Europe Cryptocurrency Market 2018-2028 By Size, Share, Trends, Growth, Forecast

Summary

Report Description

Forecast Period	2024-2028
Market Size (2022)	USD8.6 Billion
CAGR (2023-2028)	15.30%
Fastest Growing Segment	Trading
Largest Market	Germany

The Europe cryptocurrency market is expected to witness high demand owing to the growing awareness among consumers for cryptocurrency, versatile payment options through cryptocurrency and favorable government regulations.

Europe Cryptocurrency Market Scope

A decentralized digital payment method is cryptocurrency. Decentralized services, such as cryptocurrency, does not require centralized authority, making them censorship, hacker, and security resistant. The market is flooded with many cryptocurrencies. With very few exceptions, cryptocurrencies operate by using a system called the blockchain, which records transactions.

Europe Cryptocurrency Market Overview

The Europe cryptocurrency market is witnessing high demand owing to the growing acceptance of cryptocurrency market in different European countries, growing awareness among consumers regarding the benefits of cryptos. Moreover, the enhanced security and the fast payment services which are associated with cryptocurrency are expected to further cater to the market growth of cryptocurrency in Europe.

Europe Cryptocurrency Market Drivers

The regulatory environment for cryptocurrencies in Europe has been rapidly evolving in recent years, as governments and financial institutions attempt to balance innovation and growth with concerns around fraud, money laundering, and other illicit activities. According to the article published by CNBC in April 2023, the first thorough set of regulations for the cryptocurrency business have been passed by legislators in the European Parliament. Furthermore, the EU Parliament voted 517 in favor and 38 against passing the markets in Crypto Act. The regulations will put a number of standards on cryptocurrency exchanges, token issuers, and traders around transaction transparency, disclosure, authorization, and monitoring.

Moreover, investors are drawn to cryptocurrency as an investment option due to its privacy feature in addition to its value. Blockchain technology, which has gained popularity for its security and privacy, is the foundation of cryptocurrencies. Owing to the fact that the transactions involved travelling through numerous web transactions, they cannot be easily tracked.

Europe Cryptocurrency Market Trends

The cryptocurrency market is expected to witness high demand in the coming years due to its usage for different transaction. Moreover, banking and financial organizations charge fees for everything, even the usage of credit cards while travelling abroad. A charge must also be paid to open and maintain a bank account. When these fees are combined, a significant sum is produced that can be avoided by using cryptocurrency. Owing to its extremely cheap transaction costs, cryptocurrencies are the best option for all kinds of transactions. For instance, in 2022, Spain’s airline Vueling adopted cryptocurrency as a payment method for transactions. The company came into partnership with BitPay which will allow its consumers to pay for the flight tickets using cryptocurrency and the airline will be able accept Bitcoin and Ethereum as a payment method.

One of the most significant developments in the European bitcoin sector in recent years has been decentralised finance (DeFi). DeFi is a term used to describe a new sort of financial system that is based on blockchain technology and intended to be more open, accessible, and transparent than conventional banking. With the emergence of numerous platforms and protocols that provide a variety of financial services, including lending, borrowing, and trading, DeFi has experienced substantial expansion in Europe. These platforms frequently utilize smart contracts to automate financial transactions and are built on the Ethereum blockchain. Peer-to-peer (P2P) cryptocurrency trading is possible on decentralized exchanges. Peer-to-peer refers to a marketplace that links buyers and sellers of cryptocurrencies. Since they are frequently non-custodial, users retain ownership of their wallet's private keys. An enhanced encryption method that gives consumers access to their cryptocurrency is known as a private key. Thus, with the growing popularity of decentralized finance the transaction for cryptocurrency is expected to gain more traction.

Europe Cryptocurrency Market Challenges

As a result of their excessive volatility, cryptocurrencies are not seen as suitable as money. Money serves as a store of value, a medium of exchange, and a unit of account, but cryptos are unable to efficiently serve all of these roles. The value of cryptos is extremely volatile as there are no underlying assets and no monetary authority to stabilize their value. Additionally, since there are so many distinct cryptos and no connections between them, they are inappropriate for use as units of account. Moreover, displaying values in Bitcoin, Ether, Sol, Ada, XRP, etc. would be highly perplexing.

One of the primary issues, the European cryptocurrency market is facing is the lack of widespread acceptance. Even though the use of cryptocurrencies has increased recently, many Europeans still view them as a niche category of assets. Numerous people are still unaware of what cryptocurrencies are and how they operate. People may be cautious to invest in or use cryptocurrencies as a result of their lack of understanding. Moreover, in spite of the cryptocurrency market's expansion, Europe only has a small infrastructure for purchasing, selling, and storing cryptocurrencies. This makes cryptocurrencies less accessible to many individuals.

Recent Developments

In January 2023, German neobank N26 launched new cryptocurrency trading product, N26 Crypto, in Germany, Switzerland, Belgium, Portugal, and Ireland. The N26 application will now allow users in Germany, Switzerland, Belgium, Portugal, and Ireland to purchase and sell cryptocurrencies from within the app with only a few taps as a result of this launch.
In February 2023, 105-year-old German bank DekaBank came into collaboration with digital asset management system Metaco Harmonize to launch a blockchain-based tokenization platform in the country.
In 2021, Criptoloja, the first crypto exchange licensed to operate in Portugal had launched its online crypto trading service which allows users to buy 94 types of cryptocurrencies online with euros.
Bison Bank has been granted a license by the Banco de Portugal, the organization in charge of registering virtual asset service providers in Portugal, to serve as the nation's first crypto bank.

Market Opportunities

Money that migrants send home to support their friends and families is referred to as remittances. The use of cryptocurrencies offers the potential for more economical and effective remittance transactions. As there is no need for intermediaries such as banks or money transfer agencies, cryptocurrencies can be sent directly from one person to another. In contrast to conventional remittance techniques, this may lead to reduced fees and quicker transaction times. Although the usage of cryptocurrencies for remittances is still quite limited in Europe, it still represents a significant opportunity in the market for the sector. For instance, many Europeans transfer money to their families in Latin America, Africa, or Asia, where conventional remittance fees might be costly. For these people, cryptocurrencies may present a more affordable and available option. The bitcoin sector must concentrate on creating user-friendly remittance systems that are safe, quick, and simple to use if it is to capitalize on this opportunity. The adoption of cryptocurrencies for remittances in Europe might also be aided by regulatory transparency and solid regulatory frameworks.
Decentralised finance (DeFi), an emerging shift in the digital currency sector, seeks to make traditional financial services more easily available and decentralised. Blockchain-based DeFi applications enable secure and transparent transactions without the use of middlemen like banks or other financial institutions. DeFi offers the European digital currency sector a large market opportunity. Anyone with an internet connection can utilize DeFi products and services, regardless of where they live or how much money they have. Millions of people who are now underserved by traditional financial institutions could now have access to financial services. The DeFi market is still relatively small but expanding significantly in Europe. The European Union recognized the potential of DeFi and is now looking into methods to control and support the sector. DeFi applications are also being developed by a number of blockchain businesses and cryptocurrency projects in Europe, demonstrating the market's tremendous development potential. Overall, the DeFi market offers the cryptocurrency sector a chance to upend established financial services and offer creative solutions for a range of use cases. DeFi applications in Europe should continue to expand and be adopted as the market matures and regulatory clarity increases.

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Market Segmentation

Europe Cryptocurrency Market is segmented based on type, end user and country. Based on type, the market is segmented into Bitcoin, Ethereum, Tether, Binance Coin, USD Coin, Cardano and others include Dogecoin, Polycon, XRP, etc. Based on end user, the market is further divided into trading, retail & e-commerce, peer-to-peer payment, and remittance. Based on country, the market is segmented into United Kingdom, Germany, France, Austria, Slovakia, Netherlands, Czech Repubic, Portugal, Bulgaria and Belgium.

Company Profiles

eToro (Europe) Ltd., Foris DAX MT Limited (Crypto.com), ZenGo Ltd., Naumard Ltd.(YOUHODLER), Simply Digital Technologies Inc. (CoinsSmart), Binance Holdings Ltd (Binance), Coinbase Global, Inc. (Coinbase), Liquidity Technologies Limited (CoinFlex), Mek Global Limited (KuCoin), HDR Global Trading Limited (BitMEX) are some of the leading companies in the Europe cryptocurrency market.

Attribute	Details
Base Year	2022
Historic Data	2018 – 2021
Estimated Year	2023
Forecast Period	2024– 2028
Quantitative Units	Value in USD Million, CAGR for 2018-2022 and 2023-2028
Report Coverage	Revenue forecast, company share, competitive landscape, growth factors, and trends
Segments Covered	Type End User Country
Country scope	United Kingdom, Germany, France, Austria, Slovakia, Netherlands, Czech Republic, Portugal, Bulgaria, Belgium
Key Companies Profiled	eToro (Europe) Ltd., Foris DAX MT Limited (Crypto.com), ZenGo Ltd., Naumard Ltd.(YOUHODLER), Simply Digital Technologies Inc. (CoinsSmart), Binance Holdings Ltd (Binance), Coinbase Global, Inc. (Coinbase), Liquidity Technologies Limited (CoinFlex), Mek Global Limited (KuCoin), HDR Global Trading Limited (BitMEX)
Customization scope	10% free report customization with purchase. Addition or alteration to country, regional & segment scope.
Pricing and purchase options	Avail customized purchase options to meet your exact research needs. Explore purchase options
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Report Scope:

In this report, Europe Cryptocurrency market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Europe Cryptocurrency Market, By Type:

Bitcoin
Ethereum
Tether
Binance Coin
USD Coin
Cardano
Others (Dogecoin, Polycon, XRP, etc.)

Europe Cryptocurrency Market, By End User:

Trading
Retail & e-commerce
Peer-to-Peer Payment
Remittance

Europe Cryptocurrency Market, By Country:

United Kingdom
Germany
France
Austria
Slovakia
Netherlands
Czech Republic
Portugal
Bulgaria
Belgium

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in Europe cryptocurrency market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

Detailed analysis and profiling of additional market players (up to five).

Europe Cryptocurrency Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1. Introduction

1.1. Product Overview

1.2. Key Highlights of the Report

1.3. Market Coverage

1.4. Market Segments Covered

1.5. Research Tenure Considered

2. Research Methodology

2.1. Objective of the Study

2.2. Baseline Methodology

2.3. Key Industry Partners

2.4. Major Association and Secondary Sources

2.5. Forecasting Methodology

2.6. Assumptions and Limitations

3. Executive Summary

3.1. Market Overview

3.2. Market Forecast

3.3. Key Countries

3.4. Key Segments

4. Europe Cryptocurrency Market Outlook

4.1. Market Size & Forecast

4.1.1. By Value

4.2. Market Share & Forecast

4.2.1. By Type Market Share Analysis (Bitcoin, Ethereum, Tether, Binance Coin, USD Coin, Cardano, Others (Dogecoin, Polycon, XRP, etc.)

4.2.2. By End User Market Share Analysis (Trading, Retail & e-commerce, Peer-to-Peer Payment, Remittance)

4.2.3. By Country Market Share Analysis

4.2.4. By Company Market Share Analysis (2022)

4.3. Europe Cryptocurrency Market Mapping & Opportunity Assessment

4.3.1. By Type Market Mapping & Opportunity Assessment

4.3.2. By End User Market Mapping & Opportunity Assessment

5. United Kingdom Cryptocurrency Market Outlook

5.1. Market Size & Forecast

5.1.1. By Value

5.2. Market Share & Forecast

5.2.1. By Type Market Share Analysis

5.2.2. By End User Market Share Analysis

6. Germany Cryptocurrency Market Outlook

6.1. Market Size & Forecast

6.1.1. By Value

6.2. Market Share & Forecast

6.2.1. By Type Market Share Analysis

6.2.2. By End User Market Share Analysis

7. France Cryptocurrency Market Outlook

7.1. Market Size & Forecast

7.1.1. By Value

7.2. Market Share & Forecast

7.2.1. By Type Market Share Analysis

7.2.2. By End User Market Share Analysis

8. Austria Cryptocurrency Market Outlook

8.1. Market Size & Forecast

8.1.1. By Value

8.2. Market Share & Forecast

8.2.1. By Type Market Share Analysis

8.2.2. By End User Market Share Analysis

9. Slovakia Cryptocurrency Market Outlook

9.1. Market Size & Forecast

9.1.1. By Value

9.2. Market Share & Forecast

9.2.1. By Type Market Share Analysis

9.2.2. By End User Market Share Analysis

10. Netherlands Cryptocurrency Market Outlook

10.1. Market Size & Forecast

10.1.1. By Value

10.2. Market Share & Forecast

10.2.1. By Type Market Share Analysis

10.2.2. By End User Market Share Analysis

11. Czech Republic Cryptocurrency Market Outlook

11.1. Market Size & Forecast

11.1.1. By Value

11.2. Market Share & Forecast

11.2.1. By Type Market Share Analysis

11.2.2. By End User Market Share Analysis

12. Portugal Cryptocurrency Market Outlook

12.1. Market Size & Forecast

12.1.1. By Value

12.2. Market Share & Forecast

12.2.1. By Type Market Share Analysis

12.2.2. By End User Market Share Analysis

13. Bulgaria Cryptocurrency Market Outlook

13.1. Market Size & Forecast

13.1.1. By Value

13.2. Market Share & Forecast

13.2.1. By Type Market Share Analysis

13.2.2. By End User Market Share Analysis

14. Belgium Cryptocurrency Market Outlook

14.1. Market Size & Forecast

14.1.1. By Value

14.2. Market Share & Forecast

14.2.1. By Type Market Share Analysis

14.2.2. By End User Market Share Analysis

15. Market Dynamics

15.1. Drivers

15.1.1. Growing awareness

15.1.2. Security features

15.1.3. Fast and easy payments

15.2. Challenges

15.2.1. Regulatory Challenges

15.2.2. Low reliability

16. Impact of COVID-19 on Europe Cryptocurrency Market

16.1. Impact Assessment Model

16.1.1. Key Segments Impacted

16.1.2. Key Countries Impacted

17. Market Trends & Developments

17.1. Increasing number of Cryptocurrencies Platform

17.2. Government Initiatives

17.3. Surging support from business sector

17.4. Growing acceptance as payment option

18. SWOT Analysis

18.1. Strengths

18.2. Weaknesses

18.3. Opportunities

18.4. Threats

19. Policy & Regulatory Landscape

20. Competitive Landscape

20.1. Company Profiles

20.1.1. eToro (Europe) Ltd.

20.1.1.1. Company Details

20.1.1.2. Product & Services

20.1.1.3. Financials (As Per Availability)

20.1.1.4. Key market Focus & Geographical Presence

20.1.1.5. Recent Developments

20.1.2. Foris DAX MT Limited (Crypto.com)

20.1.2.1. Company Details

20.1.2.2. Product & Services

20.1.2.3. Financials (As Per Availability)

20.1.2.4. Key market Focus & Geographical Presence

20.1.2.5. Recent Developments

20.1.3. ZenGo Ltd.

20.1.3.1. Company Details

20.1.3.2. Product & Services

20.1.3.3. Financials (As Per Availability)

20.1.3.4. Key market Focus & Geographical Presence

20.1.3.5. Recent Developments

20.1.4. Naumard Ltd. (YOUHODLER)

20.1.4.1. Company Details

20.1.4.2. Product & Services

20.1.4.3. Financials (As Per Availability)

20.1.4.4. Key market Focus & Geographical Presence

20.1.4.5. Recent Developments

20.1.5. Simply Digital Technologies Inc. (CoinsSmart)

20.1.5.1. Company Details

20.1.5.2. Product & Services

20.1.5.3. Financials (As Per Availability)

20.1.5.4. Key market Focus & Geographical Presence

20.1.5.5. Recent Developments

20.1.6. Binance Holdings Ltd (Binance)

20.1.6.1. Company Details

20.1.6.2. Product & Services

20.1.6.3. Financials (As Per Availability)

20.1.6.4. Key market Focus & Geographical Presence

20.1.6.5. Recent Developments

20.1.7. Coinbase Global, Inc. (Coinbase)

20.1.7.1. Company Details

20.1.7.2. Product & Services

20.1.7.3. Financials (As Per Availability)

20.1.7.4. Key market Focus & Geographical Presence

20.1.7.5. Recent Developments

20.1.8. Liquidity Technologies Limited (CoinFlex)

20.1.8.1. Company Details

20.1.8.2. Product & Services

20.1.8.3. Financials (As Per Availability)

20.1.8.4. Key market Focus & Geographical Presence

20.1.8.5. Recent Developments

20.1.9. Mek Global Limited (KuCoin)

20.1.9.1. Company Details

20.1.9.2. Product & Services

20.1.9.3. Financials (As Per Availability)

20.1.9.4. Key market Focus & Geographical Presence

20.1.9.5. Recent Developments

20.1.10. HDR Global Trading Limited (BitMEX)

20.1.10.1. Company Details

20.1.10.2. Product & Services

20.1.10.3. Financials (As Per Availability)

20.1.10.4. Key market Focus & Geographical Presence

20.1.10.5. Recent Developments

21. Strategic Recommendations/Action Plan

21.1. Key Focus Areas

21.2. Target Country

21.3. Target Type

22. About Us & Disclaimer

Figures and Tables

Frequently asked questions

What are the trends in the Europe Cryptocurrency market?

The Europe cryptocurrency market is expected to witness high demand owing to its acceptancy as a payment option in different European countries.

What are the drivers in the Europe Cryptocurrency market?

The Europe cryptocurrency market is experiencing high demand owing to the favourable regulations for cryptocurrency in different European countries and growing use of cryptos for remittances.

What are the challenges in Europe Cryptocurrency market?

The reliability among consumers toward cryptocurrency and the low awareness among consumers about the benefits of cryptos is further restraining the market growth of cryptocurrency in Europe.

What are the major companies operating in the Europe Cryptocurrency market?

eToro (Europe) Ltd., Foris DAX MT Limited (Crypto.com), ZenGo Ltd., Naumard Ltd.(YOUHODLER), Simply Digital Technologies Inc. (CoinsSmart), Binance Holdings Ltd (Binance), Coinbase Global, Inc. (Coinbase), Liquidity Technologies Limited (CoinFlex), Mek Global Limited (KuCoin), HDR Global Trading Limited (BitMEX) are some of the major companies operating in the Europe cryptocurrency market.

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Srishti Verma

Business Consultant

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Press Release

Europe Cryptocurrency Market to Be Fueled by Trading as an Investment Option

May, 2023

The growing acceptance for cryptocurrency as a payment option, rising awareness among consumers and government regulations in favor of cryptocurrency is driving the growth of Europe cryptocurrency ma

Europe Cryptocurrency Market Segmented By Type (Bitcoin, Ethereum, Tether, Binance Coin, USD Coin, Cardano, Others (Dogecoin, Polycon, XRP, etc.)), By End User (Trading, Retail & E-commerce, Peer-to-Peer Payment, Remittance) By Country, Competition, Forecast & Opportunities, 2018-2028

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