When cryptocurrency first came into public awareness, focus ran around America and the American Dollar.
However, this narrative has changed over the last few years as an increasing number of Asian currencies are being used for crypto and blockchain start-ups.
As a result, more and more people are becoming aware of these currencies that they otherwise would have never heard of.
What this means?
It is no secret that cryptocurrency and blockchain technology are gaining new ground in the US and beyond. With the rising relevance of these Asian currencies in the crypto world, their influence in the world as a whole is bound to grow.
The use of Asian currency in Silicon Valley and tech isn’t a new phenomenon and has been going on for years.
However, because the Assets under management were smaller than their American counterparts, they were rarely given any press time and thus, were relatively unknown.
A shift in trends
In the last few years, particularly in 2017, this has changed.
In 2017, Asian investors were responsible for 40% of the global venture financing. American investors, in comparison, invested 44% globally. In addition, deals made by American venture capitalist firms in 2017 constituted $67 billion in venture financing. Asian investors, in comparison, invested $61 billion. Ten years ago, Asia’s investment was only 5%.
This change in trend shows that more and more money is being invested in Asia. It has also become apparent that there is an untapped tech investment market in Asia.
The investments being made with Asian fiat has increased awareness in both their currency and their business.
In a recent study conducted by the Chinese Ministry of Science and the Technology Affiliate, a Chinese consultancy firm, it was found that China has 164 unicorns worth $628 billion compared to America’s 132.
A favorable climate
Some of the progress that cryptocurrency has made in Asia can be attributed to its climate. While China has shown a strict attitude towards crypto business within its jurisdiction, other Asian countries have been more receptive of digital currencies.
Cryptocurrency took off in Asia at the same time that it did in the U.S but Asia’s favorable regulations made it a more conducive environment for crypto technology.
As a result, some of the biggest crypto exchanges such as Binance are run in China. Besides this, China is reported to have over 80% of crypto mining power. The Asian acceptance of cryptocurrency only seems to be growing, with Korea considering blockchain powered voting systems.