Crypto Craze in Singapore: Over Half of Finance-Savvy Residents Dive into Digital Currency

Seedly and Coinbase's Report Unveils Singaporeans' Growing Embrace of Cryptocurrency as the Future of Finance

1 min read
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Key Takeaways:

  • High Cryptocurrency Ownership: 57% of finance-forward Singaporeans own cryptocurrency, with significant knowledge in the space.
  • Crypto for Profit and Diversification: Users primarily seek short-term profits, long-term capital appreciation, and investment portfolio diversification.
  • Hesitations and Future Potential: Market volatility, risk, and regulation concerns hold some back, but a positive outlook persists for crypto adoption.

A Surge in Cryptocurrency Adoption

Singapore, known for its financial acumen, is witnessing a significant shift towards cryptocurrency adoption. A recent study by Seedly, a personal finance management solution platform, in collaboration with Coinbase, has shed light on the cryptocurrency landscape in Singapore as of 2024. The survey, involving 2,006 Singapore-based adults, reveals that over half of the respondents, finance-forward and well-versed in personal finance and investments, currently own cryptocurrency.

Cryptocurrency: A Tool for Diverse Financial Goals

Cryptocurrency is not just a fad among Singaporeans; it’s a well-considered financial instrument. 60% of crypto users surveyed are looking for short-term profits, while an equal percentage are interested in long-term capital appreciation. Additionally, 56% see cryptocurrency as a means to diversify their investment portfolios.

Staking and Usage Trends in Crypto

In the past 12 months, ‘staking’ emerged as the most popular use case among Singaporean crypto users, with 55% participating through centralized exchanges and 38% through decentralized finance apps. This trend reflects a growing sophistication in how cryptocurrencies are used beyond mere trading.

Key Attributes and Education in Crypto Trading

When it comes to choosing a crypto exchange, security of assets tops the list for Singaporeans (74%), followed by ease of use (60%) and regulation (58%). For crypto education, friends, family, crypto publications, and social media/forums are the primary sources of information, indicating a community-driven approach to understanding the crypto market.

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Challenges and the Path Ahead

Despite the enthusiasm, challenges remain. Market volatility (57%), high risk (53%), and the lack of regulation (45%) are significant concerns holding back non-crypto users. Yet, 56% of these individuals express a likelihood of acquiring crypto in the next 12 months, with better investor protection, favorable market entry points, and attractive promotions as key motivators.

Singapore’s Evolving Crypto Ecosystem

Yeap Ming Feng, Head of Seedly, comments on the optimism towards crypto, attributing it to Singapore’s vibrant web3 ecosystem and robust digital asset regulatory framework. Hassan Ahmed, Singapore Country Director at Coinbase, echoes this sentiment, noting the resilience of Singapore’s digital assets ecosystem and the importance of balancing innovation with consumer protection.

About MoneyHero Group and Seedly

MoneyHero Group (Nasdaq: MNY), operating under various local market brands in Southeast Asia, leads in online personal finance aggregation and comparison. Seedly, part of MoneyHero Group, is a Singapore-born platform founded in 2016, aiming to empower consumers to make smarter financial decisions.

About Coinbase

Coinbase, a NASDAQ-listed company, is committed to increasing economic freedom globally. It offers a trusted platform for engaging with crypto assets and supports the growth of the onchain ecosystem.

Disclaimer and Risk Awareness

This report is for informational purposes and not intended as financial advice or an offer to buy or sell digital payment tokens. Trading in digital payment tokens involves significant financial risks.

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