Crypto volatility benefits Coinhako

Volatility in the crypto market has made some investors wealthy. Many retail investors including myself are holding on to our investments in the crypto exchanges, while waiting for the market swings to stabilise.

There are many others, however, who see opportunity in this volatile market. They have re-focussed their investments on alternative coins like Dogecoin and Cardano which are faring better.

Coinhako, Singapore cryptocurrency trading platform, has seen this trend. Bitcoin continues to be the most traded cryptocurrency on its platform, but Dogecoin’s trading volume has emerged as the second most traded cryptocurrency in the past two months, taking over the spot that used to be occupied by Ethereum.

For the daring, there is always opportunity to make money in a volatile market. Just last month, Coinhako recorded over 100,000 active users.

Coinhako co-founder and CEO Yusho Liu bullish on his startup’s growth

It has 300,000 registered users in Singapore and a 90 per cent month-on-month increase in account openings between January and May this year, said Co-founder and CEO Yusho Liu.

He is bullish of his startup’s growth and projects record-setting figures for this year. In the first five months of this year, Coinhako saw a 500 per cent hike in trading volume, compared to the whole of 2020. At this rate, trading volume could cross S$10 billion by the end of the year.

This growth, he said, was driven by more users, increased trading, and rising mainstream adoption of cryptocurrencies in Singapore and the rest of Southeast Asia. Investors have been buoyed by strong institutional interest in cryptocurrencies from global giants like Morgan Stanley, Goldman Sachs, Mastercard and PayPal.

Coinhako, which was launched in 2014, is among the more than 10 cryptocurrency trading platforms in Singapore.

Some investors prefer it to others like Binance because of its ease of use. Investor Donovan Tan trades crypto on a few platforms but likes it because it is based in Singapore so if anything goes south “it could be possible to try and get some of my money back under Singapore’s court of law”.

Investors can expect to see at least one new digital asset on its platform each week, added CEO Liu.

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