Korean won surpasses US dollar as most-traded currency for crypto in Q1

The South Korean won took the position of most-used currency, topping the U.S. dollar, for trading crypto during the first quarter of 2024, according to research firm Kaiko.

“In Q1 2024, the South Korean won surpassed the U.S. dollar in terms of cumulative trade volume,” Kaiko said in the data report. Five fully licensed exchanges — Upbit, Bithumb, Coinone, Korbit and Gopax — dominate the local market, where front-runner Upbit takes up over 80% of the market share on most days, according to Kaiko. Runner-up Bithumb sought new users by hosting zero-trading fee campaigns in late 2023.

Meanwhile, South Korea’s general election on April 10 saw a major win for the country’s opposition Democratic Party, which took 175 seats out of 300 in the national legislature. The Democratic Party has made several election promises pertaining to boosting the local crypto sector, including the approval of local spot crypto exchange-traded funds.The government is also putting effort into setting a regulatory framework for local investors.

Source: Digital Coin News (digitalcoinnews.net)

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