South Korea is leading the way in cryptocurrency ownership, with a whopping 10.8% of internet users owning some form of cryptocurrency in 2024. As the number of cryptocurrencies continues to rise worldwide, Korean crypto enthusiasts are eagerly jumping on board. With social media platforms like Twitter and YouTube, as well as mobile apps, becoming key spaces for marketing and advertising crypto products, South Korea is the perfect market for crypto investors looking to promote their coins and services.
But it's not enough to just know which platforms to use for your marketing campaign—savvy crypto business owners also need to keep up with the latest market trends in each local market. After all, what works in one country may not work in another. That's why it's important to take a deep dive into the cryptocurrency app trends and user behavior in South Korea before launching your crypto marketing strategy.
In this report, we'll break down the state of the crypto app market in South Korea in 2021 and share insights on how you can tailor your marketing efforts to capture this lucrative audience this year.
Crypto App Trends in Korea 2021 ⬇️
1. Cryptocurrency App User Growth in Korea
The number of Korean users using cryptocurrency apps has skyrocketed in recent months, far surpassing other finance apps. From October 2020 to February 2021, the number of monthly cryptocurrency app users on Android and IOS devices increased from 1.08 million to a whopping 3.12 million, marking a stunning 189% growth in just four months.
Korean users are known for their keen ability to follow trends, and this is especially true when it comes to cryptocurrency. They tend to rapidly increase their usage of these apps in response to spikes in the price of Bitcoin, as well as major breaking news in the crypto world.
For instance, leading Korean cryptocurrency exchange Upbit saw a surge in mobile app installs in February 2021, when Bitcoin hit a new all-time high of $34,000. This was also around the same time that Tesla announced its purchase of Bitcoin, and the price of Paycoin skyrocketed by an astounding 2,000%. Clearly, Korean users are keeping a close eye on the world of cryptocurrency and are eager to jump on the latest trends.
2. Age Composition of Cryptocurrency App Users in Korea
Social media has become the driving force behind the growth of the cryptocurrency market, setting it apart from traditional investment methods. A single tweet from someone like Elon Musk has the power to send the price of a cryptocurrency skyrocketing. Cryptocurrency projects are also leveraging social media to share their latest news and promotions.
This trend has attracted a wave of young investors into the cryptocurrency market, and Korea is no exception. In fact, nearly 60% of Korean cryptocurrency app users are in their 20s and 30s. The allure of social media combined with the potential for high returns has captured the attention of a new generation of investors.
3. Most Popular Cryptocurrency Apps in Korea
Upbit, Bithumb, Coinone, Binance, and Gopax are the most popular apps of 2021.
Leading the pack with over 2 million monthly active users is Upbit, the ultimate crypto app destination for Korean traders. It's no surprise that Upbit is the most popular app in Korea - it boasts a user-friendly interface and the largest trading volume. Meanwhile, Bithumb takes the runner-up spot with over 1.2 million monthly active users.
Upbit is the undisputed king of cryptocurrency apps in Korea. Over 49% of Korean cryptocurrency app users prefer Upbit over other apps. In other words, they are "Upbit-holics" and cannot get enough of this app.
4. Cryptocurrency App Growth Comparing to Stock Trading Apps
When it comes to the number of users, Upbit is second only to the top 5 stock investment apps in Korea. In fact, it has surpassed four other major stock trading apps in terms of popularity. Its user growth trend is skyrocketing, indicating a strong public interest in cryptocurrency investment.
5. Win-Win Effect between Upbit and K-Bank
If you want to deposit and withdraw Korean Won (KRW) on Upbit, you must first open a bank account with K-Bank. This is a mandatory requirement due to local cryptocurrency regulations in Korea. Interestingly, as the number of Upbit users has increased, so has the number of K-Bank users. In just four months from October 2020 to February 2021, the number of K-Bank users has skyrocketed by 133%, reaching 2.03 million.
Conclusion
Korea's investment industry is experiencing a significant shift, with the younger generation increasingly interested in investment and the influence of social media playing a significant role. Moreover, the rise of cryptocurrency apps has disrupted the traditional stock trading industry, as they become increasingly popular among young investors.
The cryptocurrency industry is growing at a remarkable pace, and it's hard to predict where this craze will take us. However, we can expect to see many exciting developments in this space, as rapidly expanding markets tend to attract millions of new users and entrepreneurs.
Whether you're starting your own cryptocurrency project or looking to enter the Korean crypto market, we hope this information proves useful to you.
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