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The UK could become the blockchain capital of Europe

by LLT Editor
23rd Mar 22 11:51 am

Rockaway Blockchain Fund, one of Europe’s leading funds investing in blockchain start-ups, has said that London and the UK could outstrip the rest of Europe to become a leader in Web3 development. The comments come as the VC firm holds its Investor Summit in London on Wednesday 23rd March 2022. The UK already receives 29% of all European blockchain VC investments, which is the largest in Europe.

Viktor Fischer, Managing Partner of Rockaway Blockchain Fund, said: “The UK has talented developers who are equipped to work on the next phase of innovations in the blockchain space, cementing the UK’s reputation as an incubator for talent. Together with London’s status as a global financial hub, the UK has the capital and expertise for investors excited about the opportunities for the automation and digitalisation of financial services presented by blockchain technologies; which is why we have gathered a long list of distinguished speakers to discuss Web3 at our Investor Summit in London this month”.

Traction metrics in Web3 are growing with similar growth rates as the early days of the internet. For example, daily active addresses on Ethereum grew from 200,000 in January 2020 to 550,000 as of today, increasing about 65% year on year. This means there is huge demand for tech talent in Web3, with job postings mentioning blockchain in the UK at an all-time high and seeing growth of 400% since 2020.

Blockchain investments are also growing, with investments coming into the UK last year totaling $1.6 billion from 250 investors into over 500 start-ups. The UK already has a European-leading tech sector. In 2021 the UK’s tech sector attracted £29.4 billion worth of investment, a 2.3x increase on 2020, with over 72% of this originating outside the UK. This was more than double that of Germany (£14.7 billion) and three times as much as France (£9.7 billion). In total the UK accounts for £89.5 billion of investment into the European tech ecosystem, underscoring why the UK is a natural home for blockchain development.

Dusan Kovacic, Chief Investment Officer at Rockaway Blockchain Fund, said: “ – Building on top of programmable money enabled by blockchain, Web3 opens a new era of commerce where financial and social use-cases, including social networking and gaming, converge into a coherent virtual experience. But we need developers to make the jump. The UK has all the ingredients – deep tech expertise and active investors – to become a global Web3 epicenter.”

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