Regardless of whether (central) stock exchanges, miners or hardware wallet manufacturers: they are all subject to national regulation and are as much a part of the national economy as a medium-sized automotive supplier. Consequently, it makes a significant difference whether the emerging crypto-unicorns emerge in Europe or other regions of the world. Accordingly, the question arises as to how the European crypto industry beats the US and Asia.
Unfortunately, cryptographic service providers are showing a similar development to the platform economics of Web 2.0. The really big and not decentralized organized companies and service providers are located in the US and China. Whether Bitmain from China or Coinbase and Ripple from the US – most major players are not in Europe. They are shaped by the local standards and politics. They pay their share of the taxes there and have their know-how bundled by clever minds on the spot. Europe has the disadvantage.
The way we shop (Amazon), the way we interact socially via the Internet (Facebook), the way we browse the Internet (Google), and the choice of destinations (Airbnb) are determined by companies do not sit in Europe. Even our data is not in Europe or its value added does not take place here. Consequently, better access to information is not available to the European authorities, but to the US.
The enforcement of European interests, such as consumer protection and data security, is correspondingly more difficult. The current consumption and communication standards are thus strongly shaped by the current Web 2.0 platforms. Anyone wishing to use these services must accept the terms and conditions and give out their valuable data free of charge. The economic welfare gains are thus benefiting above all the USA and Asia.
Just like the Web 2.0 and the well-known platforms mentioned above, the not-yet-finalized Web 3.0 creates a new economy. In addition to artificial intelligence and the Internet of Things, Blockchain technology also plays an important role in this economy. Over the next few years, new major players will emerge and, in addition to decentralized projects, also centralized players with great influence.
Therefore, the news from Netherlands is gratifying that the crypto company Bitfury recently raised $ 80 million in capital. According to the company, the rating would crack the $ 1 billion barrier – a European unicorn. Although Bitfury is only a small piece of the puzzle in the crypto-economy, it is a positive signal for Europe as a location. After all, it takes know-how and clever minds to drive forward crypto innovations not in Silicon Valley, but here in Europe. For all traditional cryptographic services and products, a strong European crypto industry can ensure that the bright minds do not leave Europe. On the contrary, it can ensure that bright people from other parts of the world want to come to Europe.