S'pore professional, retail investors now more active in crypto market

Nearly $1.3b in total crypto value received by merchant services here in Q2: Study

- Claire Huang

With cryptocurrency becoming more common as a payment method in Singapore, professional and retail investors are now more active in the market, a Chainalysis study found.

In the second quarter of 2024, the total value in crypto received by merchant services in Singapore was nearly US$1 billion (S$1.3 billion), much higher than any other quarter in the past two years, with values between US$4.9 million and US$489.1 million.

The blockchain analytics firm on Sept 11 said the rising trend of crypto payments is interesting as Singapore is a market where retail fiat payment systems are already highly efficient. It noted that this hints at the ubiquity of crypto holdings among the population.

The report said Singapore retail and professional investors are the two most significant groups when it comes to year-over-year growth by crypto transfer size.