A recent study by blockchain analytics firm Chainalysis shows that crypto adoption is accelerating in Eastern Europe, with Ukraine and Russia at the forefront. The surge is fueled by emerging DeFi applications and rising institutional backing.
The ongoing Russo-Ukrainian war has also driven a shift toward alternative financial systems, as currency instability and sanctions increase reliance on non-traditional finance.
Eastern Europe’s Crypto Trend
A new report by blockchain analytics firm Chainalysis reveals significant cryptocurrency growth in Eastern Europe, driven by DeFi activity and institutional adoption, even amid political turmoil. DeFi transactions accounted for over a third of all crypto activity in the region last year, positioning Eastern Europe as one of the fastest-growing DeFi markets globally.
Previously, Chainalysis observed rising centralized exchange transactions in Russia and Ukraine; however, decentralized exchanges are now gaining momentum as the preferred platform for regional users.
Read more: DeFi Community Building: A Step-by-Step Guide
To help explain this shift, Ivo Georgiev, CEO and co-founder of the Bulgaria-based Ambire Wallet, gave an exclusive interview with BeInCrypto. As he put it, the central appeal of these decentralized institutions is their availability. In the US or Western Europe, for example, banks are easily accessible, even offering tax benefits for certain wealth-building activities.
“In Eastern Europe, such services are not only rare, but the
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Author: Landon Manning
