Saturday, October 16, 2021
Home Crypto News Analysis Chainalysis Report: Europe Becomes World's Largest Crypto Economy

Chainalysis Report: Europe Becomes World’s Largest Crypto Economy

- Advertisement -

A report by blockchain data platform Chainalysis on Tuesday revealed Central, Northern, and Western Europe (CNWE) has become the biggest cryptocurrency economy in the world, receiving over $1 trillion worth cryptocurrency over the last year.

This represents 25 percent of global activity, it said.

Read: Swiss Financial Regulator FINMA Approves First Ever Crypto Asset Fund



Driven by increased transaction volumes on Decentralised Finance (DeFi) protocols, Central, Northern, and Western Europe (CNWE) received over $1 trillion worth cryptocurrency over the last year, says the report.

“Having ranked second last year, CNWE’s new position in the top spot is the result of tremendous growth starting in July 2020, combined with a relative decline in activity in Eastern Asia. CNWE’s transaction volume grew across virtually all cryptocurrencies and service types, but especially on Decentralised Finance (DeFi) protocols,” the report added.

 

Chainalysis also found an influx of institutional investment, signaled by large transactions, and drove most of the growth, although there was an upward trend in retail activity.

Read: As A Gesture Of Good Will, Crypto Miner Returns 7626 Ethereum Incorrectly Paid Transaction Fee

“Large institutional cryptocurrency transaction value grew from $1.4 billion in July 2020 to $46.3 billion in June 2021, at which point it made up more than half of all CNWE activity,” it said.

chainanalysis report 1

 

Chainalysis’ data revealed the majority of large institutional-sized transfers went to DeFi platforms, with a majority of them made in Ethereum (ETH) and wrapped Ethereum (wETH). wETH is an ERC-20 token of ETH used in DeFi protocols.

Read: President Nayib Bukele: “Chivo Is Not A Bank, But In Less Than 3 Weeks, It Now Has More Users Than Any Bank In El Salvador

According to the report, the United Kingdom (UK) leads other CNWE nations by a wide margin at $170 billion. 49 percent of this is value sent to DeFi protocols.

France, Germany, the Netherlands, and Switzerland are the other countries in the top five.

chain analysis report 2





Earlier in August 2021, Chainalysis ranked India second in terms of global crypto adoption in 2021, amidst global crypto adoption rising over 880 percent in the last year.

In the report titled ‘The 2021 Global Crypto Adoption Index’, Chainalysis ranked India just behind Vietnam, which took first place out of 154 countries surveyed.

Read: Michael Saylor “Nothing Has Created More Wealth In The Past Decade Than Technologies Banned In China”

“The index ranks the top 20 countries and provides an objective measure of which countries have adopted cryptocurrency to the greatest extent after a year of exponential growth for cryptocurrency markets and increased attention for the industry,” Chainalysis said in its August report.

- Advertisement -
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. Holds major cryptocurrencies and has written for multiple crypto media outlets. His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

Realvision Founder Raoul Pal, “You Can Be Angry At Central Banks, Governments Or You Can Be Optimistic And Migrate To The New World Of...

RealVision founder Raoul Pal made important statements on digital currencies on Twitter. window.coinzilla_display = window.coinzilla_display || ; ...

El Salvador President, Nayib Bukele Says Citizens Are Using More USD To Buy Bitcoins

El Salvador President Nayyib Bukele shared two facts about the cryptocurrency wallet Chivo. window.coinzilla_display = window.coinzilla_display ||...

SEC Tacitly Approves First Bitcoin Futures ETF

The US Securities and Exchange Commission (SEC) has approved the ProShares application to launch the Bitcoin Futures ETF. Trading starts on Monday, October 18th. Also...

Bitcoin Above $60K After Twitter CEO, Jack Dorsey Said Square Is Considering Building A Bitcoin Mining System

Jack Dorsey says that Square is “considering” building its own Bitcoin mining system using custom silicon and open-source software. Read: Vladimir Putin: “Cryptocurrencies Have A Right...

CFTC Fined Bitfinex And Tether To Pay $42.5 Million Over USDT Backing

The United States Commodity Futures Trading Commission (CFTC) has settled claims against Tether and Bitfinex, ordering the company to pay fines totaling $ 42.5...

Bank Of Japan: “The Digital Yen Should Be Compatible With All Payment Services”

Executive Director of the Bank of Japan, Shinichi Uchida, believes that the digital Yen should be as simple and convenient to use as possible,...

Morgan Stanley CEO: “I Don’t Think Crypto Is A Fad, I Don’t Think It’s Going To Go Away”

Morgan Stanley CEO James Gorman said that the bank's clients show little interest in cryptocurrencies, but expressed confidence that digital assets will remain for...

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.