According to reports, DeFi is giving a huge boost to the crypto space in several European countries including England, France, and Germany. This development particularly holds sway among institutional investors in these regions. In fact, the regions of Central, Northern, and Western Europe (CNWE) are now the world’s biggest crypto economies.
In addition, these regions have received over $1 trillion worth of crypto within the last 12 months. This also represents about 25% of total crypto activity. Only last year, CNWE ranked second and researchers chalk its new position up to a combination of factors. In their own words:
“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.”
Furthermore, DeFi is getting more attention from larger institutional players within the CNWE region. Researchers noted that CNWE’s crypto transaction volume surged significantly across all crypto types and services, particularly on DeFi protocols.
Much of this growth was driven by a large number of institutional investment transactions. This also hiked up retail activities within the region. Put in perspective, the combined value of large institutional transactions, worth $10 million upwards, surged from $1.4 billion to $46.3 billion. Furthermore, this all happened within approximately a year – from July 2020 to June 2021, and represents 50% of CNWE activity.
Image Credits: Pixabay
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