Cryptocurrency App Trends in Korea in 2021


Cryptocurrency App Trends in Korea in 2021

South Korea is one of the top nations with the largest ownership of cryptocurrency in the world. 13.2% of internet users in this country own some form of cryptocurrency in the year 2022. No doubt, South Korea is an ideal market for crypto investors to promote their coins and other crypto services. Social media platforms like Instagram, Twitter and YouTube, along with mobile apps, became the best space for marketing and advertising of crypto products.


Ownership of Cryptocurrency

Besides knowing the best platforms to launch a marketing campaign on, crypto business owners must also know the latest crypto market trends in each local market. The trend in South Korea may differ from other countries, thus the need of localization of data and information.


If you want to market and advertise your crypto product in this country, you must look into the cryptocurrency app trends to look for prospective strategies. In this report, we are going to analyze the current trend of crypto app market and its users in South Korea.



Crypto App Trends in Korea 2021 ⬇️

  1. Cryptocurrency App User Growth in Korea

  2. Age Composition of Cryptocurrency App Users in Korea

  3. Most Popular Cryptocurrency Apps in Korea

  4. Cryptocurrency App Growth Comparing to Stock Trading Apps

  5. Win-Win Effect between Upbit and K-Bank



1. Cryptocurrency App User Growth in Korea

Cryptocurrency App User Growth in Korea
Data from IGA Works, Chart Made by AJ Marketing

Cryptocurrency app users in Korea are growing faster than any other finance apps. The monthly cryptocurrency app users of Android and IOS devices have increased from 1.08 million to 3.12 million, between October 2020 and February 2021. A 189% increase in 4 months.


Korean users are powerful trend followers and they tend to increase sharply together with the Bitcoin price and breaking news.


Leading Korean cryptocurrency exchange Upbit installs to mobile devices peaked in February 2021 when Bitcoin reached new all-time high at 34,000 USD, Tesla announced Bitcoin purchase and price increase of Paycoin increased by 2,000%.



2. Age Composition of Cryptocurrency App Users in Korea

Age Composition of Cryptocurrency App Users in Korea
Data from IGA Works, Chart Made by AJ Marketing

Compared to the traditional investment industry, the cryptocurrency market is heavily influenced by social media (SNS). For example, when Elon Musk, the CEO of Tesla, tweeted about Dogecoin on twitter, the price of Dogecoin surged immediately. In addition, many crypto projects are using social media (SNS) to share project news and announce promotions.


Penetration of social media attracts large number of young investors into the cryptocurrency markets. This tendency is strongly reflected among Korean users. Almost 60% of Korean cryptocurrency app users are in their 20~30s.



3. Most Popular Cryptocurrency Apps in Korea

Most Popular Cryptocurrency Apps in Korea
Data from IGA Works, Chart Made by AJ Marketing

Upbit, Bithumb, Coinone, Binance and Gopax are the top 5 cryptocurrency apps in Korea in 2021.


Leading local cryptocurrency exchange with over 2 million monthly active users is Upbit, the most popular crypto app in Korea. Another cryptocurrency exchange, Bithumb, places second with over 1.2 million monthly active users. Upbit is dominating in Korea because of convenient UI/UX and the largest trading volume.


Most Popular Cryptocurrency Apps in Korea
Data from IGA Works, Chart Made by AJ Marketing

Upbit dominance is even more obvious when comparing cryptocurrency app user overlapping. Korean crypto app users are Upbit-holic. 49% of cryptocurrency app users in Korea use Upbit alone.



4. Cryptocurrency App Growth Comparing to Stock Trading Apps

Cryptocurrency App Growth Comparing to Stock Trading Apps
Data from IGA Works, Chart Made by AJ Marketing

Comparing Upbit with the top 5 stock investment applications in Korea,

Upbit places second by number of users, surpassing other top four stock trading apps.


Furthermore, Upbit’s user growth trend is parabolic, reflecting strong public interest in cryptocurrency investment.



5. Win-Win Effect between Upbit and K-Bank

Win-Win Effect between Upbit and K-Bank
Data from IGA Works, Chart Made by AJ Marketing

To be able to deposit and withdraw Korean Won (KRW) on Upbit, users must open a bank account with the K-Bank. It is mandatory because of local cryptocurrency regulations in Korea.


As the number of Upbit users increases, the number of K-Bank users has also increased. K-Bank users increased from 870,000 in October 2020 to 2.03 million in February 2021. A 133%-leap in 4 months.



Conclusion


As seen from the data analysis, the investment industry in Korea is rising, with young generation interest in investment. There is also a great importance of social media in the investment industry. Lastly, cryptocurrency apps are now outperforming traditional stock trading apps.


It is not clear where cryptocurrency craze will take us. However, we are expecting a lot of exciting news out of this industry. This is because fast-growing markets not only attract hundreds of millions of new users, but also millions of entrepreneurs.


We hope this information will be useful to you when starting your own cryptocurrency project, or entering Korean crypto market. If you are looking for more information about crypto growth strategies, make sure to check the AJ Marketing Blog.




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