According to a recent report from the Web3 market strategy consulting firm DeSpread, South Korea is poised to see over 6 million individuals, accounting for more than 10% of the country’s population, enter the cryptocurrency landscape. The report indicates that Centralized Exchanges (CEX) are the preferred platform for the majority of these new investors, underscoring South Korea’s rising prominence in the global digital finance sector.

Korean Centralized Exchanges (CEXs) Stealing the Spotlight

Amidst a global downturn in crypto trading volumes, South Korea Centralized Exchanges (CEXs) are painting a different picture. Four major players, including Upbit, Bithumb, Coinone, and Korbit, are at the forefront of this trend, collectively contributing to 10% of the global trading volume.

This remarkable feat places them ahead of Coinbase, the world’s second-largest exchange, in terms of trading volume. Upbit leads the pack with an impressive $36 billion in trading volume recorded in February alone, claiming an 80% share of the Korean market.

Bithumb follows Upbit with a market share ranging from 15% to 20%, while Coinone and Korbit trail with market shares of 3-5% and less than 1%, respectively.

Delving into Altcoin Preferences

Investment trends frequently offer glimpses into investor psychology. A closer examination of Korean Centralized Exchanges (CEXs) uncovers a strong inclination towards altcoins. In the South Korean market, investment patterns sharply differ from platforms like Coinbase, where institutional investors wield substantial influence. As per the report:

“Unlike Upbit, where individual investors take the lead, Coinbase’s trading volume is primarily steered by institutional investors.”

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