Europe Becomes Largest Crypto Economy With Over $1T In Transactions — Chainalysis

PHOTO from COINTELEGRAPH

Read the full article by Sam Bourgi

DeFi has become a major catalyst for Europe’s crypto economy. Large institutions have also upped their share of transactions significantly.

A report was released Tuesday, stating that the CNME(central,northern and western Europe) was responsible for 25% of global crypto activity between July 2020 and July 2021. The CNWE experienced increased activity in all aspects of crypto, especially DeFi.

“Europe has also become a hotbed for institutional investing, with transactions values in this category growing to $46.3 billion in June 2021 compared with just $1.4 billion in July 2020. Perhaps surprisingly, the United Kingdom is the single largest crypto economy in the region at $170 billion worth of transactions. Nearly half, or 49%, of the value was sent via DeFi protocols.”

Chainalysis’ data corroborates a growing body of evidence showing that large institutional investors have become a driving force within crypto.

Institutional investors are increasing their exposure to crypto by putting money into BTC and ETH investment instruments through firms like Grayscale, Coinshares, 21Shares and many others.