The crypto market has suddenly been transformed by the entrance of many new crypto exchanges that appear to be predominantly based in Asia.
Binance is still king, but just about. A new entrant has suddenly reached $1 billion in trading volumes during the past 24 hours.
Coinsuper, a Hong Kong based exchange, is suddenly dominating the Ethereum and Bitcoin trading pair, suggesting crypto adoption is increasing in the Asian Tiger.
Founded by Kenny Shih, who says he is a former stock broker, a professional poker player, and now a crypto evangelist, the barely year old crypto exchange has seemingly taken this space by storm.
Nor are they the only one. ZB.COM has suddenly risen to $320 million in trading volumes. They’re based in Samoa, a little known island nation off the coast of Australia.
Then, BitForex has somehow overtaken South Korea’s Upbit, with $220 million in trading volumes.
They say they are based in Singapore, with “independent operating teams in Germany, Estonia, Hong Kong, Malaysia, the Philippines.”
Reaching out to any of these exchanges was difficult in a timely manner, but one representative from BitForex said the crypto scene was now “more active” in Singapore, without responding to further follow up questions.
Then there’s Bibox, which launched in mid-November and has reached trading volumes of more than $100 million. They say:
“Bibox has established operation centers in Estonia, the United States, Canada, Mainland China, Hong Kong and Japan.”
Mainland China. They do not appear to have any fiat trading pairs, however, but they do have USDT and even DAI.
CoinBene, which also has more than $120 million in trading volumes, is another exchange to be based in Singapore.
They launched only this June 18th, yet have somehow already attracted significant volume following a VC investment by Fundamental Labs.
Google seems to know little about this lab, but a Chinese crypto site says “Fundamental Labs is a leading investment arm in the blockchain industry, investing more than 40 star projects around the world, deepening the digital asset infrastructure, digital asset security and the underlying public chain.”
Last mention goes to Topbtc, because interestingly they have CNY trading pairs even though they say they are based in Malta.
All of this potentially suggesting that entrepreneurs are perhaps trying to open the Chinese market by offering crypto to crypto trading pairs or by operating from nearby jurisdictions such as Singapore and Hong Kong.
It may also however be the case that Hong Kong and Singapore has perhaps just begun finding out about cryptos in significant numbers.
South Korea did so only in the second half of last year, but the comparable trading centers of Hong Kong and Singapore haven’t made much of an impact so far.
That might perhaps now be changing if these incredible volumes that seem to arrive mainly from Asia are to tell us anything.