The widespread hype surrounding cryptocurrencies has benefitted Europe monetarily.
One of Europe’s most popular venture capital companies, Atomico, found that around $1.75bn has been raised within Europe through initial coin offerings, otherwise known as ICOs.
According to the company, 90% of all ICO activity has taken place this year, illuminating the sheer popularity of cryptocurrencies. Bitcoin is the most notable. The cryptocurrency’s price, which temporarily surpassed $11,000 this week, is expected to continue its surge. Indeed, it has grown by more than 1000% since the beginning of this year.
Notably, half of the cash raised in Europe comes from Switzerland, totalling to $828m. In comparison, North America raised a total of $1.08bn through ICOs. This figure is lower in Asia, partly due to the fact that parts of the region forbid them; both South Korea and China have banned digital coin sales. The total amount raised by the global market was $3.8bn. Large VC firms in the US have now decided to invest in ICOs, with Atomica predicting more venture capital firms in the US to invest in cryptocurrencies.
When inspecting the number of cryptocurrencies introduced, Central and Eastern Europe top the list. The regions have introduced 162 ICOs – considerably more than in Western Europe.
Here is the full report:
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