Korean Won Tops USD in Bitcoin Trading Volume

In Q1 2024, the South Korean won became the most-traded fiat currency against cryptocurrencies, surpassing the US dollar in trading volume.
Korean Won Tops USD in Bitcoin Trading Volume

Key Takeaways

  • The South Korean won became the most-traded fiat in crypto, with over $456 billion in transactions.
  • Fee wars among South Korean exchanges have dramatically increased trading volumes.
  • Zero-fee policies, while increasing volume, led to a 60% revenue drop for Bithumb in 2023.

The South Korean won accounted for over $456 billion in trading volume on centralized exchanges in the first quarter of 2024.

It edged out the US dollar, which saw $455 billion in transactions.

Fee wars propel won’s dominance

Kaiko attributes the won’s rise to intense competition among South Korean crypto exchanges.

The fee reductions have spurred trading volumes, hitting a two-year high in early March.

Impact of zero-fee policies on exchange revenues

While the zero-fee campaigns boosted trading volumes, they significantly impacted revenues.

Bithumb saw its revenues drop by 60% in 2023, leading to the policy’s end on February 5.

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