Inflation-stricken countries are always looking for alternative ways to protect their assets from devaluation. According to CryptoCompare’s 2022 report, cryptocurrency exchange Binance has capitalized on this trend the most in the last year. The primary reason retail investors in these countries seek ease of access.
Binance grabbed the largest share among cryptocurrency exchanges, up 16.3%.
“Binance’s growing market share is also a result of the increasing adoption of cryptocurrencies, especially in emerging markets,” the report states. In many cases, Binance has become the easiest option for users in emerging markets.
According to CoinMarketCap, Binance has the highest trading volume in the world. Over the past 24 hours, spot trading volume has surpassed $14 billion (approximately ¥1.8 trillion), surpassing the combined total of the next 20 exchanges.
Inflation in Brazil and Russia reached 11.9% and 17.2%, respectively, amid macroeconomic turmoil last year. During this period, trading volumes for the Russian ruble and Brazilian real on Binance increased by 232% and 72%, respectively.
Elsewhere in the emerging world, inflation is rising further, prompting consumers to look for assets that are less vulnerable to rising prices.
“Despite the risks inherent in crypto-assets, we expect crypto-assets adoption and trading volume growth in emerging markets to continue,” the report states.
｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
| Image: CryptoCompare
｜Original: Binance Garnered Largest Market Share of Crypto Investors From Emerging Markets in 2022
The post Binance Expands Market Share in Emerging Markets: Report | coindesk JAPAN | Coindesk Japan appeared first on Our Bitcoin News.