2021 saw a major shift in the crypto space – Bitcoin’s appeal to investors grew substantially, NFTs skyrocketed to global prominence, and the aggressive emergence of decentralized finance systems, all of which enabled and facilitated by the increased adoption of crypto and blockchain technology on a global scale. As Singapore’s leading cryptocurrency platform and one of the longest-standing crypto platforms in the Asia Pacific region, Coinhako proved to be the go-to platform for crypto for its users, operating as the bridge between the world of crypto and fiat.
Yusho Liu, Co-Founder & CEO of Coinhako shares “2021 was a year of growth and consolidation for Coinhako. We projected the proliferation of crypto and strategically planned for the company’s growth. As such, the platform was successful in scaling up, ensuring that Coinhako remained robust in handling the surge in users and trading volume. Though the market was generally positive, the crypto economy experienced a winter in late-2021. Despite this, we retained our trading volume and Coinhako saw continued growth in user acquisition.”
“For 2022, I anticipate that the increasing institutional adoption of crypto, steady uptake from retail, and broader regulatory guidance, will act as tailwinds to the maturation of the crypto space, solidifying its prominence on the global stage,” added Yusho.
UNPRECEDENTED GROWTH IN TRADING & USER VOLUME
Coinhako’s total trading volume in 2021 was approximately S$7 billion ($5.1 billion), an increase of 1200% from the previous year. In the same period, Coinhako saw a 522% year-over-year (YoY) growth in account openings, with an increase of 1000% in the average number of users trading on its platform each month. By the end of 2021, Coinhako more than doubled its total registered users to 380,000, compared to 2020.
As part of its mission to offer a comprehensive solution for all things crypto, Coinhako has expanded the range of products and services offered to meet the profile and demands of its users.
2021 was a momentous year in partnerships and collaborations. Coinhako worked with Appetite, a multi-concept space and research center to launch Singapore’s first large-scale NFT exhibition ‘Right Click + Save’, with viewing slots fully booked out prior to the opening. Also, Coinhako partnered with GrabPay, providing existing users with a seamless alternative payment method to purchase digital assets and furthering Coinhako’s mission to improve access for its existing users to the crypto economy.
Additional highlights in 2021 include the integration of Amazon Web Services (AWS), enabling Coinhako to reduce operational tasks and increasing its security posture, while improving the platform’s reliability and costs; and the conclusion of a successful funding round, which was three-times oversubscribed, with institutional investors such as SBI Holdings, Sygnum Bank, and Azimut Investment Management.
UPTAKE OF CRYPTO IN SINGAPORE
In Singapore, Coinhako saw growth across all customer segments, with those in the 26 to 41 age group continuing to account for the majority of the platform’s users and growing by 750% compared to the previous year. However, Coinhako recorded the biggest growth in the below-25 age group as it increased by 944% in comparison to 2020, followed by 26 to 41 segment, 45 to 57 segment, and 58 to 76 segment. While most of the users are white-collared professionals, the substantial growth in younger customer segments suggests that future generations are optimistic about crypto’s future and what it entails.
EXPANDED WORKFORCE AND STRATEGIC HIRES
2021 was a landmark year in the growth of Coinhako’s workforce. The company headcount grew five-fold and by end-2021, the company had over 170 employees across its Singapore and Vietnam offices. Throughout 2021, Coinhako progressively scaled up its workforce, employing professionals across a wide range of fields such as programming, engineering, marketing, legal, compliance, and HR to maintain optimal operational readiness.
Part of Coinhako’s comprehensive hiring strategy included the employment of new key appointment holders; Coinhako’s first Chief Information Security Officer (CISO) to ensure that Coinhako has a world-class security infrastructure; Vice President of Compliance to accelerate the maturation of Coinhako’s regulatory frameworks; and Head of Trading to manage Coinhako’s trading operations and to strengthen the risk management of the company’s assets. As Coinhako advances on its mission to bridge the world of crypto and fiat, it is critical that the company continues working with innovative and motivated individuals who are passionate about the crypto-economy.