Risk Perception, Trust, and Investor Awareness in Crypto-Crowdfunding: An Empirical Analysis

The rapid evolution of fintech has accelerated the integration of blockchain technology and cryptocurrencies into crowdfunding platforms, reshaping entrepreneurial finance and challenging traditional conceptions of money, intermediation, and financial risk. This study empirically examines the socio-cultural, demographic, and behavioural factors influencing funders’ perceptions and investment decisions in crypto-crowdfunding, an emerging model situated at the intersection of digital currencies, financial inclusion, and decentralised capital formation. Using primary survey data from a focus group of 50 respondents measuring perceptions through a structured five-point Likert questionnaire, the analysis investigates how risk perception, trust and security, investor awareness, and perceived benefits shape participation in crypto-crowdfunded projects. The findings indicate that blockchain-based features such as transparency and decentralisation are associated with variations in perceived trust and risk assessment, rather than uniformly enhancing investor confidence. Socio-demographic characteristics emerge as significant determinants of investor awareness, perceived risks, and expected benefits, confirming pronounced behavioural heterogeneity in digital-finance participation. Regression results reveal strong interdependencies between trust, risk perception, and awareness, underscoring the importance of informational quality and risk-governance mechanisms in supporting sustainable adoption. By providing empirical evidence on individual-level determinants of participation in crypto-crowdfunding, the study contributes to the literature on the future of money by clarifying how crypto-crowdfunding operates as a behavioural-financial phenomenon embedded in decentralised governance structures.