What’s on the horizon?
Europe is the next big market for crypto adoption, says Johnny Lyu, CEO of KuCoin.
As recent research points out, the EU lags behind other nations when it comes to crypto-adoption; only around 17% of Europeans have adopted cryptocurrencies. Combined with high average revenues, reduced faith in centralized banking systems, world-leading prices for higher education and many cheaper cryptocurrencies than ever before, it seems a simple matter that the EU is next on the list for mass crypto-adoption. .
Of course, there are some limitations here. The most important thing is that we all wait patiently for MiCA, a basic piece of legislation that has the potential to regulate all EU states under one umbrella. In fact, there are still big questions regarding the processing of NFTs, Bitcoin’s energy impact and private use of wallets that are not hosted. But one thing is for sure; The crypto landscape is changing in Europe, and it is changing now.
It can be argued that individuals wait until the regulatory landscape is clearer around crypto in Europe before investing. With components such as automated KYC and necessary licenses coming in, educated Europeans will see the crypto industry in a different light, and may begin to open investment portfolios as a result. This is confirmed when we analyze high crypto search volumes in Europe. In fact, the evidence of pent-up demand here should not be ignored, and as a result, we are seriously awaiting MiCA and its regulatory side dishes.
Europe and crypto movements
Coinbase is very much on our bench here and has just announced that they are deciding to establish a store in Spain, France, Italy and the Netherlands. The latter has been shown to have a particularly exceptional level of cryptoadoption. The reasons here are quite exciting, and studies often place the Netherlands in the top 5 countries set for an influx of crypto adoption due to an overwhelming crypto search volume and super fast average internet speeds. It is important that we look at countries like the Netherlands as buckets of opportunities, just waiting for the right platform to knock.
By noticing the above in combination with a huge amount of market analysis, at KuCoin, we have decided to roll out EUR trading pairs with BTC, ETH and USDT. This is in fact a significant step in our expansion into the European market, which is currently our highest priority. Users of our platform are already able to make such transactions immediately. The fact that we have been able to implement two fiat currencies with spot trading pairs in such a short time is proof of our implementation efficiency: a key component in our strategy going forward.
Trading pairs moving forward
It’s not just about moving into Europe. One must remember that we are already there! It is as much about consolidating our presence as it is about expanding it. We are confident that these new trading pairs will provide a degree of convenience for our users living in EMU Member States, those living within SEPA, and also those who simply have EUR preferences. In addition, the addition of EUR fiat trading pairs will have a positive effect on liquidity, reduce slippage and provide security for crypto users not only in Europe but worldwide.
We’m pretty excited about what’s coming. We will conduct extensive market analyzes in the future to understand society’s reaction to our new trading pairs in detail. We have KuCard in the pipeline, in addition to a number of fiat on / off ramps. We also look forward to providing our users with financial services through the bear market we are currently in. Not to mention, we will be collaborating with local companies and projects to find and fund gems on the way to the moon!
As a final thought, we should remember that each bear market acts as an incubator for the true powerhouses of the next bull run. This is reflected in nature, with vernalization in winter as a fundamental component in the life cycles of the most beautiful flowers. When it comes to the EU, we can expect flowers to be more daring and dazzling than ever before.
About the author
Johnny Lyu is the CEO of KuCoin, one of the largest cryptocurrency exchanges launched in 2017. Before joining KuCoin, he had ample experience in the e-commerce, automotive and luxury industries.
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