Central, Northern, and Western Europe (CNWE) has cemented its status as a global powerhouse in the cryptocurrency space, with the United Kingdom emerging as a leading force in the region. According to a new report by Chainalysis, the UK leads the region in activity, boasting $252.1 billion in raw transaction volume over the past year. This figure also puts it third in the world in this category, behind the United States and India only.
A closer look at the data reveals the pivotal role of decentralized finance (DeFi) in the remarkable growth of crypto adoption in CNWE in general and in the UK in particular. Per the report, DeFi services were responsible for the lion’s share of cryptocurrency value received in the region, constituting 54.8% of the total. The report includes non-fungible token (NFT) trading in its definition of DeFi, with activity on NFT platforms and decentralized exchanges (DEXes) both playing a key role in driving the UK’s activity.
Per the report, CNWE ranks as the second-largest crypto economy in the world behind North America. Between July 2022 and June 2023, the region accounted for 17.6% of global transaction volume, receiving an estimated $1 trillion in on-chain value over the span. CNWE is also home to six of the world’s top 50 biggest crypto adopters, with the UK taking 14th place in Chainalysis’ 2023 Global Crypto Adoption Index. The index is the firm’s annual report highlighting the countries where average, everyday people are embracing crypto the most, rather than measuring the highest raw transaction volumes.
The UK is leading the region in activity, with $252.1 billion in raw transaction volume over the past year, making it third in the world in this category. According to Chainalysis, DeFi services were responsible for the lion’s share of cryptocurrency value received in the region, constituting 54.8% of the total. CNWE ranks as the second-largest crypto economy in the world behind North America, with the UK taking 14th place in Chainalysis’ 2023 Global Crypto Adoption Index. This is good news, as it shows that the UK is leading the region in cryptocurrency adoption and use.
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You can read more about this topic here: Decrypt: UK’s $252B in Crypto Activity Dominated by DEX Trading, NFT Swapping: Chainalysis
