Research conducted by Atomico, a prominent European venture capital firm, claims that nearly half of all funds generated through initial coin offerings (ICOs) has been raised in Europe. The findings have been published in the third edition of Atomico’s State of European Tech Report.
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“There Are More ICO Projects Coming From Europe-Based Entities and European Founders Than Any Other Region”
Atomico’s assessments regarding ICOs is principally drawn from data compiled by TokenData. Although 90% of all financing raised through ICOs has occurred during 2017, the data purports to have analyzed the funds raised by all initial coin offerings since 2014.
Atomic’s report asserts that European ICOs have raised 46% of all financing generated through initial coin offerings, or roughly $1.76 billion USD. The findings also conclude that almost half of funds raised in Europe have gone to ICOs based in Switzerland, predominantly within Zug – a low-tax region that has emerged as a major international hub for cryptocurrency innovation. The research states that roughly $828 million has been generated by ICOs based in Switzerland, equating to approximately 47% of all funds raised in Europe.
North American Initial Coin Offerings Are Estimated to Have Raised $1.08 Billion USD Since 2014 – Roughly 28% of All Funds Raised Through ICOs
The report states that “Europe is well-positioned to play a key role in crypto space,” adding that “There has been an explosion of European developer engagement with cryptocurrencies, most notably on Ethereum-related topics.”
Based on Deloitte analysis of GitHub Data, the report concludes that the United Kingdom, Germany, and Russia host the largest number of blockchain development projects in Europe. According to the data, of the 8,265 active blockchain projects in Europe, the U.K. accounts for 1,674, Germany 1,307, and Russia 721. However, the research notes that the United States domiciles 9,565 active blockchain projects.
The report also states that Europe hosts the largest number of “reachable Bitcoin nodes by region” with 5,221, followed by the United States with 3,375, and then China with 622.
Are you surprised by Atomico’s findings? Share your thoughts in the comments section below!
Images courtesy of Shutterstock, Atomico.
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