South Koreans invest an average of $6,100 in crypto, survey finds

22 Apr, 2019 | Updated: 22 Apr, 2019
by Richard Allen
South Koreans invest an average of $6,100 in crypto, survey finds

According to a news report by Arirang News, more South Koreans are investing in cryptocurrencies than ever before and are spending more money to do so.

The Korea Financial Investors Protection Foundation polled 2,500 people last December and found that 7.4% of them own some form of cryptocurrency. The number is up by 1% from the year before despite the local industry facing hurdles such as shifting regulation and several exchange hacks.

While the number of individuals investing in cryptocurrencies increased, those who now owned some crypto were buying more than they had in the past. By comparison, since 2017 the average investment per person spiked by 64% to around $6,100 and has nearly doubled among investors aged between 40 and 50 years.

As Chepicap recently reported, major US-based cryptocurrency exchange Coinbase recently announced the addition of 11 new markets in Latin America and Southeast Asia. Coinbase stated that they’ve had their eye on Asian markets such as South Korea and Japan for some time, given the booming crypto industry in those regions.

South Korea has had its share of problems, however, with all major exchanges except Upbit recording a loss in 2018, and one exchange being forced to close its doors.

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