Staking Becomes the Most Popular Activity for Crypto Enthusiasts in Singapore, According to Coinbase Study
Victor Dey
A recent analysis from Coinbase indicates that staking has taken the lead as the favored engagement among Singapore's cryptocurrency users over the past year.
According to a fresh report from a cryptocurrency exchange platform, original the study shows that staking has emerged as the leading practice among crypto enthusiasts in Singapore throughout the past year.
Conducted in collaboration with Seedly, this study was based on surveys of more than 2,000 adults from Singapore, collected in the last quarter of 2023. It emphasizes the rising adoption of digital currencies in the region, revealing that 57% of those surveyed currently possess cryptocurrencies. article for precise information. In Brief
Staking involves crypto holders verifying transactions on proof-of-stake blockchains, and it has clearly become the dominant activity among crypto users in Singapore. Coinbase The report indicates that 55% of those surveyed stake their cryptocurrencies through centralized exchanges, while 38% prefer decentralized finance (DeFi) platforms.
Staking Serves as a ‘Low-Risk’ Income Generation Method
The increasing popularity of staking highlights its attractiveness as a low-risk strategy for generating passive income, requiring significantly less active trading. This uptick in staking behavior underscores an urgent need for regulated platforms to create secure opportunities for investment while ensuring compliance and consumer protection.
“Even with the market’s ups and downs, Singaporeans remain positive about the long-term potential of cryptocurrencies. A considerable 56% believe that digital currencies represent the future of finance, and 46% expect to see price growth in the coming year,” shared Coinbase in a digital assets .
Additionally, the survey pointed out a strong utilization of stablecoins, with 54% of participants employing them, and 35% using cryptocurrencies for sending remittances, closely aligning with Singapore's initiatives to improve the utility and regulation of digital assets.
When choosing digital asset platforms, Singaporean investors prioritize security, compliance, and low transaction fees. Over 70% of participants stressed the importance of safeguarding their investments, which underscores the critical nature of security and regulatory compliance for online exchanges.
Coinbase interprets these survey outcomes as strong proof of the increasing interest in Singapore and staking, asserting that the findings reflect a deep belief in the power of decentralized technologies to broaden access to financial services and redefine the landscape of finance.
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vi Search , it's important to clarify that the information shared here is not intended to serve as legal, tax, investment, financial, or any other kind of advice. Always consider investing only what you can afford to lose, and seek independent financial guidance when in doubt. For more information, please refer to the terms and conditions and the support resources provided by the relevant issuer or advertiser. MetaversePost is dedicated to delivering precise, unbiased coverage, but please be aware that market conditions can change unexpectedly.
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Victor serves as the Managing Tech Editor/Writer at Metaverse Post, focusing on topics such as artificial intelligence, cryptocurrencies, data science, the metaverse, and cybersecurity within business settings. With five years of experience in media and AI, he has contributed to well-known outlets like VentureBeat, DatatechVibe, and Analytics India Magazine. As a Media Mentor at respected universities such as Oxford and USC and holding a Master’s degree in data science and analytics, Victor is dedicated to keeping pace with emerging trends. He provides readers with the latest and most comprehensive insights from the Technology and Web3 world.
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