South Korean Won Saw $456B in Crypto Trades in Q1, Overtaking US Dollar

The South Korean won has emerged as the leading fiat currency for cryptocurrency trading, overtaking the US dollar in the first quarter of 2024.

According to a recent research report by Kaiko, the South Korean won accounted for more than $456 billion in trading volume on centralized crypto exchanges, surpassing the $455 billion volume in US dollars.

Kaiko attributed the growing dominance of the South Korean won to the “fee war” among Korean crypto exchanges.

The report highlighted that the improving macroeconomic environment and intense competition between exchanges in South Korea have fueled trade volumes, reaching their highest level in over two years in early March.

As a result, the cumulative trade volume of the South Korean won exceeded that of the US dollar in Q1 2024.#newsdaily