On March 15, Koinly, a crypto tax calculator, released the results of its market research based on the platform's data between September and December 2022. This data primarily relates to Koinly integrations with major software wallets and crypto exchanges that allow crypto users to generate tax reports.
Unsurprisingly, after its collapse, FTX, as one of the most widely used crypto exchanges, has caused a sharp decline in the total number of integrations with Koinly. While integrations with FTX dropped by 90% between November and December, the accounting platform saw a 60% decline overall. Yet, Koinly users started switching to other crypto exchanges in December, mainly Binance.
The bankruptcy of FTX has also led to a 33% increase in the popularity of cold wallets among Koinly users.
Additionally, Koinly has reported changes in the integration of its platform with Layer 1 and Layer 2 protocols. Usage of both protocols increased over the studied period, but the 80% increase in Koinly integrations with Layer 2s was significantly greater than the 53% increase in Layer 1 popularity. The top L2 chains, according to Koinly, are Polygon, Optimism, and Arbitrum, while the analysts have also observed notable growth in the popularity of L1 blockchains such as Binance Smart Chain, XRP, Cardano, and Dogecoin. However, Ethereum remains the most popular blockchain among Koinly users.
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Koinly Head of Tax Danny Talwar believes the study's findings are a sign of investor maturation. "Clearly, crypto investors saw risks in holding funds on centralized exchanges and instead increased their adoption of cold storage and self-custody wallets such as Trezor and Ledger," Talwar said.
Meanwhile, another interesting study was published this month by the KuCoin exchange. Although it isn’t as popular among crypto traders as industry giants Binance and Coinbase,, the exchange has conducted a comparative survey of its male and female users to celebrate International Women's Day. The KuCoin survey has collected data from 217 women and 360 men from the KuCoin communities.
The survey has revealed significant differences between female and male crypto usage. More than half of female respondents (52%) compared to 38% of male survey participants have proved to be crypto holders. Only 15% of women and 23% of men in the survey group use cryptocurrencies for shopping and payments.
While both male and female participants have cited their belief in crypto being "the future of finance" as their primary motive for crypto investing, more women see cryptocurrencies as "a great source of passive income for wealth accumulation" with potentially high returns. At the same time, more women (44%) tend to worry about the risks associated with crypto investing more than men (28%). Asset instability has been cited by female respondents as one of the biggest challenges associated with crypto investing.
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KuCoin's research has also revealed that female investors (58%) rely on their own research much more than men (39%). Men, on the other hand, are more likely to make investment decisions based on social media trends and other people's opinions.
Interestingly, 35% of female and 47% of male participants described themselves as very confident crypto investors, while only 2% of female investors admitted that they do not feel confident about crypto investing at all, as opposed to 10% of male investors.