According to a recent Chainalysis report, Central, Northern, and Western Europe (CNWE) have become the biggest crypto economy in the world
CNWE experienced major growth in transaction volume across all cryptocurrencies and service types, but especially on DeFi protocols. According to Chainalysis, the growth was majorly a result of an influx of institutional investment, signaled by large transactions. From July 2020, there was an increase in transfers above $10 million worth of crypto.
The value of institutional crypto transactions grew from $1.4 billion in July 2020 to $46.3 billion in June 2021. Between this period, the United Kingdom had the largest crypto transactions value in Europe at $170 billion. Of this amount, DeFi protocols received 49%. Chainalysis senior content marketing manager Henry Updegrave commented on this growth. “The U.K.’s growth is driven mostly by growing institutional investment, based on the large-sized transfers driving most of its transaction volume,” he told Cointelegraph.
France, Germany, the Netherlands, and Switzerland are also among the top five countries.
Chainalysis’ data revealed that over the last 12 months, the bulk of large institutional-sized transfers went to DeFi platforms. Most of those large institutional transfers were made in Ethereum and wrapped Ethereum (wETH). wETH is an ERC-20 token of equivalent value to Ethereum commonly used in DeFi protocols.
Source : bitcoinist.com