With over $ 1,000 billion in transactions, Europe has become the world’s largest digital currency economy.
The report on 27 sep. from Chainalysis claims that Europe has become the world number one in terms of cryptocurrency activity. Specifically, the area of Central, Northern and Western Europe.
The region has received more than $ 1 trillion in cryptocurrencies over the past year, or about a quarter of global activity during the same period. This area was placed second time last year behind East Asia. The report suggests that the cause of this shift has a lot to do with CNWE’s growing interest in cryptocurrencies and the declining activity in Asia. Of the 30 countries that make up the CNWE region, the UK is the largest with $ 170 billion in transactions in the past year. Half of them were sent via De-Fi protocols. France and Germany sit second and third on the list with deals of around $ 125 million and $ 115 million respectively. European crypto market is growing fast , an advantage that the CNWE has over the rest of the world, is that the region takes the top spot as the biggest crypto trading partner for all the other regions in the study. The CNWE was responsible for sending a quarter of all the value received by other regions and 34% for North America. Over the last year, the CNWE has seen rise in all cryptocurrencies transactions, especially on De-Fi protocols, and route to become the international crypto hub it is today.
According to Chainalysis, CNWE’s cryptocurrency push began in July 2020 when massive increases in large institutional transactions occurred. Such transfers must be at least $10 million worth of cryptocurrency to qualify. In the time between July 2020 and June 2021, the CNWE saw the total amount from these large transactions grow from $1.4 billion to $46.3 billion. The figures represent an increase of 3,207%. The report adds that many of these transactions were to DeFi platforms with mostly involve Ethereum.