Vietnam is the second biggest cryptocurrency market in ASEAN behind Thailand with a transaction value exceeding $100 million a year, a new report has found.
It was followed by Singapore, the Philippines, and Indonesia, according to a report by cryptocurrency data provider Chainalysis.
Vietnam, along with Thailand and the Philippines, also record high web traffic to non-fungible token marketplaces, which could be explained by the large number of blockchain gamers, it added.
An estimated 25% of Filipinos and 23% of Vietnamese have played a play-to-earn game, and at one point, players based in the Philippines made up 40% of Vietnam-based Axie Infinity’s playerbase.
In an earlier report, Chainalysis said that this is the second year that Vietnam ranks highest in its cryptocurrency adoption index.