As an analyst with a background in financial markets and a keen interest in digital currencies, I am thrilled to witness the strategic partnership between Bitnovo and Wipay, two prominent players in the European crypto landscape. This collaboration is set to bring about a paradigm shift in the Spanish digital payment sector, enabling merchants to accept cryptocurrencies as valid forms of payment.
I’ve learned that Bitnovo, a prominent European payment gateway, recently disclosed a strategic collaboration with Wipay. This partnership aims to boost cryptocurrency adoption within the Spanish markets.
As a crypto investor, I’m excited about the upcoming partnership between two major players in the Spanish market. This collaboration is anticipated to bring a game-changing transformation to the digital payment sector in Spain. With this alliance, I look forward to the possibility of using cryptocurrencies as valid payment methods for my transactions.
Thousands of merchants in Spain and the European region will be able to process cryptocurrency transactions through the collaboration of the two companies.
One goal of the collaboration between the two businesses is to foster expansion in Spain’s crypto market. As per Statista’s figures, the Spanish cryptocurrency market is forecasted to generate approximately US$928.9 million in revenue this year. With a compound annual growth rate (CAGR 2024-2028) of 9.84%, the market is anticipated to reach a total revenue of around US$1,352.0 million by 2028.
Bitnovo is widely recognized as a top crypto company in both the Spanish and European markets. They have recently secured approvals to offer their services in the Dutch and French markets, broadening their reach across Europe.
Cryptocurrency adoption grows in Europe
Europe is known for having rapid cryptocurrency expansion among global regions.
According to Statista’s data, the European crypto market is anticipated to generate approximately $13.6 billion in revenue this year. With an average annual growth rate of 8.06% between 2024 and 2028, this figure is expected to reach a total of around $18.5 billion by the end of 2028.
Based on Chainalysis’ findings from their global cryptocurrency adoption study, the United Kingdom, Spain, France, and Germany emerge as frontrunners in crypto adoption within their respective regions.
In every nation of this particular region, there exists a unique economic framework and legislative structure. Nonetheless, it’s indisputable that the European Union, acting as a significant economic alliance, contributes substantially to the expansion of the cryptocurrency market within its borders.
Europe is undoubtedly going to remain a major player in the global cryptocurrency adoption scene, with various influences at play. The implementation of the MiCA’s (Markets in Crypto-Assets) new regulatory framework is just one such factor.
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2024-05-03 16:20