South Korea's crypto trading volume is expected to reach $663 billion by 2025, making the Korean won the second-largest currency for these transactions.
Role of Major Crypto Exchanges
Major South Korean crypto exchanges, including Upbit and Bithumb, play a critical role in the projected trading volume. With a dominant market share, these platforms are instrumental in expanding the local crypto market. This activity is driven by local retail demand and regulatory support.
Global Market Influence
The anticipated surge in trading volume positions South Korea as a key player in the global market, following the US. Approximately 16.2 million South Koreans own crypto accounts, with Bitcoin and Ethereum leading in transaction volumes, reflecting trends from previous bullish markets.
Conclusion and Outlook
The growth of trading volumes may enhance South Korea's influence in the global market, with promising developments for institutional participation and broader acceptance of cryptocurrencies.
In conclusion, the rising crypto trading volumes in South Korea could play a significant role in the future development of the global financial market.