New study reveals countries most interested in PoR after the FTX collapse

Singapore, Nigeria and Hong Kong are among the countries most interested in proof-of-reserves following the FTX collapse, according to Coingecko.

Singapore, Nigeria and Hong Kong lead the PoR interest

A new study by Coingecko showed that countries Singapore (20.5%), Nigeria (14.1%), Hong Kong (11.4%), Austria (7.8%) and the Netherlands (7.0%) are top regions interested in proof-of-reserves. Their combined interest comes up to 60%.

The collapse of the FTX platform resulted in the withdrawal of at least $20.7 billion from various cryptocurrency exchanges. The remaining platforms started to increase the transparency of their financial positions to reassure their customers. That led to the emergence of PoR, a popular topic in the crypto community. On Nov. 6, following the FTX collapse, the search for PoR spiked by 270% and only went higher in the following weeks.

Singapore, known as a cryptocurrency hub, is the most interested in PoR country. The city-state scored the highest of 100 on “proof-of-reserves,” “Merkle tree,” and “Merkle root.” It also placed first in the list of 25 most curious nations.

Regarding search interest in PoR, Nigeria came second with a total score of 206. It scored high on proof-of-reserves at a maximum of 100. That is in line with a previous study that revealed that the country was more interested in cryptocurrency than other English-speaking nations.

Hong Kong came in third with a total score of 167, scoring high on PoR at 92 points. It also placed third on the terms “Merkle tree,” “proof-of-reserves,” and “Merkle root,” with 37, 21, and 17 points, respectively.

Austria and the Netherlands came in fourth and fifth with total scores of 115 and 102, respectively. Both European countries exhibited moderate and strong search interest in “proof-of-reserves,” and “Merkle tree,” but they had insufficient data for “Merkle root.”

FTX collapse impacted Singapore more among the top 3 countries

The high search interest in Singapore is related to the country’s ranking as one of the most affected by the collapse of FTX. According to data collected by FTX.com, the country had over 250,000 unique users per month.

Meanwhile, although South Korea was most affected by FTX.com’s collapse, it ranked 21st out of the 27 countries in PoR search interest. The country’s top search engine is Naver instead of Google.