Upbit Members Triple in One Year to 8.9 Million... 60% Are in Their 20s and 30s

Sharp Increase in Users in Their 20s... Most Use During Commute Hours

[Asia Economy Reporter Minwoo Lee] The number of members of Upbit, a domestic cryptocurrency exchange, has increased about threefold to 8.9 million in one year. Among the members, 60% were in their 20s and 30s.

Upbit’s operator, Dunamu, released these figures on the 25th to commemorate the 4th anniversary of its launch. As of this month, the cumulative number of members reached 8.9 million, about three times the 3 million recorded in October last year.

The proportion of members in their 20s also increased significantly within a year. The 20s accounted for the largest share, rising from 20.1% last year to 31%. Those in their 30s, who ranked first with 39.8% at the 3rd anniversary last year, recorded 29%, dropping to second place. The 40s accounted for 24%, similar to last year. The 20s and 30s together made up 60% of the total members. By gender, males accounted for 57% and females 43%. The proportion of users accessing via mobile devices was overwhelmingly high at 78%, compared to 22% on PCs.

The most active trading hours for users were between 9 and 10 a.m., followed by 6 to 7 p.m. It is interpreted that trading was active during commuting hours.

The day with the highest number of users in the four years since Upbit’s launch was May 20th. On that day alone, 5 million people used the platform. The average daily app usage time per user was 45 minutes and 32 seconds. From the beginning of this year until September, the total usage time of the Upbit app was 464,268,590 hours (about 53,734 years).

Meanwhile, Upbit is preparing to become a global standard exchange. In January this year, it launched the country’s first real-time digital asset volatility index called the 'Digital Asset Fear and Greed Index.' It simultaneously ranked first in real-time popular apps on both Google Play and Apple’s App Store. Last month, the 4th 'Upbit Developer Conference' was also held. This month, Dunamu became the ‘first domestic virtual asset operator’ after its virtual asset business registration was approved for the first time in Korea. It also plans to establish a 10 billion KRW scale investor protection center within this year.

A Dunamu official said, "As a leading digital asset exchange in the industry, we will do our utmost to create a trustworthy and safe investment environment and lay the foundation for establishing a mature digital asset investment culture."