The South Korean Won (KRW) has overtaken the US Dollar (USD) in terms of trading volume against cryptocurrencies. A report by the financial analytics firm Kaiko revealed that in Q1 of 2024, transactions on centralized cryptocurrency exchanges involving the Won exceeded $456 billion. This narrowly edges out the trading volume of the US Dollar, which posted figures around $455 billion.
This rise in trading volume has been attributed to a competitive environment in the South Korean crypto exchanges where a “fee war” has been identified. This race has resulted in a considerable increase in trading activities, with Won taking its place at the top of the list of the world’s fiat currencies in the crypto market.
Fee Wars Fuel Korean Won Trading Surge
One factor contributing to Won’s appreciation is the intensifying competition between the exchanges in South Korea. Major players in the industry, such as Upbit, Bithumb, and Korbit, have resorted to aggressive tactics aimed at attracting
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