In the past 12 months, the adoption of cryptocurrencies has experienced a significant rise in the Southern and Central Asian regions. Over the course of time, the cryptocurrency markets have increased tremendously in the Asian region.
This is the reason why the data collected by the on-chain data analyzing firms reveals that the cryptocurrency transaction volumes have surged in the Asian region. The firms have also revealed that there are many reasons why investors in the Asian region are interested to invest in cryptocurrencies.
According to the data analyzing firms, several motivations have become the reason for the mass adoption of cryptocurrencies in Asia. The Asian investors are showing a lot of diversity when it comes to adopting cryptocurrencies. The Asian investors are not only investing in major cryptocurrencies such as Bitcoin, Ether, or Litecoin, they are also investing in other cryptocurrencies as well.
One of the major on-chain data analyzing firms, Chainalysis has collected very useful and informative data surrounding transactions being processed in Asia. According to the firm, the volume of cryptocurrency transactions in Asia has surged all the way up to 706%.
The firm has revealed that the regions involved in the mass adoption of cryptocurrencies are Oceania, Southern, and Central Asia. Some of the major countries processing vast amounts of transactions from these regions include Vietnam, Pakistan, and India.
According to Chainalysis, the transaction volume being recorded is for the period that began from July of 2020 and ended in June 2021. Chainalysis has also revealed that the transaction volume recorded for the Asian region is almost 14% of the total transaction volume for cryptocurrencies recorded globally. In terms of figures, the total transaction volume for cryptocurrencies is over $572.5 billion.
The firm has revealed that among all the transactions recorded in the Asian region, the large company and institutional payments were responsible for generating the highest transaction percentages. This is a clear demonstration that the mainstream and retail institutions are leaning towards cryptocurrencies.
With time, the major institutions from the Asian region are coming up with smart money solutions for the locals in the form of cryptocurrencies. This is also becoming a major reason behind the tremendous amount of adoption for cryptocurrencies in the region.
Among all the countries in the Asian region, India currently accounts for the majority of the institutional adoption of cryptocurrencies. The data shows that the institutions in India are responsible for carrying out transactions worth $10 million from time to time. Then Vietnam, as well as Pakistan, follow the lead and example set by India.
This is the reason the report was released by Chainalysis for cryptocurrency adoption in different regions. It was just last week when Chainalysis had shared a report about the cryptocurrency transaction volumes in Europe for the same period.