• Tue. May 28th, 2024

South Korean Crypto-Exchanges Volume Surpassed That of Stock Markets for Country

Mar 13, 2021

When it comes to cryptocurrency and blockchain adoption, there are now many countries that have started making a name for themselves. Among all the countries, South Korea is a country that has been linked with the crypto-blockchain industry for a very long time.

It can be assumed that South Korea has been in the crypto-blockchain industry since the industry was first launched in 2009. There are many governments, private, and semi-government sectors in South Korea that are currently using crypto-blockchain technology.

Even the recent elections being held for the capital of South Korea (Seoul) and Busan had the same agenda. Each political party and candidate proposed that their win would ensure that new digital currencies are introduced in the country.

This means that the crypto-blockchain industry is so popular in the country that it is going to thrive in the region no matter the political party takes over.

As the pandemic hit the entire world, the countries that it put in really bad shape were the ones that were developed. Unfortunately, South Korea, it is already a developed country that is considered to be one of the main hubs for technological advancements and developments.

Just like the rest of the well-developed countries, the year 2020 turned ugly for South Korea. The country ended up facing a really bad situation with respect to its economy and GDP. This year, the country had to lower its GDP but it has already started taking the necessary measurements to regain its old position.

The South Korean government has already started taking the steps that would see the crypto-blockchain industry being adopted in every sector of the country.

This is the reason why the adoption rate of crypto-blockchain technology has started reflecting against the country’s stock figures. As per the latest reports, the digital currency transaction volume in South Korea ended up surpassing the daily stock market transaction volume of the country.

Although the win was for a brief period it ended up giving the message that the crypto-blockchain industry is here to stay. This shows that the people of South Korea are welcoming crypto-blockchain technology with open arms.

The sources reveal that the average daily transaction volume surpassed by the digital transactions volume was for Sunday, March 14, 2021. The on-chain data analyzing sites had collected the digital transactions data from the major cryptocurrency exchanges in South Korea.

Some of the major exchanges in South Korea include Korbit, Coinone, Bithumb, and UPbit. The collective transaction data from all major exchanges shows the trading volume to be more than $14.6 billion for March 14. On the other hand, the trading volume for the stock exchange for South Korea on the same day was $14.5 billion.

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