Key Points:
When measured by raw transaction volume, CSAO stands as the world’s third-largest crypto market, closely following North America and Central, Northern & Western Europe (CNWE), contributing nearly 20% to global crypto activity.
India is at the forefront of this crypto surge, with an estimated influx of $268.9 billion in crypto assets during the study period. But beyond raw numbers, CSAO shines in grassroots adoption when factors like purchasing power and population are considered.
The Global Crypto Adoption Index showcases CSAO’s dominance, with six of the top ten countries hailing from the region: India (1), Vietnam (3), the Philippines (6), Indonesia (7), Pakistan (8), and Thailand (10).
Over the past year, CSAO has witnessed a surge in Decentralized Finance (DeFi) participation, accounting for a staggering 55.8% of regional transaction volume from July 2022 to June 2023, compared to 35.2% in the previous year.
Additionally, institutional adoption in the region has accelerated, with 68.8% of total transaction volume attributed to transfers exceeding $1 million, compared to 57.6% in the previous period.
However, CSAO’s cryptocurrency adoption landscape is far from uniform. Diverse factors are propelling adoption in different countries, resulting in varying usage rates for different crypto services. Centralized exchanges dominate web traffic in most CSAO nations, but distinctions emerge elsewhere.
The Philippines leads in crypto-related web traffic to gaming and gambling platforms at 19.9%, while Vietnam follows at 10.8%. Meanwhile, Pakistan and Vietnam exhibit a higher share of activity on Peer-to-Peer (P2P) exchanges, which are often favored in emerging markets or countries with sentient capital controls.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Variant Fund CLO Jake Chervinsky emphasized the potential impact of a spot ETH ETF approval,…
Ethereum co-founder Vitalik Buterin emphasized the urgent need for an open and decentralized protocol to…
The SEC may approve a spot Ethereum ETF soon, balancing the SEC's Ethereum classification that…
The GALA Ethereum contract was exploited, leading to the unauthorized minting and sale of 5…
Explore the top Base Meme Coins to invest in, including popular and promising tokens like…
The SEC accelerates 19b-4 filings review, sparking hope for Spot Ethereum ETF approval. However, approval…
This website uses cookies.