South Korean Won Topples The Dollar To Become The Top Currency For Crypto Trading

Updated: 17 April 2024

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The South Korean won overtook the US dollar to become the most used currency for crypto trading during the first three months of this year.

The won accounted for more than $456 billion worth of crypto trading volumes in the quarter, followed closely by the dollar with $455 billion, according to Kaiko.

The third-most popular fiat for crypto trading was the euro with $59 billion in volumes.

South Korea is among the most active crypto markets globally. In March, the country’s crypto market made history after briefly surpassing the trading volumes of its stock market.

Crypto Trading ”Fee War” Among Exchanges In South Korea Heats Up

According to Kaiko Research, competition among cryptocurrency exchanges in South Korea is heating up. A raging “fee war” has boosted crypto trading volumes in the Korean market to the highest level in over two years.

📊Competition on Korean markets is heating up. In this week's Data Debrief, we explore:

👉The fee war in South Korea

👉The market reaction to Uniswap Labs Wells Notice

👉Coinbase's growing dominance

and more….https://t.co/pVQvJfZIlS

— Kaiko (@KaikoData) April 15, 2024

Upbit is the leading crypto exchange in South Korea, accounting for an 82% market share over the last three years.

But zero-fee campaigns launched by Bithumb and Korbit threaten to reduce Upbit’s dominance.

Bithumb has tripled its market share since launching a zero-fee policy in October last year. It ended the campaign in February after revenue declined.