A recent survey conducted by Binance indicates a strong bullish sentiment among European investors despite the recent volatility in the nascent industry.

The cryptocurrency market has recently witnessed a significant correction, following the lead of Bitcoin (BTC) and increased selling pressure since January 12. However, the market has shown signs of stability and recovery as the month draws to a close. 

European Crypto Adoption

The survey across France, Italy, Spain, and Sweden provides valuable insights into the European perspective on cryptocurrencies. 

Notably, 73% of European residents expressed optimism about the future of crypto assets. Among the respondents, 55% exclusively interact with digital assets, while 24% stated that more than half of their trading activities involve cryptocurrencies.

The survey also shed light on the primary drivers for mainstream adoption of cryptocurrencies in Europe. According to the respondents, high returns were cited by 20%, decentralization by 18%, and innovation by 17% as the key factors driving their interest in digital assets. 

The survey also revealed that many European participants actively use cryptocurrencies for everyday purchases. Approximately 55% of respondents reported using digital assets for daily transactions, with 10% making weekly crypto purchases. 

This highlights a gradual shift towards wider acceptance and adoption of cryptocurrencies as payment.

Binance Chief Marketing Officer (CMO) Rachel Conlan attributed Europe’s secure and harmonized regulatory framework as a crucial catalyst for the mainstream adoption of digital assets. 

The clear and consistent regulations provide a sense of security for investors and businesses alike, facilitating the growth and acceptance of cryptocurrencies in the region.

Binance Funding Controversy

Gaming platform SkyArk Chronicles recently announced the completion of a $15 million funding round, with Binance Labs leading the investment. However, the post on social media X (formerly Twitter) making the claim has since been deleted, and Binance has refuted its involvement in the funding round. 

According to Binance, it had only incubated and invested in the project through Incubation Season 3 in 2021 and did not participate in the project’s latest financing round. The company stated:

SkyArk Chronicles is a project incubated and invested in by Binance Labs in 2021 through Incubation Season 3; please note that Binance Labs did not participate in the project’s latest financing round this year. Thank you all for your attention.

On January 26, SkyArk Chronicles launched a Genesis non-fungible token (NFT) sale, which generated significant interest, raising over 50,000 Ethereum (ETH).

However, according to recent reports, users expressed anger and disappointment following the conflicting funding information on the project’s Discord channel. Some users even demanded refunds due to the false financing claims made by the project.

The contradictory statements regarding SkyArk Chronicles’ funding have raised concerns among investors and users. Deleting the post and Binance’s denial have sparked doubts about the credibility and transparency of the project. 

Investors, who may have made decisions based on the initial funding announcement, now question the project’s legitimacy and seek clarification.

As user frustration grew, the project team was pressured to address the situation. It remains to be seen how the team will respond to the refund requests and provide clarity regarding the funding discrepancy. 

Featured image from Shutterstock, chart from TradingView.com