Key Takeaways
- The South Korean won became the most-traded fiat in crypto, with over $456 billion in transactions.
- Fee wars among South Korean exchanges have dramatically increased trading volumes.
- Zero-fee policies, while increasing volume, led to a 60% revenue drop for Bithumb in 2023.
The South Korean won accounted for over $456 billion in trading volume on centralized exchanges in the first quarter of 2024.
It edged out the US dollar, which saw $455 billion in transactions.
Fee wars propel won’s dominance
Kaiko attributes the won’s rise to intense competition among South Korean crypto exchanges.
The fee reductions have spurred trading volumes, hitting a two-year high in early March.
Impact of zero-fee policies on exchange revenues
While the zero-fee campaigns boosted trading volumes, they significantly impacted revenues.
Bithumb saw its revenues drop by 60% in 2023, leading to the policy’s end on February 5.
