As crypto volumes increase on Thailand’s licensed exchanges, P2P platforms seem to be falling out of favor. Thailand’s crypto usage rate has been rising rapidly, increasing by 588% since November.
Data compiled by Thailand SEC and published by Bloomberg show that the total volume on licensed Thai crypto exchanges has increased from 574.5 million in November to now 3.96 billion dollars.
Atichanan Pulges, co-founder of the best Thai stock exchange, Plantub, said in a statement that the estimated volume on his platform increased by 40% between January and February. Pulges argues that Plantub represents 90% of local business activities and serves 300,000 customers.
Despite the increase in licensed crypto volumes, peer-to-peer trade in Thailand has experienced relatively quiet growth.
In November, the top P2P markets Localbitcoins and Paxful traded about $ 650,000 worth of Bitcoin weekly, while February’s volumes increased by roughly 10% to 50% to around $ 700,000 to $ 1 million.
In March, Thailand’s P2P Bitcoin trading volume dropped from $ 950,000 to approximately $ 600,000.