Koreans Prefer Cryptocurrencies But Not DeFi: Researcher

Published 14/07/2023, 08:58
Koreans Prefer Cryptocurrencies But Not DeFi: Researcher

  • DeFi researcher Ignas analyzed the Korean crypto market and the Koreans’ aversion to DeFi.
  • Ignas asserted that the Korean crypto market was placed third in BTC trading, following the US and Japan last year.
  • Koreans’ affinity towards CEXs and lack of education in DeFi are believed to be the major reasons for the country’s negligence of DeFi.

Ignas, a decentralized finance (DeFi) researcher and content creator, published a blog post delving deep into the Korean crypto culture. The researcher shed light on Korea’s preference for crypto over DeFi, pointing out the possible reasons for the country’s negligence of DeFi.

In the article titled “Korean Crypto Culture: Why Koreans Love Crypto, But Not DeFi,” published on July 13, Ignas asserted that the Korean crypto market held a major position in Bitcoin trading, which led to the phenomenal “Kimchi Premium.” The term, derived from the name of a Korean dish, refers to the difference in crypto prices between South Korean and foreign exchanges. According to the researcher, the Bitcoin “fever” still exists, even after clamping down the Kimchi Premium.

In 2022, Korea, following the US and Japan, s…

The post Koreans Prefer Cryptocurrencies But Not DeFi: Researcher appeared first on Coin Edition.

The post Koreans Prefer Cryptocurrencies But Not DeFi: Researcher appeared first on Coin Edition.

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