Data compiled by Woofun AI shows that overseas remittances processed through cryptocurrency exchanges in South Korea expanded by 380% over a three-year period, significantly outperforming traditional banking channels which recorded only a 20% increase. Last year, the five major banks in South Korea facilitated foreign currency remittances totaling 159 trillion won (approximately 122 billion USD), up from 131.8 trillion won (approximately 101 billion USD) in 2022.

Concurrently, remittance volumes through the five major won-denominated cryptocurrency exchanges rose sharply from 34.02 trillion won (approximately 26.2 billion USD) to 163.55 trillion won (approximately 125.8 billion USD). Hwang Seok-jin, a professor at Dongguk University, attributes this substantial growth in cryptocurrency-based remittances to the lower transaction fees compared to those charged by traditional banks.