KRW ranks 3rd in global fiat-based crypto trading volume

The South Korean won accounts for just under 25% of global fiat-based crypto trading volume, ranking behind the U.S. dollar and euro, according to Unfolded, which cited a recent report from crypto market analytics firm Kaiko. Unfolded said the U.S. dollar held the largest share at 48.7%, while the euro accounted for about 27.58%. It added that South Korea’s crypto market is dominated by fiat-based trading, and that Upbit, the country’s largest exchange, showed high liquidity, with slippage of about 0.005% to 0.02% on a 10 million won market buy order. Unfolded also noted that favorable trading conditions in South Korea and several other countries and regions continue to support steady demand, although changes in South Korea’s crypto regulations and macroeconomic conditions could become key variables going forward.