Even a few years ago, not many would have thought that crypto M&A, or mergers and acquisitions, were ever going to be a thing. However, it needs to be kept in mind that the crypto space has grown and evolved at a remarkable pace over the course of the past few years. Nowadays, the industry surrounding cryptocurrencies has not only evolved dramatically, but an actual ecosystem has emerged.
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According to a new report by the consultancy firm PricewaterhouseCoopers, most of the fundraising, as well as M&A, work in the crypto industry used to happen in North America, but that has now changed. The lion’s share of such deals is now being completed in Europe and Asia.
The report from PwC was released on Thursday, and it goes without saying that this indicates a growing sense of maturity in the overall crypto industry. According to the report, as much as 41% of all fundraising was done in Europe in the second quarter of the year, while 34% of the deals were completed in Asia during the same period. Due to the rise in crypto M&A deals in Europe and Asia, it can be said with some degree of certainty that the ecosystem is growing steadily in both these markets.
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However, the rise of such fundraising deals in these two continents also indicates that North America is slowly losing its grip somewhat. According to the PwC report, only 28% of the deals completed in the second quarter belonged to the Americas. A year ago, in the same quarter, the number of deals in the Americas stood at 51%. A senior manager of the crypto and fintech team at PwC has stated that the recovery from Bitcoin this year has been the big reason behind such frenetic deal-making.
That being said, the evolution of the crypto M&A space is a welcome development in the industry and one that should endure even if the price of Bitcoin goes down.
Featured image: DepositPhotos © artjazz
