According to the crypto money report published by Messari, investors in South Korea prefer to trade with XRP instead of Ethereum. In Korea, where the DeFi market is less popular than in Western countries, XRP has the highest volume after Bitcoin.
Mira Christanto from the Messari team has prepared a report on the cryptocurrency market in Southeast Asia. In the report, which covered China, South Korea, Japan and several different countries, it was determined that there is a significant difference in volume between some cryptocurrencies.
BTC and XRP peak in South Korea
Three out of ten people working in South Korea are thought to invest in cryptocurrency. This popularity led giants like Bithumb, Upbit, Korbit, and Coinone to come out of the country. Four exchanges each hold at least $ 1 million in digital assets. This drives them to make statements regarding the assets they own. Based on these statements, Christanto has identified the most popular cryptocurrencies in Korea.
It was seen that the most popular crypto currency among South Korean investors was first Bitcoin, then XRP. This is because people are not turning to Ethereum and DeFi tokens. It is thought that the increase in the number of stablecoins backed by the Korean won or the support of DeFi projects by companies such as Kakao may trigger a trend in this direction.
Good relationship with his partner in Japan
Mt. There are strict regulations regarding cryptocurrencies in Japan, which has hosted many hacking attacks, including Gox. While there are 26 exchanges in the country that have managed to obtain a license, they cannot list USDT, one of the most popular crypto currencies in the world. For this reason, it is thought that individual investors in the country have turned to overseas-based platforms.
Companies like the SBI Group in Japan have a positive attitude towards XRP. SBI, which partnered with Ripple in 2017, plans to establish a new cryptocurrency fund, 50 percent of which will be XRP. SBI is known to support Ripple in the US SEC case. Christanto says companies in Japan “trust and prefer centralized systems.”
Getting stronger in Malaysia and Philippines
Although 80 percent of the Philippines population has the necessary facilities, they do not open a bank account. Since most of the financial transactions in the country originate from abroad, these transfers are given importance. According to Messari’s study, 80 to 85 percent of the cryptocurrency volume in the country is provided by financial companies that use cryptocurrencies such as MoneyGram. While MoneyGram is known to be partners with Ripple, it is seen that the most popular corridor after the BTC-PHP (Philippine peso) corridor in the country is the XRP-PHP corridor.
When landing in Malaysia in the south, stricter regulations are encountered. Malaysia’s regulator SCM does not recognize cryptocurrencies as a legal payment instrument, does not allow derivative trading in the country, and only allows the listing of self-approved cryptocurrencies. SCM’s green light for XRP as well as Bitcoin, Ethereum and Litecoin strengthens its position in Asia.
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