Europe emerges as the biggest crypto-economy — Chainalysis report

Europe has emerged as the most active cryptocurrency region in the whole world. As per the new report published by Chainalysis, the most prominent blockchain analyst, central, northern, and western Europe (CNWE), has transacted more than $1 trillion worth of crypto assets in the last year.

The analysis firm released their research on Tuesday, which found that the European region alone held 25% of all international crypto activities from July 2020 to June 2021. CN has been active in all crypto sub-categories and experienced an upward swing in transaction volumes, especially in decentralized finance (DeFi).

The report takes trading, investing, and business dealings under crypto transactions.

Institutional investments have been an essential factor behind such immense growth. The transactions in institutional investing were worth $1.4 billion in July 2020 and have grown to $46.3 billion in June 2021.

Chainalysis says the United Kingdom is the winner

An important point the report by Chainalysis states is that the United Kingdom is the largest crypto economy in Europe, with $170 billion worth of transactions alone. Additionally, approximately half of the transactions were related to DeFi protocols.

Henry Updegrave, senior content marketing manager of the company, said, “The U.K.’s growth is driven mostly by growing institutional investment, based on the large-sized transfers driving most of its transaction volume.”

The CNWE’s crypto activities were at their peak in May 2021 with a massive adoption. Bull run of Bitcoin, Smart contract platforms growth, and DeFi arrival and adoption played a crucial role in achieving record peak.

The Chainalysis report also states that institutional investors have been the biggest driving force for cryptocurrency product inflows. Tons of institutional players such as family offices and wealth managers have put billions of dollars worth of BTC and ETH investment products offered by different asset management companies.

According to experts, it’s just the beginning, and Europe is going to perform even better with the huge adoption drive by the citizens and institutions.