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More South Koreans are using proceeds from cryptocurrency sales to buy homes as tighter mortgage rules and a prolonged high-rate environment squeeze funding channels, Edaily reported.
According to data on housing acquisition funding plans submitted by South Korea’s Ministry of Land, Infrastructure and Transport to Rep. Kim Jong-yang of the People Power Party on Sept. 3, 1,688 home purchases were funded with proceeds from virtual asset sales between Feb. 10, when the category was newly added to the filing form, and the end of July. The total amount came to 148.5 billion won ($109 million), with 133.1 billion won ($97 million), or 89.6% of the total, used to buy apartments.
By age, homebuyers in their 30s and 40s accounted for 89.8% of all cases and 88.9% of the total amount, or 132.0 billion won ($96 million). The average amount raised per purchase was about 87.1 million won ($63,000).