According to the latest Chainalysis report, Russia and Ukraine are key players in the global crypto market. Both countries demonstrate significant crypto investment inflows despite political tension and economic sanctions.
DeFi Growth in Russia and Ukraine
Chainalysis notes that Eastern European regions, particularly Ukraine and Russia, show significant growth on decentralized exchanges (DEX). DEX platforms received approximately $149 billion, with Ukraine accounting for $34.9 billion and Russia for $58.4 billion. A notable increase in large institutional transactions in Ukraine, rising by 361.49%, is observed.
Ukrainian Crypto Investments
Faced with geopolitical challenges and inflation, Ukraine has seen significant growth in both large institutional and small retail crypto transactions, increasing by 82.29% and 91.99% respectively. This indicates an expanded use of cryptocurrencies in daily life.
Sanctions Fuel Non-KYC Platforms in Russia
Homegrown crypto services in Russia continue to gain popularity amid sanctions. Web traffic to centralized exchanges remained steady, whereas Russian-language non-KYC exchanges peaked last year and have since stabilized. These platforms enable Russians to convert fiat into cryptocurrency due to sanctions against Russian banks.
The latest report highlights the active engagement of Russia and Ukraine in the global crypto asset market. The current circumstances are expected to continue fostering crypto economy developments in the region.
