Crypto activity in Asia has grown over 700% in a year thanks to a boom in DeFi: Chainalysis

  • Date: 05-Oct-2021
  • Source: Business Insider
  • Sector:Technology
  • Country:Middle East
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Crypto activity in Asia has grown over 700% in a year thanks to a boom in DeFi: Chainalysis

Crypto-related activity in the fast-growing economies across the Asia-Pacific region soared in the 12 months to June this year, fueled by booming interest in decentralized finance (DeFi), according to a new study by Chainalysis. The Central and Southern Asia and Oceania (CSAO) crypto market is the fourth largest in the world, and transaction activity there increased 706% between July last year and June this year, the data analytics company noted in a released Monday. In dollar terms, that translates into $572.5 billion in value received, or 14% of total global transaction value, it said. The region is home to the top three countries in Chainalysis' Global Crypto Adoption Index, with Vietnam at number one, India at two, and Pakistan at three. In those top three, ether has proven to be the most popular crypto, largely because of its close ties to DeFi applications and platforms. Stablecoins and bitcoin vie for second place, while altcoins come next. "Centralized exchanges are becoming more stringent and harder to use for people in certain jurisdictions. DeFi doesn't discern where you're from, or care if it has a relationship with your bank," Krishna Sriram, managing director at blockchain security platform Quantstamp told Chainalysis. Part of