Study: Only 12% of Singaporeans own and use cryptocurrency

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Despite awareness of cryptocurrencies, only 12% of Singaporeans currently own and use them. This is despite the fact that companies such as superapp firm Grab are starting to allow users to pay in cryptocurrency following a recent partnership with licensed payments provider Triple-A.

Under the partnership, Grab users can top up their GrabPay wallet via digital payment tokens, said a Grab spokesperson when MARKETING-INTERACTIVE reached out at the time.

Don't miss: Grab users can now pay using cryptocurrency

While the move adds a new payment method to the platform, this will only affect a small proportion of Singapore consumers as only 12% currently use these digital currencies despite 49% having heard about cryptocurrencies.

These were the results of audience segmentation tool YouGov Profiles which also delved into the consumption habits of cryptocurrency users in Singapore. It found that 31% say that social networking sites are their primary source of news.

In contrast, 20% or cryptocurrency users turn to mobile applications to stay updated with current affairs while 12% use news publishers as their main source of news.

WhatsApp is also the most used messaging platform among cryptocurrency users in Singapore with 88% of them using the app as compared to 83% of the general population.

In fact, the gap between social media consumption habits between cryptocurrency owners and the general public is further widened when looking at the number who use YouTube. More specifically, 81% of cryptocurrency owners use YouTube while 68% of the general population use the video-sharing platform.

While WhatsApp, YouTube and Facebook were the top three most popular social media and messaging platforms among this demographic, usage among cryptocurrency owners was generally higher than the average of the general population.

For example, 42% of cryptocurrency owners used X as compared to 24% of the general population and 74% used Telegram as compared to 59% of the general population.

Other platforms that saw higher usage among cryptocurrency users include Instagram, LinkedIn and TikTok to name a few.

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