South Korean Won Topples The Dollar To Become The Top Currency For Crypto Trading

The
South
Korean
won
overtook
the
US
dollar
to
become
the
most
used
currency
for
crypto
trading
during
the
first
three
months
of
this
year.

The
won
accounted
for
more
than
$456
billion
worth
of
crypto
trading
volumes
in
the
quarter,
followed
closely
by
the
dollar
with
$455
billion,
according
to
Kaiko.

The
third-most
popular
fiat
for
crypto
trading
was
the
euro
with
$59
billion
in
volumes.

South
Korea
is
among
the
most
active
crypto
markets
globally.
In
March,
the
country’s
crypto
market
made
history
after
briefly
surpassing
the
trading
volumes
of
its
stock
market.

Crypto
Trading
”Fee
War”
Among
Exchanges
In
South
Korea
Heats
Up

According
to
Kaiko
Research,
competition
among
cryptocurrency
exchanges
in
South
Korea
is
heating
up.
A
raging
“fee
war”
has
boosted
crypto
trading
volumes
in
the
Korean
market
to
the
highest
level
in
over
two
years.

????Competition
on
Korean
markets
is
heating
up.
In
this
week’s
Data
Debrief,
we
explore:

????The
fee
war
in
South
Korea

????The
market
reaction
to
Uniswap
Labs
Wells
Notice

????Coinbase’s
growing
dominance

and
more….https://t.co/pVQvJfZIlS

—
Kaiko
(@KaikoData)

April
15,
2024

Upbit
is
the
leading
crypto
exchange
in
South
Korea,
accounting
for
an
82%
market
share
over
the
last
three
years.

But
zero-fee
campaigns
launched
by
Bithumb
and
Korbit
threaten
to
reduce
Upbit’s
dominance.

Bithumb
has
tripled
its
market
share
since
launching
a
zero-fee
policy
in
October
last
year.
It
ended
the
campaign
in
February
after
revenue
declined.

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