Cardano, better known in South Korea as ADA (in the local market is pronounced “aeda”), thanks to UpBit shows exponential growth.
UpBit, the second largest after the Bithumb South Korean crypto exchange, is managed by Dunamu, a subsidiary of Kakao, the managing company of KakaoTalk and KakaoPay. Two mobile applications, KakaoTalk and KakaoPay, have a high percentage of penetration into the markets of financial technologies and instant messengers – more than 90%.
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UpBit remains the only crypto exchange that added Cardano, and the popularity of this currency shows rapid growth. 75% of the daily trading volume of Cardano is processed on the South Korean UpBit.
During the first month, more than 3 million South Korean users signed a contract for the use of KakaoPay, the most frequently used fiinte application in the country. KakaoPay operates as a mobile bank, which allows users to send and receive money, receive loans and carry out financial activities.KakaoPay is supported by UpBit, because Kakao’s subsidiary in Dunamu manages UpBit.
Given that the daily volume of trading Cardano is one of the most popular crypto currency on UpBit, of course, users of KakaoTalk and KakaoPay flow into the crypto currency market. First of all, they show interest in such crypto-currencies as Bitcoin, Ethereum and Cardano.
Cardano is much more actively covered in the media than other crypto-currencies, in part because the South Korean media are presenting Cardano as a direct competitor to Ethereum. Since Cardano is a protocol of a smart contract, it is structurally similar to Ethereum.
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The two key differences between Cardano and Ethereum are that Cardano uses the “share confirmation” (PoS) consensus algorithm, and it also has two levels that are used to process smart contracts and calculate payments.
In South Korea, crypto-currency fever swept most industries. 5 out of 10 people on the street, in the metro, buses and cafes regularly talk about bitcoin, crypto currency and block. Thus, most investors are more savvy than in other countries.
Most South Korean investors, Ethereum, understand that the Ethereum Foundation and its open source team plan to update the PoS via Casper. When Cardano debuted with the PoS protocol, many South Korean investors concluded that Cardano is a more innovative platform and has a technical advantage over Ethereum.
In the South Korean market, January 31 is an important date, as on this day, the currency exchange will open account registrations for new users, and six large local banks will begin to provide banking services on the exchanges.
Therefore, it is likely that on January 31, a huge number of Korean won will arrive at the local crypto-currency market. The recent aborted ban on crypto-exchange exchanges further increased their popularity and increased their interest in them.
Probably, such crypto-currencies as Cardano, EOS, Qtum and Ethereum, which in South Korea have a strong position, will begin to grow from late January and early February.
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