A new survey by Coinbase and Seedly reveals that in Singapore, 57% of the interviewed citizens hold cryptocurrencies. Moreover, Singaporeans seem to believe that cryptocurrencies are the future of finance.
Summary
Singapore: the Coinbase and Seedly report states that 57% of respondents are crypto holders
According to the report by Seedly in collaboration with Coinbase, it seems that in Singapore, more than half of the respondents (57%) are crypto holders.
The survey, conducted by the subsidiary company of MoneyHero Group, Seedly, together with the crypto-exchange Coinbase, interviewed 2,006 adults of all ages in Singapore, with a household income between October 23, 2023, and November 15, 2023.
In general, the survey results show that Singaporeans continue to have a strong interest in cryptocurrencies as an asset class, despite market volatility.
Specifically, in fact, while 46% of respondents are optimistic about cryptocurrencies in 2024, 56% believe that cryptocurrencies are the future of finance.
Even in terms of the quantity of cryptocurrencies, it seems that there is a substantial presence in the territory. In fact, 56% of the 2006 respondents stated that they own from $1000 to $24,999 in crypto.
Singapore and the Coinbase and Seedly report: what are the advantages of being a crypto trader?
Continuing with the survey results, the Coinbase-Seedly report also states what Singapore residents hope to gain as crypto traders.
In this regard, the main answers were: for 60% short-term gains; for 60% a revaluation of capital with long-term investments; and for 56% a diversification of the investment portfolio.
On the contrary, however, it seems that many find other reasons not to participate in crypto trading. The most quoted responses were 57% for market volatility, 53% for high risk, and 45% for lack of regulation.
Another significant data is related to the staking activity which seems to be a very popular use case in Singapore.
The survey highlighted that 55% of the interviewed crypto users have engaged in crypto staking in the past 12 months, through a centralized crypto-exchange. On the other hand, 38% would have staked on DEX or dApps, thus within the DeFi scope.
The survey after the full license
The present collaboration of Coinbase with the survey on the residents of Singapore comes after last October 2023, the crypto-exchange had obtained the full license in the country.
The Monetary Authority of Singapore (MAS) has indeed issued a license as a major payment institution, consolidating the regulatory path of the company.
Thanks to this license, Coinbase has opened the doors to a more comprehensive offering of digital payment token services for retail and institutional customers in the region.
