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Amid the global downturn in the fintech market, the cryptocurrency and blockchain industry has emerged as a frontrunner in attracting investments across several key European markets.
As per the “State of European FinTech” report published by the Amsterdam-based fintech venture capital firm Finch Capital, the Europe, Middle East, and Africa (EMEA) region saw a 50% decline in fintech investments during the first half of 2023. The total funding decreased from $27.3 billion in H1 2022 to $11.2 billion in H1 2023.
Nonetheless, crypto enterprises distinguish themselves within this context, securing a prominent position in the investments garnered across various large markets. In the United Kingdom, the blockchain and cryptocurrency sector captured a 28% share of all fintech deals in H1 2023. This figure was even greater in the Netherlands, where it reached 35% of all transactions. In Germany and France, the shares for crypto were 27% and 29%, respectively.
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The primary rival to crypto is the lending sector, which has emerged as the leader in market share in Ireland and overall within the region regarding deal volume.
Despite the prevailing bearish trends in fintech overall, investor interest in the digital economy seems robust. According to another recent report, 24% of asset management firms have implemented a digital assets strategy, with an additional 13% intending to do so within the next two years.
Furthermore, some cryptocurrency firms continue to report notable profits. For instance, European digital asset manager CoinShares announced total revenue of 20.3 million pounds ($25.9 million) in Q2 2023, marking a 33% increase compared to the same quarter of the previous year.
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