The price of Bitcoin (BTC) has surpassed One hundred million Korean won for the first time in history, leading to a significant increase in public interest in cryptocurrencies. Consequently, the popularity of major domestic cryptocurrency exchange applications (apps) has soared. Upbit, the largest exchange in Korea, is ranked in the top 10 in the financial sector on the Google Play Store, and Bithumb is also ranked in the top 20.
The surge in popularity of cryptocurrency exchange apps is attributed to the recent prosperity in the cryptocurrency market. Just last month, when the price of BTC remained around 70 million won, the rankings of Upbit and Bithumb apps were outside the top 100. However, as the price of BTC skyrocketed at the end of last month, the number of users downloading the apps increased significantly. Upbit, which was ranked only 73rd on the 1st of last month, climbed to 18th place just 10 days after BTC surpassed One hundred million won.
This surge in app popularity is not unprecedented. In February 2021, Upbit also ranked as the top app alongside a bank with which it had partnered, during the peak of the BTC price.
Even exchanges that did not make it into the top 100 app rankings felt the positive effects of the bull market. The number of new sign-ups for exchanges like Korbit increased by about 183% compared to last month, and Coinone also saw an increase of 181%. Gopax also continues to attract more users due to its fee-free event.
In line with the continuous rally in the cryptocurrency market, the competition among domestic exchanges to attract investors is intensifying. Upbit, the leading player, is focusing on investor protection and trading convenience. It has developed an AI-based abnormal trading monitoring system (FDS) to monitor withdrawals and deposits 24/7. Additionally, it became the first domestic exchange to support multi-chains and provide charts in second intervals, enhancing user convenience.
Meanwhile, Bithumb operates a membership service that assigns grades and rewards points based on the previous month’s trading volume. This month, it opened a “benefit zone” where customers completing missions are rewarded with points. Last month, it became the first in South Korea to support multi-chain deposits and withdrawals for Ethereum (ETH) and significantly improved its app service environment.
