Crypto Investors in Singapore Actively Engage in Staking Services: Survey
A recent study conducted by Seedly and Coinbase reveals that a significant majority of crypto investors in Singapore are actively participating in staking services. The survey, which collected insights from over 2,000 adults during Q4 of 2023, found that approximately 55% of respondents reported using centralized exchanges for staking, while 38% utilized decentralized finance (defi) applications.
Despite market fluctuations, Singaporeans remain optimistic about the long-term potential of crypto. According to Coinbase, 56% of respondents believe that crypto is the future of finance, and 46% expect prices to rise over the next 12 months.
Key Findings:
- 55% of crypto investors in Singapore stake crypto through centralized exchanges.
- 38% of investors utilize decentralized finance (defi) applications for staking.
- 56% of respondents believe that crypto is the future of finance.
- 46% expect crypto prices to rise over the next year.
The Vibrant Crypto Ecosystem in Singapore:
The survey also highlights other trends among Singaporean crypto investors:
- 54% of respondents use stablecoins.
- 35% use other cryptocurrencies for remittances.
- Over 70% prioritize fund protection when selecting platforms for buying, selling, and managing crypto.
Hot Take: Singapore’s Crypto Market Continues to Thrive
The research conducted by Seedly and Coinbase indicates that Singapore’s crypto market is thriving, with a significant number of investors actively participating in staking services. This reflects the optimism surrounding the long-term potential of cryptocurrencies in the country.
As Singapore establishes itself as a key player in the global crypto ecosystem, it is attracting venture capital funding and becoming a hub for blockchain and crypto ventures. The collapse of FTX crypto exchange and subsequent bankruptcy domino effect played a role in this development, compelling U.S.-based crypto companies to reassess their strategies and leading to increased investment in Singapore-based ventures.
With its vibrant crypto ecosystem, Singapore is poised to continue its growth as a prominent player in the global crypto market.
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