Amid the downturn in the global fintech market, the cryptocurrency and blockchain sector has managed to become an investment leader in some of Europe’s major markets.
According to the report “The State of European FinTech“Europe, Middle East and Africa (EMEA) region saw a 50 percent decrease in fintech investments in the first half of 2023. The total amount of financing decreased from 27.3 percent in 2022,” published by Amsterdam-based fintech venture fund Finch Capital. billion dollars in the first half to $11.2 billion in the first half of 2023.
However, cryptocurrency businesses stand out in the big picture and are gaining a prominent position in attracting investments in many major markets. Blockchain and crypto industry gained popularity in the UK 28% share of all transactions carried out in the Fintech sector In the first half of 2023. This rate is even higher in the Netherlands, with 35% of all transactions. The share represented by cryptocurrencies in Germany and France, respectively 27% and 29%.
The main competitor to cryptocurrencies is the lending industry, which appears to be leading in Ireland in terms of market share and overall across the region in terms of transaction volume.
Despite the downward trend in fintech as a whole, investor interest in the digital economy remains solid. According to another recent report, 24% of asset management companies adopted the digital asset strategy And Another 13% plan to do so in the next two years.
Moreover, some crypto companies are still reporting significant gains. For example, European digital asset manager CoinShares issued a statement: total turnover It increased by £20.3 million ($25.9 million) in the second quarter of 2023, up 33% on the previous year quarter.
Translation by Walter Rizzo