Vietnam crypto trading second highest in ASEAN
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Vietnam is the second biggest cryptocurrency market in ASEAN behind Thailand with a transaction value exceeding $100 million a year, a new report has found.
It was followed by Singapore, the Philippines, and Indonesia, according to a report by cryptocurrency data provider Chainalysis.
Vietnam, along with Thailand and the Philippines, also record high web traffic to non-fungible token marketplaces, which could be explained by the large number of blockchain gamers, it added.
An estimated 25% of Filipinos and 23% of Vietnamese have played a play-to-earn game, and at one point, players based in the Philippines made up 40% of Vietnam-based Axie Infinity’s playerbase.
In an earlier report, Chainalysis said that this is the second year that Vietnam ranks highest in its cryptocurrency adoption index.
Questions & Answers
Q.Which other ASEAN countries are significant cryptocurrency markets?
Which other ASEAN countries are significant cryptocurrency markets?
Behind Vietnam and Thailand, Singapore, the Philippines, and Indonesia are also noted as significant cryptocurrency markets. This ranking is based on a report from cryptocurrency data provider Chainalysis, evaluating transaction values within the region.
Q.What is the approximate annual transaction value for Vietnam's cryptocurrency market?
What is the approximate annual transaction value for Vietnam's cryptocurrency market?
Vietnam's cryptocurrency market has an annual transaction value exceeding $100 million. This places it as the second largest in ASEAN, behind Thailand, according to findings from a new report on the region's crypto landscape.
Q.What is driving the high web traffic to NFT marketplaces in Vietnam and other countries?
What is driving the high web traffic to NFT marketplaces in Vietnam and other countries?
High web traffic to non-fungible token marketplaces in Vietnam, Thailand, and the Philippines is likely due to a large number of blockchain gamers. A significant percentage of people in these countries play play-to-earn games.
Q.How does Vietnam's cryptocurrency adoption compare globally?
How does Vietnam's cryptocurrency adoption compare globally?
The article mentions that this is the second consecutive year Vietnam has ranked highest in Chainalysis's cryptocurrency adoption index. However, it does not provide specific global comparison details beyond that statement, focusing mainly on ASEAN.
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