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More than half of the cryptocurrency transactions made in Spain are carried out in just one exchange: Binance, thus being the clear winner of the market. This is shown by an Investing study published on June 3, among other interesting data about the country’s cryptocurrency community.
The report reveals that 50.1% of cryptocurrency users in Spain use Binance. Just behind is Coinbase (12.2%), Bit2me (9.4%), Kraken (3.7%), Crypto.com (2.4%), Kucoin (1.3%) and Bitpanda ( 1.2%).
Of these seven cryptocurrency exchanges, Bit2me is the only properly Spanish. A situation that shows that the large international companies in the industry are taking market away from the national ones. Above all, Binance, which is one of the most used globally.
Also, the research estimates that 6 out of 10 users in Spain have their own cryptocurrency wallet. A reality that reflects that most transfer their crypto assets from the exchanges to a self-custody wallet, while the rest keep them on the trading platforms.
The use of their own wallets is a practice that is always recommended among cryptocurrency users so that the funds do not depend on the control of an intermediary. In fact, this has been alerted in CriptoNoticias by different people who have suffered confiscations in Binance.
Among the cryptocurrencies most used by investors in the country, bitcoin (BTC) and ether (ETH) stand out, which are chosen by 77% and 64% of users, respectively. To a lesser extent, their preferences follow Cardano (47%), Solana (39.4%), Shiba Inu (29.4%), Tether (22.1%) and Dogecoin (19%).
45% of Spaniards who have cryptocurrencies entered the market in the last year and a half
Research indicates that 55% of Spaniards who use cryptocurrencies started doing so in 2020 or earlier. While the rest, 45%, bought for the first time during the last year and a half from January 2021 to June 2022.
This recent market entry correlates with the global crypto asset boom last year, which caused its prices to reach historical maximum quotations due to the high demand. An interest that is reflected in the great space they have achieved in the portfolios of the Spanish. Above all, bitcoin and ether.
The study maintains that 6 out of 10 Spaniards inserted in the financial market have invested more than 30% of their portfolio in cryptocurrencies. It also indicates that the same number of people have deposited more than 1,000 euros, while 2 out of 10 have put an amount greater than 10,000 euros.