According to research firm Kaiko, the South Korean won overtook the US dollar as the most widely used currency for crypto trading during the first quarter of 2024.
The total trading volume of the won on centralized cryptocurrency exchanges during this period reached $456 billion, while the US dollar only recorded $445 billion.
This marks a significant shift in the crypto market.
South Korea is known for having one of the most active crypto markets in the world, and its trading volume briefly surpassed that of the country's stock market during the March 2024 cryptocurrency bull run.
The market is dominated by five fully licensed platforms - Upbit, Bithumb, Coinone, Korbit and Gopax.