The number of users of cryptocurrency applications in South Korea has increased 14 times in the last 11 weeks to reach about two million users, according to a recent analysis. Users spend an average of 26 minutes using them daily and the majority of users are in their thirties.
The Wiseapp application analytics company recently conducted an analysis of 23,000 Android smartphone users in South Korea.
The company found that "nearly 2 million South Koreans have used cryptocurrency applications with their smartphones last week," Yonhap wrote, adding that:
A total of 1.96 million people used applications to manage digital currencies, such as Bitcoin and Ethereum, last week, compared to 140,000 between October 30 and November 5.
Cryptocurrency App Users Increase 14-Fold in South KoreaWeekly graph of the number of users of the cryptographic application from October 30th to January 14th. 196 equals 1.96 million.
According to Wiseapp data from October 30 to January 14, "the users of virtual currency applications have increased 14 times over the past eleven weeks," writes the company. Popular applications include those related to cryptocurrency trading, especially bitcoin, as well as "news, bulletin boards, etc." "The company said.
More and more South Koreans are increasingly using cryptocurrency applications despite several regulatory announcements, including the crackdown on anonymous cryptocurrency trading. The tax administration also discussed ways to tax cryptocurrencies.
In addition, two major stock exchanges, Bithumb and Coinone, are under investigation by the authorities. Then, over the weekend, regulators announced that crypto traders could face fines if they do not convert their virtual accounts into real accounts once the new system is in place.
Wiseapp's research also revealed that last month, 1.8 million people used the top 10 bitcoin applications, while 2.67 million people used the top 10 securities-related applications in the same period . However, Bitcoin app users spend an average of 26 minutes using apps, double the 13-minute daily usage time for security applications over the same time period.
In addition, the company also found that 6.5% of Bitcoin users are teenagers, 24% in their twenties, 32.7% in their thirties, 21% in their forties, and 15.8% in their 50s. more.