The won's rising dominance is mainly due to the fee war between Korean crypto exchanges, according to research firm Kaiko.
The won's rising dominance is mainly due to the fee war between Korean crypto exchanges, according to research firm Kaiko.
The won accounted for over $456 billion worth of trading volume on centralized crypto exchanges, topping the $455 billion in U.S. dollar volume, according to an April 15 research report byThe research firm attributes the rising dominance of the won to the “fee war” between Korean crypto exchanges. The report noted:
In comparison, Euro-denominated trading pairs only amassed $59 billion worth of cumulative volume, placing in the third place for the first quarter of 2024.As the region’s leading crypto exchange, Upbit has dominated over 82% of South Korea’s crypto market share since 2021.
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