The South Korean won has surpassed the U.S. dollar as the leading currency for trading crypto worldwide.
The South Korean Won (KRW) has overtaken the US Dollar (USD) in terms of trading volume against cryptocurrencies. A report by the financial analytics firm Kaiko revealed that in Q1 of 2024, transactions on centralized cryptocurrency exchanges involving the Won exceeded $456 billion.
According to a recent report by Bloomberg, the South Korean won has emerged as the new darling of cryptocurrency traders, surpassing the U.S. dollar.
South Korean won becomes top currency for global crypto trading, hitting $456 billion in Q1 2024, surpassing dollar volume.
The won's rising dominance is mainly due to the fee war between Korean crypto exchanges, according to research firm Kaiko.
In Q1 2024, Korean crypto markets witnessed their highest trade volume in over two years, with KRW overtaking USD in cumulative trade volume, Kaiko says.
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