You might have not guessed it, but Ukraine currently has the largest percentage of cryptocurrency holders in the world, at 12.73 of the population.
That equates to 5,565,881 total holders.
- Russia: 11.91%
- United States: 8.31%
Although most Ukrainians use giant exchanges such as Coinbase or Binance, there is one homegrown Ukrainian company that is quickly picking up some market share.
Kuna was founded by Ukrainian Mike Chobanyan, who also was a co-founder of Bitcoin foundation Ukraine and Blockchain Hub Kyiv.
- Daily volume: $1,953,180
- Weekly volume: $11,441,041
- Active traders: 46,690
As the pandemic, inflation, political revolutions, and potential war with Russia continue to contribute to instability, many Ukrainians have been increasing their crypto holdings in order to avoid strict regulation.
Since the beginning of this year Kuna advertisements around Kyiv have also become much more widespread, promoting Kuna as the Ukrainian Coinbase.
With the Ukrainian government passing crypto-friendly laws for businesses, crypto adoption should continue to grow.
“The crypto business is global, and we want to be part of this global economy. However, in order to be part of the global economy, you have to obey common rules,” said Bornyakov, referring to how Ukraine will comply with anti-laundering agencies, such as the Financial Action Task Force (FATF).Alex Momot CEO and co-founder, Remme
Ukrainian crypto businesses, however, have been thriving without regulation. According to an analysis done by the software company Chainalysis, Ukraine was in the top ten countries which earned the most on Bitcoin trading in 2020.
Kuna will likely be one of the biggest beneficiaries of new legislation and possible government support. It would not be a surprise to see the platform grow to 100,000 active users in the next 12 months.