Around 135 conventional banks now offer crypto services, reflecting the quick spread and growing acceptance of blockchain assets in the mainstream market.
Based on a collaboration between Finery Markets and Coincub’s report, there has been a significant surge in connections between traditional banks and digital assets. More money institutions are now integrating decentralized finance solutions into their operations.
In various parts of the world, this occurrence became apparent, yet Europe led the charge in the industry. By the close of the initial quarter this year, over 63 financial institutions in European markets provided cryptocurrency banking services.
Europe is now at the forefront of global blockchain regulation with the introduction of its Markets in Crypto Assets (MiCA) law and additional guidelines like stablecoin frameworks. These measures aim to foster innovation while ensuring investors’ security.
According to Konstantin Shulga, the surge in digital asset popularity across Europe and worldwide is fueling the connection between blockchain economics and traditional finance. However, he pointed out obstacles related to investing instruments and crypto offerings that still need to be addressed.
“There’s increasing excitement about leveraging this trend, but the crypto industry also requires more established and sophisticated offerings from its underlying infrastructure.”
Konstantin Shulga, Finery markets co-founder and CEO
Other crypto banking hot zones
In the aftermath of Europe’s interest, North America emerged as a significant market for crypto banking, with approximately 30 banks offering related services. Following North America were 24 banks in Asia, along with a handful of traditional financial institutions spread throughout South and Central America.
European countries take the front seat in various crypto industries, as shown by Coincub and Finery’s report, even with significant US trading volumes in Bitcoin (BTC) ETFs based on spot markets.
Europe takes the lead in Bitcoin halving searches alongside its crypto banking prominence. According to crypto.news, nine European cities rank among the top ten locations with the highest number of queries related to the upcoming code change that reduces BTC mining revenue by half.
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2024-04-17 18:25