Source: AdobeStock / annebel146
The Portuguese capital ranks first among the most important crypto hubs in the world – ahead of New York, Berlin and Paris, according to a report by the European crypto investment company Greenfield.
The company has noted that while there are many studies on the global development of crypto, work on a regional scale is still scarce.
Therefore, Greenfield conducted a survey from January 31 to March 20 of this year, among 68 project founders with a significant European presence.
The report has observed what,
“Lisbon is Europe’s crypto capital – and more.”
When asked to name the top three crypto hubs, respondents picked Lisbon as number one, followed by New York and Berlin tied for second place with 35% of votes each.
Europe has three cities in the top 10 and Paris is in seventh place.
Singapore, which takes fourth place, is the only Asian hub in the top 10.
In the United States, Silicon Valley, Miami and Denver are also well ranked.
In another question, the founders were only allowed one choice for Europe’s largest crypto hub.
Again, Lisbon won with 35% of the vote, followed by Berlin (30%) and Paris (20%).
London (5%) joined the top 5 list.
However, 20% of respondents were skeptical of the crypto hub concept and opted for the “none/decentralized” category.
One of the interviewees stated that,
“The crypto universe is distributed all over the world. There are maybe about 15-25 relatively large places, each with slightly different goals/strengths.”
Many respondents attributed different purposes and benefits to each hub.
So, for example, Lisbon enjoys a strong decentralized finance (DeFi) scene, and is attractive to businesses for tax reasons, according to the report. There is a “crypto brain drain” in both Europe and the United States, and Lisbon benefits from both.
“A lot of American crypto-migrants are here in Lisbon,” the document reads.
New York offers good access to venture capital and top conferences.
Berlin has a strong “European startup culture, a remarkable track record in crypto” and it is also one of the best and most active developer pools in the world.
Paris is known for its ecosystems around Web3 and non-fungible tokens (NFT).
Confidence in Crypto Remains Strong
Greenfield’s investigation was revealing on other counts.
Although 2022 was “difficult”, individuals surveyed are still confident when looking to 2023 and the future of crypto in Europe.
“The return of crypto is expected for 2023 and, eventually (until 2030), nothing less than “the ubiquity of crypto”, he specifies.
Regulation is seen as the most important topic this year. Respondents said Europe is a leader, especially following the enactment of the law Markets in Crypto-Assets (MiCA).
User experience, relevant use cases, and regulation are the biggest challenges for mass adoption.
Despite its decline in market share, according to the report, crypto continues to build in Europe.
As more and more European crypto projects mature, there is a shortage of business talent.
To address this problem, the report noted that European universities are creating master’s degrees dedicated to cryptography and that academic centers are forming in the UK, Ireland and Spain.
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2023-05-04 13:31:00
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