Crypto comes to GrabPay: How common is cryptocurrency ownership in Singapore?

Samuel TanAPAC Data Journalist / B2B Content Manager
March 25, 2024, 6:36 AM GMT+0

Users of GrabPay can now top up their e-wallets using five cryptocurrencies – Bitcoin, Ether, Singapore dollar-backed stablecoin XSGD, United States dollar-backed stablecoin USDC, and stablecoin Tether/USDT – following a tie-up between ride-hailing and fintech company Grab and digital payments firm Triple-A.

But what proportion of consumers in Singapore own cryptocurrencies? And what media platforms do they turn to for staying updated with the news?

How well-known and used are cryptocurrencies in Singapore?

Latest data from YouGov Profiles indicates that around half (49%) of Singapore residents have heard about cryptocurrencies before, but only around an eighth (12%) currently own these digital currencies.

But given the volatile and speculative nature of cryptocurrencies, how do owners of these digital currencies stay abreast of developments that might impact their investments?

Data from YouGov Profiles also shows that most cryptocurrency users in Singapore turn to online media sources to stay updated on the latest news.

Around a third (31%) say that social network sites are their primary source of news, ahead of mobile applications (20%) and websites (12%) from news publishers.

Meanwhile, television broadcasts (10%) are the most popular offline source of news.

So, which social media and messaging platforms are most popular among cryptocurrency owners?

Close to nine in ten are on Meta’s online messaging platform WhatsApp, while around eight in ten use Google’s video-sharing platform YouTube and Meta’s social networking platform Facebook – the three most popular social platforms among cryptocurrency owners in Singapore overall.

Cryptocurrency owners are significantly more likely than the average Singapore resident to watch videos online on YouTube, message contacts and browse channels on Telegram, use professional networking site LinkedIn, be on text-focused microblogging platforms X (formerly Twitter) and Reddit.

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Methodology: YouGov Profiles is based on continuously collected data and rolling surveys, rather than from a single limited questionnaire. Profiles data for Singapore is nationally representative of all adults (18 years or older), weighted by age, gender, and ethnicity, and reflect the latest Singapore Department of Statistics (DOS) estimates. Learn more about Profiles.

Cover photo by Worldspectrum