AAX exchange has registered a significant and steady increase in users from Ukraine. The development comes after the platform assigned a country manager responsible for Ukraine and the Russian Federation to expand its presence in the given regions.
Statistics show that over 1,500 new users from Ukraine are registering on AAX every month, showcasing a fivefold increase since the appointment of the country manager in February. Balance accounts have also doubled in the period from January to May, 2021, highlighting the interest of Eastern European users towards AAX and the quality of its service offering.
The region has also been showcasing steady growth in the number of active traders. Statistics for the same period reveal that the number of traders has quadrupled along with visits of new users to the analytical and educational sections of the AAX website.
The increase in the number of users from Ukraine comes as the country is undergoing a period of political instability, which is impacting the national economy. Inflation rates have been registered at 5% in 2021, which has been leading to significant price increases for common goods. Some food products have increased in price by as much as 25% in 2021, while those for utility services have almost doubled.
The mistrust of the local population towards banks is being fueled by the growing number of bankruptcies that have rocked the Ukrainian financial sector, as well as the dwindling interest rates offered on savings accounts, and the devaluation of the national Hrivna. The political and economic uncertainty has provoked a massive transition of local citizens to crypto assets in hopes of solidifying the value of their savings. The AAX exchange notes particular interest on the part of Ukrainian users towards the platform’s native AAB token. Statistics of ownership of the AAB token show that the countries of the post-Soviet space occupy a dominant position with Ukraine and Russia at the top of the list at 8% and 15% of total turnover, respectively.
Ukraine is one of the most active cryptocurrency using nations with the local government enacting and drafting laws related to cryptocurrency usage. Among the laws critical to successful adoption are regulations on cryptocurrency transactions, including bank wires that are subject to anti-money laundering monitoring.
Reports from such statistical services as Chainalysis state that some local Ukrainian exchanges are leading in terms of overall turnover across the entire European digital assets market with some registering as much as $800,000 in retail transactions alone every day. The AAX crypto exchange will be developing and ensuring quality services to cater to the growing number of Eastern European users.