South Korea accounts for half of global Ripple trade… and here’s why

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Photo: bitcoin.com

Three of the largest cryptocurrency exchanges in the South Korean cryptocurrency market, currently account for more than 50 percent of global Ripple trades. Over the past 24 hours, the three trading platforms Bithumb, Korbit, and Coinone, have processed over $1.7 billion worth of trades, surpassing the combined daily trading volume of Bittrex, Poloniex, Bitfinex, Bitstamp, Binance, and Kraken.

Cryptocurrencies that are heavily concentrated in the South Korean market such as Ethereum, Bitcoin Cash, Ripple, and Monero tend to increase by large margins and decline rapidly at times as well, because of the tendency of the South Korean market and its investors to move speedily based on the trend of the market.

South Korea is reported to be one of the most active markets worldwide when it comes to blockchain innovation and trading of digital assets, with trade flows into and out of the country totaling $960 billion every year.

On 13 December, Japanese media outlet Nikkei reported that major banks in Japan and South Korea are set to begin the testing of Ripple blockchain, the aim being to reduce the cost involved in international funds transfer by nearly 30 percent.

Since the beginning of 2017, Ripple Labs have made significant process in assisting major banks and financial institutions to adopt the Ripple blockchain technology.

 

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