New Markets For DeFi Emerge With Increased Crypto Adoption

Some new markets that were quite unexpected seem to be the perfect places for DeFi as per the latest analysis that we got after a few researchers broke down crypto usage geographically and the results were quite fascinating so let’s read more in the crypto news below.

Some of the counties that were known to be great for crypto adoption were nowhere to be found on that list while other countries ended up being the perfect new markets for DeFi. The research by Statista survey revealed that the best countries for crypto ownership and usage are not to be as expected. The SET Protocol CEO Felix Feng analyzed the charts and commented on the future opportunities for DeFi expansion:

 “It seems there’s tons of opportunity for DeFi to expand overseas.”

The results should be taken with a little dose of skepticism though since only a thousand people from the selected countries were surveyed. The most surprising result was Turkey since it was at the top but that can be mainly linked to the recent economic and political issues that have infected the nation. The pressure on the local Turkish currency also made people turn to safer crypto havens such as Bitcoin.
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The same goes for many of the South American nations that reach up to the top ten list. Hyperinflation and capital controls such as Colombia, Chile and Argentina, and Venezuela, which were not included in the results, are driving people to use more crypto.

The regimes in these countries put a stop sign on the crypto adoption as their central banks clamor for more control over the finance flow within their borders and it was also reported that the banking support for crypto exchanges could even be in jeopardy following the major commercial banks in the countries that refused to honor any agreement that prevented the closures of crypto exchange accounts.

South Korea was supposed to be at the top of the list but it was nowhere to be found and Japan was so far down on the list which is weird given the nation’s positive stance towards Crypto. The accuracy of the survey is questionable but the opportunities for decentralized finance expansion into some of the countries cannot be quite overlooked. Back in 2019, DeFi grew by more than 180 percent in total value and today this value reached a new all-time high of $834 million according to defipulse.com.