Chainalysis: Driven by institutions and DeFi, cryptocurrency adoption in Eastern Europe is rising

2024-11-04 08:11:19

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ChainCatcher message, according to a report by Chainalysis, despite facing war and regulatory issues, cryptocurrency adoption across Eastern Europe has been steadily increasing, driven by institutional and DeFi activities. As the fourth largest cryptocurrency market globally, Eastern Europe had an on-chain value of $499.14 billion from July 2023 to June 2024, accounting for 11% of the total global cryptocurrency share.

Chainalysis further noted that CEX is the region receiving the most cryptocurrency, "close to $324 billion, with DeFi activity significantly increasing over the past year, with a cryptocurrency value of $165.46 billion, accounting for one-third of the region's inflows."

The report also mentioned that in this year's global cryptocurrency adoption index, regional participants Ukraine and Russia are "ranked 6th and 7th respectively, with Russia rising 6 places from last year's ranking."

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