Millennials Favor Local Shopping As Cryptocurrency Exchange Hits Record Numbers YTD
As being one of the planet’s most pro-crypto regions, it’s no mystery that many Singaporeans own virtual currency. According to a current 2021 Federal Reserve Cryptocurrency Index report, 66% of respondents aged 26 to 45 own Cryptos. Coinhako, a Singapore-based cryptocurrency exchange platform, recorded a 700% growth in trading volume in the first part of 2021. Drawing on its current client base, which includes white-collar workers aged 25 to 44, the site reported “a larger hunger for cryptocurrency from millennial consumers.”
The exchange’s trading activity increased over 1,000% during the first three quarters of 2021 compared with the same period in 2020. Despite the existence of major global cryptocurrency exchange platforms in the country, Coinhako announced record user and trading activity increases. The exchange, sponsored by Boost VC and Tim Draper, intends to trade over $10 billion before the year’s end.
Southeast Asia Is Becoming A CryptoCurrency Powerhouse
“Bitcoin needs global acceptance to flourish. And I feel Singapore is Asia’s Bitcoin capital,” stated Adam Draper, Boost VC CEO, after he initially invested in Coinhako. Coinhako co-founder and Chairman Yusho Liu also commented on global crypto acceptance. “We anticipate that, based on how the digital industries in the US and Europe have evolved, the crypto sector in this region will soon follow suit.”
The regional authorities’ more favorable posture towards cryptocurrencies will surely help Singapore become Southeast Asia’s crypto-hub, especially given other countries’ regulatory clampdowns. Many significant crypto firms have received regulatory waivers from Singapore’s Monetary Commission, permitting them to function until their licenses arrive. Bloomberg reported recently that over 300 crypto firms had filed for the authorization, with the first ‘in-principle permit awarded in August.
Crypto exchange Coinhako, like other international crypto exchanges, is fully functioning pending license. An expanding user base in Singapore and Vietnam will reorient the exchange’s expansion objectives. Despite major crypto corporations springing up in the city-state, Coinhako’s regional status has aided it.
The Indigenous Competitive Advantage
Coinhako users can purchase, sell, and trade cryptocurrencies using the exchange’s Super Wallet, which was created exclusively to increase the mass market’s accessibility to crypto in Asia. Along with bank deposits, customers can purchase cryptocurrency using Visa or Mastercard. Additionally, the exchange compensates users for logging in and trading via an integrated cryptocurrency rewards system. For example, a user who achieves 10,000 points will receive 20 DOGE coins, whereas 2,000 points entitle them to one ADA token.
“Over the years, we’ve improved on this to enable access to a diverse range of virtual assets, as we strive toward our objective of giving accessibility to the crypto-economy throughout Asia,” the platform explained. Coinhako now has over 300,000 active users in Singapore, as well as thousands extra in Vietnam. It was created in 2014, making it one of the region’s oldest platforms.
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