Crypto Banking Report: Europe is the world’s most crypto-friendly region with 55 banks supporting the industry

Finery Markets has partnered with Coincub, a bespoke crypto analysis platform, and Panterra finance, a provider of international business services, to produce a report on the global banking industry's support for the crypto economy. 

The report revealed that Europe is the most crypto-friendly region worldwide, with 55 banks supporting the industry. Asia came in second place with 24 banks, while North America fell to third place due to negative sentiment and the loss of two crypto-friendly banks.

Konstantin Shulga, CEO and co-founder of Finery Markets, states

“the lack of support from banks has led to a concentration of exposure to crypto players among just a few key players, which is a major issue. It’s unfair that law-abiding crypto firms are being treated differently from other new economy industries, but we believe this will change over time. Despite these challenges, the technological advantages of digital currencies are undeniable, and we are confident that they are here to stay.”

The lack of clarity and consistency in regulations and rules for the global crypto economy has made it difficult for banks to fully embrace and provide services to crypto companies. 

To mitigate potential risks and ensure business continuity, crypto businesses are encouraged to diversify their banking relations. With varying regulatory approaches globally, banks worldwide have the opportunity to serve this rapidly evolving industry. 

Sam McQuade, CEO of Panterra Finance, believes that

"while crypto was initially a threat to traditional banks, it can also be viewed as one of the potential biggest future earnings contributors to those banks who are nimble and agile enough to invest in the right areas."

According to the report, with the right investments, and a diversified banking approach, the crypto market has the potential to become one of the biggest future earnings contributors to the banking industry. 

Finery Markets is committed to supporting the growth of the crypto economy and will continue to partner with industry leaders to promote its development.