Number of users of leading crypto exchanges South Korea 2021

As of May 2021, the total number of registered users of Upbit, Bithumb, Coinone, and Korbit, the four leading cryptocurrency exchanges in South Korea, amounted to around 5.87 million, a threefold increase in just four months. The rise of crypto investors has also led to a corresponding surge in the use of trading apps. Monthly active users (MAU) of Upbit, the largest crypto exchange in South Korea, have increased about tenfold compared to 2020.

Cryptocurrency trading in South Korea

Bitcoin and other cryptocurrencies are currently not considered legal tender or financial assets in South Korea, yet the South Korean crypto market has grown extensively in the last few years. The crypto boom in the first half of 2021 was particularly noticeable when the daily trading volume on South Korean crypto exchanges even exceeded the value of shares traded on the stock exchange. Investors in their twenties and thirties, who account for about 60 percent of all new crypto investors, are leading this trend.

Investment objectives and methods

According to a survey conducted in 2021, most South Koreans had only recently started investing in cryptocurrencies. An overwhelming majority of investors preferred to invest in them directly, as it is possible to trade at the desired time and price. While many South Koreans consider their salaries insufficient to live on, one of the main motivations for investing was to prepare for and build up additional income for retirement.