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

Despite facing wars and regulatory issues, cryptocurrency adoption across Eastern Europe has been growing steadily, driven by institutional and DeFi activity, according to a report by Chainalysis. As the world’s fourth-largest cryptocurrency market, Eastern Europe had “an on-chain value of $499.14 billion between July 2023 and June 2024, accounting for 11% of the total global cryptocurrency share.” Chainalysis further noted that CEX received the most cryptocurrencies in the region, “nearly $324 billion, and DeFi activity has grown significantly over the past year, with cryptocurrencies valued at $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 players Ukraine and Russia were “ranked 6th and 7th respectively, with Russia rising six spots from last year’s ranking.” (Crowdfund Insider)