According to the crypto money report published by Messari, South Korean investors 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 Messari team,
He prepared a report on the cryptocurrency market in Southeast Asia. The report 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 enabled 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 cryptocurrency 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 stable coins backed by Korean won or the support of DeFi projects by companies like Kakao could trigger a trend in this direction.
A good relationship with his partner in Japan
Mt. There is 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 world’s most popular cryptocurrencies.
Therefore, it is thought that individual investors in the country have turned to overseas-based platforms.
Companies such as 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 the 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 country’s cryptocurrency volume is provided by financial companies that use cryptocurrencies such as MoneyGram. While MoneyGram is known to partner with Ripple, BTC-
The most popular corridor after the PHP (Philippine peso) corridor appears to be 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 derivatives trading in the country, and only allows the listing of its approved cryptocurrencies. SCM’s green light on XRP and Bitcoin, Ethereum, and Litecoin strengthen its position in Asia.