Although South Korea may not be one of the world’s largest or wealthiest nations, it is quickly gaining a reputation as a stronghold for cryptocurrencies. In fact, South Korea has become the fourth largest Bitcoin exchange market in the world. This market is only behind the markets of the United States, China, and Japan in size.
South Korea also recently added support for Ethereum. The nation now trades this cryptocurrency on all three of its largest exchanges. Within only three months, South Korea has gained control of 38 percent of the entire global Ethereum exchange.
There are a number of reasons why cryptocurrency use is growing in South Korea. Among these are the fact that investors in the country are heavily influenced by public support for cryptocurrencies by major companies. Recently, JP Morgan, Toyota, and several other prominent companies have all made deals with Ethereum through the Enterprise Ethereum Alliance.
Such deals and subsequent media coverage of them are helping to strengthen the use of cryptocurrencies in the nation. Also helping to fuel this growth is the fact that investors in the nation are starting to use cryptocurrencies more and more as investment vehicles for short and mid-term gains.
The more high profile business deals that occur with cryptocurrencies, and the more that investors look favorably on these currencies in South Korea, the stronger that the nation’s cryptocurrency markets are likely to become.