Ripple (XRP) has surpassed Ethereum (ETH) as the second-most preferred cryptocurrency among South Korean investors, according to a recent survey.
The survey, which involved over 5,220 participants, focused on the top ten cryptocurrencies by market capitalization in the region. Bitcoin (BTC) remains the most favored cryptocurrency, with XRP now in second place and Ethereum in third.
This shift in investor sentiment towards Ripple is notable, as it has been a popular choice in South Korea since 2017. Despite legal challenges, Ripple has maintained strong support among investors and experienced a significant price increase in 2024.
However, concerns have been raised about the South Korean economy and its impact on investor behavior in the cryptocurrency space. The value of Tether (USDT) on a major South Korean exchange aligning with the International Monetary Fund (IMF) rate has raised alarms about the broader implications for the economy.
In the cryptocurrency exchange landscape, Backpack has acquired FTX EU, the European arm of the now-defunct FTX exchange. This acquisition marks Backpack's expansion into the European market, where it plans to offer regulated crypto derivatives and financial products.
The company aims to adhere to the highest regulatory standards and provide transparent and secure trading options. Backpack will also manage the distribution of bankruptcy claims to FTX EU customers and integrate traditional payment systems for transactions across Europe.
Despite facing challenges, Backpack has chosen to persevere and continue building its platform with minimal funding. The resilience demonstrated by Backpack highlights the dynamic nature of the cryptocurrency industry, where exchanges must adapt and innovate to maintain user trust and foster growth.
The upcoming launch of Backpack EU is expected to reshape the competitive landscape of crypto trading in Europe.