South Korea is already a notable player on the global cryptocurrency stage but a new report by blockchain intelligence startup Cindicator indicates more action in store.
South Koreans are estimated to account for 30% of all cryptocurrency trading in the world and about 30% of locals are said to have invested in them. That figure could be as high as 50% among elite professionals.
Steve Lim, of South Korean crypto exchange Coinone, quoted, “Grandpas and grandmas come to our office lobby and say they want to put [in] half a billion won (US$447,000). We ask them how they heard about us, and they say, ‘I heard about you through a friend who invested a couple thousand and made a killing, and I want to do it too’ … but they have no idea how to use the app or email.”
According to the Korean Market Analysis paper, South Korea is poised to play a major role in embracing cryptocurrencies.
Simon Keusen, head of analytics at Cindicator, had to say, “The country is very open to new technology. The enthusiasm for crypto assets is palpable. Latest legislative initiatives show that the government understands the potential of blockchain technology. We believe South Korea will play an important role in driving the adoption of cryptocurrencies globally.”
Cryptocurrencies grabbed attention as a mass phenomenon through a combination of factors including an inherent openness to innovation, significant trading volumes and developments in legislation.
Although Bitcoin did not catch the attention of South Koreans,they were quick to jump on Ethereum. Ethereum was just the first step on a long list of cryptocurrencies.
Today, South Korea hosts some of the largest cryptocurrency exchanges in the world in terms of trading volume. Bithumb, one of the country’s biggest exchange, often ranks in the top position by volumes.
Cryptocurrency exchanges do not only support trading but also contribute to the development of South Korea’s broader blockchain industry. One example is Cross, a platform based on blockchain aimed at facilitating cross border money transfers being developed by Coinone.
Several institutions are already using the reputed blockchains, among them private companies like banks/insurance companies, also universities and hospitals.
Without a doubt the tech hungry nation of South Korea would start dominating digital coin space. This country will indeed do amiable gains to the crypto community.