TechFlow, April 12 — According to the Straits Times, over half of Singapore's cryptocurrency holders have used digital assets for daily transactions. The latest research shows that 52% of crypto holders have already started using cryptocurrencies for payments, while 67% plan to do so in the future.
The study found that Gen Z and millennials hold 40% of the country's cryptocurrency and primarily use it for online shopping, bill payments, and in-store purchases. Notably, Sony has partnered with Crypto.com to enable USDC stablecoin payments at its online store.
According to data from blockchain analytics firm Chainalysis, Singapore's crypto transaction volume approached $1 billion in the second quarter of 2024. However, 60% of users remain concerned about the complexity and security of digital assets, while 54% of holders are troubled by limited merchant adoption.
