Ethereum most popular cryptocurrency amongst Singapore investors

Respondents were aged between 18 and 65, with an average household income of SG$$51,968 ($38,467). Half of those who owned cryptocurrencies 25 to 34 years old, while 19.8% were 35 and above.

Ethereum most popular cryptocurrency amongst Singapore investors

Fuelled by the COVID-19 pandemic, 67% of personal investors in Singapore say they have expanded their cryptocurrency portfolio, which is more likely to include Ethereum. Some 33% in the country, though, have yet to invest in cryptocurrency, with more than half citing a lack of knowledge as the key reason. 

Amongst those who held cryptocurrencies, 78% said they owned Ethereum while 69% had Bitcoin and 40% carried Cardano, according a survey released Monday that polled 4,348 respondents in Singapore, including 2,862 who said their investment portfolio currently included cryptocurrencies. The study was conducted by cryptocurrency platform Gemini, financial platform Seedly, and cryptocurrency price-monitoring site CoinMarketCap.  

Respondents were aged between 18 and 65, with an average household income of SG$$51,968 ($38,467). Half of those who owned cryptocurrencies 25 to 34 years old, while 19.8% were 35 and above.  

Some 64% of those who owned cryptocurrencies had at least 5% in their investment portfolio. This portfolio mix increased to more than half amongst 20% of cryptocurrency holders aged between 18 and 24. Another half of respondents between 35 and 44 years owned cryptocurrencies worth at least SG$10,000 ($7,402).

In choosing a cryptocurrency exchange, 55% prioritised security while 23% said a regulated exchange or platform were their deciding factors. Another 20% assessed such decisions based on the platform's service fees. 

Gemini's Asia-Pacific managing director Jeremy Ng said: "Similar to the growing momentum in the cryptocurrency industry across the world, we are seeing a growing level of investor interest in Singapore, which is encouraging. This study has underscored that barriers to entry for potential investors still remain. Engagement with, and education of, both the crypto-curious and current investors will be key to tackling the knowledge gap and ensuring that cryptocurrency is accessible to everyone in Singapore."

Seedly's co-founder and CEO Kenneth Lou also pointed to growing demand for financial literacy in such investments, as cryptocurrency increasingly was "a recognised investment channel". 

Australian cryptocurrency exchange, Independent Reserve, early this month said it received an "in-principle approval" letter from Singapore's industry regulator Monetary Authority of Singapore (MAS) to operate as a licensed provider of digital payment token services, which included cryptocurrencies. 

Independent Reserve, which established its Singapore operations last year, said it was required to implement controls to ensure "proper due diligence, suitable solicitation, and adequate risk disclosure" to secure the licence as a virtual asset service provider. The exchange has more than 200,000 customers in Singapore, Australia, and New Zealand, and processes Ethereum and Bitcoin amongst other cryptocurrencies on its trading platform.