in e media ies in he in es men ecosys-
em ha e been displaced om he ma ke (Chalme s e al.,
2022;Piñei o-Chousae al., 2022). Concu en ly,conce ning
he e ec o e-in e media ion, new playe s a e en e ing he
c yp o ma ke , eplacing p e iously excluded in e media ies,
o ins ance, c yp o exchanges (Chen & Bella i is, 2020;
Langley & Leyshon, 2021). Howe e , his has no signi i-
can ly al e ed he si ua ion, as many indi iduals s ill e ain
om using i (G amlich e al., 2023; Piñei o-Chousa e al.,
2022).
P e ious esea ch sugges s ha he ein oduc ion o adi-
ional inancial playe s is pi o al in he DeFi and c yp o asse
ecosys em (Chen & Bella i is, 2020; Langley & Leyshon,
2021; Hawli schek e al., 2018). When p omo ing DeFi and
c yp o asse s, s akeholde s o he DeFi ecosys em should
highligh he ad an ages o DeFi and c yp o asse s (G amlich
e al., 2023; Lockl & S oe ze , 2021) a he han ocusing
solely on he inancial indus y’s challenges in he adi-
ional inance sys em. Acco ding o Lockl & S oe ze (2021),
he e is no signi ican ela ionship be ween p i a e in es o s’
dis us in adi ional inancial ins i u ions and hei in es -
men in c yp o asse s o usage o DeFi se ices. Addi ionally,
Hawli schek e al. (2018); G amlich e al. (2023) a gue ha
blockchain ne wo ks, which a e us - ee sys ems, necessi-
a e in eg a ion in o an ins i u ional se ing o add ess us
issues.
This sec ion p esen s s a ing poin s o inancial ins i u-
ions o engage wi h he c yp o asse ma ke o s eng hen
c yp o asse accep ance among a b oad mass o po en ial
p i a e in es o s. We de i ed he oles om ou elabo a ed
c yp o asse s accep ance model and esul s om ou con-
duc ed s udy. We supplemen ed i wi h he cu en s a e o
li e a u e o concep ualizing and designing hese oles. We
ha e iden i ied ou oles inancial ins i u ions can play in
alue c ea ion, which we subdi ide in o se ice and p oduc
depending on he ou pu ocus o alue c ea ion (Bowman
& Amb osini, 2000; Schwide owski e al., 2023b). By also
conside ing he in en ion o cus ome con ac , in di ec o
indi ec o m, he oles o c yp o asse guide, c yp o asse
e i ie , c yp o asse pla o m p o ide , and c yp o asse
c ea o eme ge, enabling inancial ins i u ions o ac as in e -
media ies in he DeFi ecosys em. Figu e6illus a es he ou
di e en oles inancial ins i u ions can adop o join he
c yp o ma ke .
Fi s ly, inancial ins i u ions ha e he oppo uni y o posi-
ion hemsel es as c yp o asse guides. This posi ion en ails
elabo a ing and di ec ly p o iding se ices o use s wi h
economic educa ion o inancial li e acy concep s (Li e -
scheid & S eich, 2020; Willis, 2011). In he cu en DeFi
ecosys em, whe e many indi iduals may eel o e whelmed
due o he abundance o in o ma ion sou ces, his becomes
pa icula ly ele an (Rehman e al., 2020). Mo eo e , he
con en should be use -cen e ed, designed o ca e o a ious
knowledge le els and inco po a e common lea ning o -
ma s like in e ac i e elemen s (Voskobojniko e al., 2021b).
While people o en associa e inancial ins i u ions wi h us -
wo hiness and secu i y, hei p o ision o educa ion could
signi ican ly expand he use base (G amlich e al., 2023; Li -
e scheid &S eich,2020).Financial educa ionand inancial
beha io a e well-es ablished ela ed, and Fe nandes e al.
(2014) ecommendimplemen ing a ge edjus -in- ime inan-
cial educa ion. In he ealm o digi al and c yp o asse s,
inancial educa ion has an indi ec e ec on he ou come
(Li e scheid & S eich, 2020). Inc easing use ’s inancial
li e acy by he inancial ins i u ions, we sugges a highe
in en ion o in es in c yp o asse s, d i en by enhanced use
awa eness and beha io al con ol as ou lined in ou c yp o
asse s accep ance model (see Fig.5). Addi ionally, suppose
he e is also guidance o no ices as well as expe s in design
(e.g., UX, Usabili y) (Voskobojniko e al., 2021b; Rehman
e al., 2020; Zei e al., 2024). In ha case, inc eased pe cei ed
use ulness and ease o use can lead o a heigh ened in en ion
o in es in c yp o asse s.
Secondly, we apply he posi ioning o inancial ins i u-
ions as e i ie s in he c yp o asse ma ke . This ole en ails
o e ing se ices such as egula ion checks and ce i ica ion
o c yp o asse s. We sugges he c yp o asse c ea o engage
inancial ins i u ions o sc u inize po en ial c yp o asse s,
ocusing on sma con ac code quali y and adhe ence o
egula ion o secu i y s anda ds (Con i e al., 2018; Fe ei a
& Sandne , 2021; G amlich e al., 2023). Fu he , we de ec
ha in alignmen wi h ou c yp o asse s accep ance model,
managing us and isk a e c ucial ac o s in his po en ial
ole as e i ie s. Risk managemen is essen ial in he inancial
Fig. 6 Roles o inancial
ins i u ions on he c yp o asse
ma ke
Di ec cus ome con ac Indi ec cus ome con ac
C yp o Asse Guide
C yp o Asse P o ide
C yp o Asse Ve i ye
C yp o Asse C ea o
Value C ea ion as se ice
Value C ea ion as p oduc
123
Elec onic Ma ke s (2024) 34 :37 Page 19 o 24 37
en i onmen as p e en ing money laund y, scams, o e o is
inancing is c ucial (Rehman e al., 2020; Con i e al., 2018;
Ab amo a & Böhme, 2016).
Thi dly, es ablishing a pla o m o c yp o asse in es -
men s is i al o inancial ins i u ions en e ing he ma ke .
Thecu en landscapedesc ibesanabundanceo en y poin s
o c yp oasse in es men s,which canbeo e whelming and
con using o indi iduals (Rehman e al., 2020; Zeiss e al.,
2024). I inancial ins i u ions p o ided a pla o m ea u ing
a cu a ed selec ion o c yp o asse s om he ma ke , i would
enhance he accessibili y o use s (G amlich e al., 2023;
Lockl & S oe ze , 2021). Fu he mo e, hey could es ablish
da a and secu i y s anda ds o he c yp o asse s hey o e ,
po en ially making his in es men ou e mo e us wo hy
(Fe ei a & Sandne , 2021;Con ie al.,2018; Valeon i e al.,
2021). The inc eased accessibili y and bene i s o he b oad
masses could inc ease he ease o use and use ulness, ul i-
ma ely s eng hening he beha io al in en ion o in es in
c yp o asse s.
Las ly, inancial ins i u ions could assume he c ea o s
o c yp o asse s hemsel es. De ising inno a i e inancial
p oduc s is one o he adi ional playe s’ key ac i i ies
and business models. T ans e ing hese skills in o he DeFi
ecosys em, inancial ins i u ions could de elop no el sma
con ac s and o e hese as hei own c yp o asse s in he
ma ke (G amlich e al., 2023). Ex ending hei p oduc po -
olio wi h new c yp o asse s could inc ease hei ele ance in
he inancial ecosys em (Whi ake & K äussl, 2020; K epp-
meie e al., 2023; Schwide owski e al., 2023b). By d i ing
and es ablishing blockchain-based digi al cu encies (like
CBDCs o digi al Eu o), banks can o e di ec ly a pay-
men op ion and gain ma ke access o he b oad mass o
peopleaswellasins i u ionso companies.Inaddi ion, inan-
cial ins i u es should concen a e on ma ke ing ac i i ies ha
demons a e he echnological supe io i y o hei DeFi solu-
ion (Lockl & S oe ze , 2021).
Limi a ions and u he esea ch
This pape acknowledges limi a ions in a ious aspec s. The
objec i e o ou s udy was o collec comp ehensi e, ep e-
sen a i e egional esul s in coun ies wi h a highe le el o
us in he banking sec o and o p o ide an o e iew o
coun ies wi h compa able inancial ma ke s. In ou s udy,
i is e iden ha he pa icipan s om di e en coun ies
a e une enly balanced, a ibu able o he nea ep esen a-
ion o he ac ual dis ibu ion o he popula ion in he DACH
egion (see Table 2), as we depic wi hin he scope o ou
s udy. Based on he yea 2022, Ge many has 84.08 million
inhabi an s, Aus ia has 9.04 million, and Swi ze land has
8.77 million, mi o ing simila a ios in pa icipan alloca-
ion. Howe e , o iden i y coun y-speci ic di e ences in he
accep anceo c yp o asse s,we equi e in-dep hs udiesin he
indi idual coun ies.Whileou s udy iden i ies a end o he
DACH egion, u he esea ch is necessa y o o he Eu o-
pean a eas no co e ed, conside ing di e ences o he DACH
egion, such as a ying cul u es, poli ical s uc u es, and eco-
nomicsi ua ion.Gi en hes udy’s ocuson heDACH egion,
he indings may no be gene alizable on a global scale.
The e o e, a p omising a enue o u u e esea ch could be
o examine he e ec s o di e en cul u es, economies, and
egula o y en i onmen s on c yp o asse adop ion in di e se
con ex s, e.g., h ough a me a-analysis o exis ing indings.
We also sugges no only elying on quan i a i e s udies, bu
also conduc ing quali a i e esea ch on he cul u al and legal
en i onmen in o de o gain deepe insigh s in o indi idual
ac o s o c yp o asse adop ion.
P e ious s udies abou c yp o asse owne s in se e al
coun iesindica e ha heseowne s a ep edominan lyyoung
males wi h a low le el o educa ion (Fujiki, 2021; Hen y
e al., 2018). Ou esul s e lec ha mos pa icipan s a e
in he age be ween 20 and 30 yea s, aligning wi h his gen-
e a ion’s in es men beha io in c yp o asse s (Bonapa e,
2022). Fu he mo e, in es ing in c yp o asse s co ela es
wi h an in e es in in o ma ion echnologies (Fujiki, 2021;
Hen y e al., 2018), p e alen among he younge gene a-
ion.Addi ionally,weuse heP oli icpla o m o conduc ing
ou s udy, sugges ing pa icipan amilia i y wi h echnology,
which also esul s in limi a ions.
Themajo i yo s udypa icipan sa emale,aphenomenon
explainable by gende di e ences in in es men beha io ,
especially ega ding c yp o asse s (Bonapa e, 2022), as
well as a highe engagemen in inancial echnologies, and
s a is ically highe inancial li e acy among younge males
(Bonapa e, 2022; Rei e -Ga ish e al., 2022). Ou s udy
esul s show ha n = 440 pa icipan s ca ego izing hem-
sel es as beginne s in in es men expe ience, n = 311 as
ad anced beginne s, alongside ca ego ies o expe ienced
use s n = 129, expe s n=7, and o he s n=1indica -
ing a la ge p opo ion o no ices in blockchain. Al hough
we ecognize a p eponde ance o inexpe ienced pa icipan s,
his aligns wi h ou s udy’s in en ions o in es iga ing accep-
ance among he masses. The iews o p e ious c i ics o
hesi an in es o s a e essen ial o he accen ua ion o he
b oad masses. Howe e , we ecommend mo e undamen-
al esea ch compa ing di e en in es men expe iences and
hei impac on c yp o adop ion. Based on ou esul s, we
assume di e en le els o isk o a ying expe ience le els,
which impac he accep ance.
The esea ch model p oposed ollows he widely sp ead
app oach by Da is (1989), including he selec ed cons uc s
and hypo heses, which a e limi a ions. We also no ice con-
s ain s abou he oles de i ed om he li e a u e and he
esul s o ou model, which could be empi ically alida ed
in subsequen wo k. Po en ial u u e esea ch includes elab-
o a ing he equi emen s and pla o m design. A subsequen
123
37 Page 20 o 24 Elec onic Ma ke s (2024) 34 :37
s udy could in es iga e and measu e he impac o his
pla o m on he in en ion o in es in c yp o asse s. We iden-
i y a need o ex ac s anda ds and guidance o banks as
e i ie sand oempi icallyanalyze hein o ma ion eques ed
by bank cus ome s in ad iso y discussions on c yp o asse s.
We conside in es iga ing new c yp o asse s a ac i e o
use s and u ilizing inancial ins i u ions’ expe ise in c ea ing
hese asse s as an a ea o u he esea ch.
In addi ion o he in luences o blockchain, o he ends
couldlead onewde elopmen sin he inancialsec o .The e-
o e, ou su ey is a snapsho , and accep ance among he
popula ion may change wi h u he echnical p og ess. Wi h
heeme gence o new echnologies, inancial ins i u ionswill
con inue obea ec edbydigi iza ionandchangingcus ome
needs. The mass adop ion o digi al cu encies, e.g., CBDCs
such as he digi al Eu o, can also acili a e he adop ion o
c yp o asse s (T onnie e al., 2022; Minesso e al., 2022;
Allen e al., 2022). Fu he mo e, he cu en hype a ound
gene a i e a i icial in elligence (genAI) is a s ong impe us,
whichwillbeb ie lyillus a ed as an exampleo impac ech-
nologies. Conce ning ou esul s and he analyzed oles, we
see clea in luences om genAI in inancial educa ion, sup-
po in p og amming wi hin sma con ac s and pla o ms,
e iew o c yp o p o ide s, and e ec s on he p epa a ion
o documen s and in o ma ion a ound c yp o asse s. The
i s esea ch pape s ocus on GenAI in educa ion (Pe es
e al., 2023) o AI o a mo e us wo hy c yp o ecosys-
em (Rehman e al., 2020). Due o he impo ance o us
and awa eness (Banh & S obel, 2023; Tomi za e al., 2023)
in blockchain and genAI, we p opose a combined app oach
andin-dep h esea chconce ning his opic.SincegenAIou -
pu is no necessa ily co ec and bias is possible (Tomi za
e al., 2023), he echnology can impac accep ance. Many
u he esea ch p ojec s should ad ance he opic o accep-
ance o blockchain and c yp o asse s in he inance sec o .
Finally, e-in e media ion (I and II) can also igge e ec i e
and new changes ha mus be conside ed a he mac o le el
(see Fig.1). The in luences on he inancial sec o and he
DeFi concep should ecei e g ea e a en ion in esea ch,
making his wo k an ini ial push.
Conclusion
To conclude, ou s udy unde sco es he in luence o beha -
io al con ol, us , awa eness, ease o use, use ulness, and
a i ude on p i a e in es o s’ in en ion o in es in c yp o
asse s, aligning wi h exis ing li e a u e in elec onic ma -
ke s and echnology adap ion wi hin he inancial sec o .
G ounded in he echnology accep ance model, we buil a
heo e ical model o empi ically measu e d i e s a ec ing
he beha io al in en ions o p i a e in es o s owa d using
c yp o asse s. We ound ha us and awa eness a e pi o al
in acili a ing widesp ead adop ion. D awn om ou empi i-
cal indings, we de i ed oles wi hin he c yp o asse ma ke
ha os e sus ainable accep ance. By emphasizing he ole
o inancial ins i u ions, we highligh hei capaci y o le e -
age hei s eng hs e icien ly, such as se ing as c yp o asse
guides, e i ie s,pla o mp o ide s,andc ea o s.Theiden i-
ica iono hesenew olesno onlyshedsligh on hee ol ing
dynamics o inancial ins i u ions in he c yp o ma ke bu
also un eils no el a enues o u u e esea ch. In doing so,
ou esea ch con ibu es o he domain o elec onic ma ke s
byadop ing he alues o blockchainma ke pe spec i es and
building on he pionee ing wo k o inancial ins i u ions in
in eg a ing elec onic ma ke s and ne wo ks.
Acknowledgemen s This wo k has been de eloped in he p ojec
InK yBa and is pa ly unded by he DZ-Bank-S i ung unde g an
numbe FRFMM-788/2022. The au ho s a e esponsible o he con-
en o his publica ion.
Funding Open Access unding enabled and o ganized by P ojek
DEAL.
Da a A ailabili y The da a ha suppo he indings o his s udy a e no
openly a ailable due o easons o sensi i i y and a e a ailable om he
co esponding au ho upon easonable eques .
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