Kiwi crypto investors trade NZD $4.6 billion in first year on Binance

Binance New Zealand reported that its exchange saw Kiwi crypto investors trade NZD $4.668 billion in digital assets in its first twelve months, from 29th September 2022 to 28th September 2023.

Having launched in September 2022, Binance New Zealand has grown significantly in its first year. With 70,000 verified users eligible to trade out of 300,000 Kiwi registrations, it has become Aotearoa's largest local cryptocurrency exchange.

General Manager for Binance New Zealand, Australia, and Pacific Islands, Ben Rose, stated, "Kiwi crypto investors are confident and aggressive investors." He referred to recently commissioned third-party research that showed a distinct contrast in financial confidence between Kiwi crypto investors and the general New Zealand population. "More than half of the respondents view themselves as financially stable, and they're able to make more aggressive investment decisions," Rose said.

Beyond investing in crypto, Rose revealed that "20% of Kiwi crypto investors also have a traditional investment fund under management." In addition, "Almost one in five New Zealand crypto users have $100,000 or more in overall investments."

The global digital assets market has seen exponential growth and is now valued at over USD $1 trillion. Since November 2022, the price of Bitcoin has more than doubled. As the market continues to grow, both locally and globally, more traditional financial institutions grow interested. "There are now more than ten pending applications for a spot bitcoin ETF, including from Blackrock and Franklin Templeton," reveals Rose.

Not only are the financial institutions showing interest, but they are also creating internal teams specialising in digital assets and developing blockchain projects. Some of the examples include JP Morgan's asset tokenisation platform Onyx Digital, and National Australia Bank (NAB), which earlier this year completed an intra-bank cross-border transaction using NAB-issued stablecoin.

Binance-commissioned research found a high awareness level of cryptocurrency among non-users in New Zealand (93%). However, data from a 2022 Financial Markets Authority (FMA) survey indicates only 10% of the population have investments in cryptocurrencies.

Despite relatively low adoption rates compared to other countries, the trading volumes of Kiwi crypto investors are significant when compared to other asset classes. "We expect to see the digital asset market continue to grow in New Zealand," concluded Rose.