As inflation surged worldwide, Binance saw increased trading volumes in emerging markets in 2022. LedesmaLyllah reports
Countries riddled with inflation are always seeking alternative means to safeguard their money from devaluing currencies. Crypto exchange Binance capitalized on this trend last year, largely because of its easy accessibility for retail investors in these markets, according to a 2022 report from CryptoCompare, which tracks digital asset trends.
“Binance's increasing market share is also a result of the growing adoption of cryptocurrencies, particularly in emerging markets,” the CryptoCompare report said. The exchange is often the most readily available choice for users in emerging markets, it added. Amid last year’s macroeconomic chaos, inflation in Brazil and Russia, which CryptoCompare groups with other emerging economies, reached 11.9% and 17.2%, respectively. About the time of these highs, Russian ruble and Brazilian real volumes on Binance increased 232% and 72%, respectively.
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