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.
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.
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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
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