Against the background of the global fintech market downturn, the cryptocurrency and blockchain industry has successfully emerged as a leader in investment in multiple major European markets.
According to the “State of European Fintech” report, freed Fintech investment in the Europe, Middle East and Africa (EMEA) region fell by 50% in the first half of 2023, according to Amsterdam-based fintech venture fund Finch Capital. Total funding fell to $11.2 from $27.3 billion in the first half of 2022. It will reach US$1 billion in the first half of 2023.
However, the cryptocurrency business stands out from the overall picture, taking the lead in investments attracted by several large markets. In the UK, the blockchain and cryptocurrency industry accounted for 28% of fintech transactions in the first half of 2023. In the Netherlands, the figure is even higher – 35% of all transactions. In Germany and France, the share of cryptocurrencies is 27% and 29% respectively.
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Cryptocurrency’s main competitor is the lending industry, which appears to be leading the way in terms of market share in Ireland and across the region in terms of transaction volumes.
Despite the overall bearish trend in fintech, investor interest in the digital economy appears to be strong. According to another recent report, 24% of asset managers have adopted a digital asset strategy, with a further 13% planning to do so within the next two years.
Additionally, some cryptocurrency companies are still reporting solid gains. For example, European digital asset management company CoinShares revealed that total revenue in the second quarter of 2023 was 20.3 million pounds ($25.9 million), an increase of 33% over the same period last year.
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