30s Summary

Crypto activity in Eastern Europe, especially in decentralized finance (DeFi), boomed between July 2023 to June 2024, with over $499 billion in transactions reported by Chainalysis. The region now ranks fourth globally, contributing more than 11% of the total share. Despite the rise in DeFi, centralized exchanges still hold the majority share. Russia and Ukraine emerged as major players, with transactions above $182 billion and $106 billion respectively. Despite conflict and inflation, crypto use remains high and is considered a safer bet, leading to increased capital influx.

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Crypto activity is booming in Eastern Europe thanks to decentralized finance, also known as DeFi, says Chainalysis, a platform that analyzes crypto data. In fact, between July 2023 and June 2024, the region saw over $499 billion in crypto come its way.

What’s really interesting is that decentralized finance (DeFi) transactions made up around a third of all crypto coming into Eastern Europe. That’s a whopping $165 billion in DeFi activity alone, as noted in Chainalysis’s October 30 report on crypto use.

In the world of global crypto markets, Eastern Europe now ranks fourth. The region’s $499 billion in crypto makes up more than 11% of the entire global share. According to the data, more people in Eastern Europe using crypto could lead to fresh capital pouring into the crypto scene.

But there’s a twist. Even though DeFi activity is on the rise, centralized cryptocurrency exchanges (CEXs) are still getting the lion’s share. They racked up more than $324 billion in digital asset deals.

Turning to individual countries, Russia and Ukraine are the big players in Eastern Europe’s crypto scene. Despite ongoing conflict and international sanctions, crypto use remains strong in both countries.

Russia saw more than $182 billion in crypto, while Ukraine was in second place with over $106 billion. It’s worth noting that big businesses have played a huge role in Ukraine’s market growth, with most transactions in 2024 involving hefty amounts over $1 million.

Crypto activities continue to thrive in the region despite the war. For example, WhiteBIT, a crypto exchange, has a solid presence in Ukraine. A rep from WhiteBIT shared that institutional and professional crypto transfers in Ukraine have surged as many look for financial stability amid war, viewing cryptocurrencies as a safer bet.

Digging into the data on crypto transactions, Bitcoin purchases using Ukraine’s currency – the hryvnia – have grown significantly over the past year, reaching over $882 million. This uptick comes following the 26% inflation of the hryvnia in December 2022, which then slowed down in early 2024.

According to Chainalysis, it looks like Ukrainians may be using Bitcoin as a sort of safety net – an alternative place to store their wealth.