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Developments in the cryptocurrency market have particularly succeeded in highlighting many processes in the blockchain field. Accordingly, the share of cryptocurrency initiatives launched in Africa and Asia reached the highest levels ever seen in the first half of 2024 and managed to capture a share from the US and Canada amid recent regulatory uncertainties.
What Is Happening in the Blockchain Field?
According to an article published by the blockchain startup accelerator and founding community Alliance on July 10, Europe surpassed the US and Canada for new cryptocurrency startups in the first half, holding a 31.4% share, while Asia ranked third with a 26.8% share.
Qiao Wang and Chloexyg from Alliance DAO believe this trend may be due to regulatory uncertainties in the US and the more widespread adoption of crypto asset applications in emerging markets.
Africa’s share also rose to 5.2%, just below Latin America, while Oceania, mostly consisting of Australia and New Zealand, saw only 1.8% of total crypto initiatives in the first half of the year. Alliance said it compiled the data through the 3,000 annual applications it received for its startup acceleration program:
“Due to the very large sample size and our relative agnosticism to these factors, we can gain unique insights into where the sector is heading.”
Important Details on the Subject
The same regulatory uncertainties mentioned by Alliance recently forced self-custody service providers Phoenix Wallet and Wasabi Wallet to exit the US market, while many other firms have started to expand elsewhere. Many blamed the US Securities and Exchange Commission’s regulation-by-enforcement approach.
Meanwhile, according to Alliance’s data, the number of startup founders coming from major tech firms has dropped by more than 15% since 2021. There has been a similar decline in the number of founders from one of the top 100 universities. About 39% of startups are initiated by a single founder, while 51% of startups consist of teams of 2-5 members.
