Adoption of Crypto is Highest in Asia, with 60% of users worldwide

The 2024 Global Crypto Adoption Index has five Asian countries in the top 10, with Indonesia and India leading the pack.

Foresight Ventures, a venture capital company that focuses on cryptocurrency, claims that 60% of all cryptocurrency users globally are from Asia, which also generates the greatest portion of global liquidity. Asia’s impact on the global cryptocurrency scene was highlighted in Foresight Ventures’ most recent “GTM in Asia” study, which was co-published with Primitive Ventures and issued on January 9.

The 2024 Global Crypto Adoption Index includes five Asian countries: India is at the top, followed by Indonesia at number three, Vietnam at number five, the Philippines at number eight, and Pakistan at number nine. Foresight Ventures co-founder Forest Bai said, “Asia is a major hub for crypto innovation, users, and trading markets.” ”

The region’s cryptocurrency activity is dominated by centralized exchanges (CEXs), such as Binance and Upbit, which get 37.1% of all traffic worldwide. According to the research, rather than interacting directly with individual cryptocurrency projects, Asian consumers often depend on CEXs as reliable middlemen, taking advantage of their liquidity and vetting skills.

In Asia, speculative activities like meme-based trading and airdrop farming are also common. These patterns greatly influence user behavior on-chain and are driven by socioeconomic inequality and wealth expectations that CEXs promote. The paper from Foresight delves into the unique features of important Asian markets:

With Telegram Mini Bots acting as entry points for the adoption of cryptocurrencies, India tops the world in both daily active users and Telegram downloads. With initiatives like Axie Infinity opening the door for blockchain innovation, Vietnam has become a center for GameFi development.

With platforms like Upbit connected into the KakaoTalk network and speculative retail trading, the South Korean market is quite liquid. In the meanwhile, the Philippines has become a pioneer in the adoption of play-to-earn by using its robust gaming ecosystem and remittance culture. Crypto flourishes in Hong Kong’s OTC markets and stablecoin use, despite legislative obstacles, with Hong Kong serving as a crucial entry point.

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