According to a recent Chainalysis report, Central, Northern, and Western Europe (CNWE) have become the biggest crypto economy in the world. Over the last year, the region has received over $1 trillion worth of cryptocurrency, and this amount represents 25% of all global activity. CNWE ranked second in last year’s survey. However, the tremendous growth that started in July 2020 pushed Europe to the top this year.
Although retail activity also increased, institutional investments drove most of the transactions, with 50% going to DeFi.
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.
