Lithuanian Blockchain Startups, ICOs Rake in €500 Million

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Lithuanian Blockchain Startups, ICOs Rake in €500 Million

While a fair amount of hand-wringing has been done across the European continent regarding the regulation of the cryptocurrency industry, there are a few countries who have seized the blockchain boom with opportunistic fervor. We often hear about places like Malta, Gibraltar, and Switzerland attracting hosts of blockchain firms; one of the blockchain-friendly countries that we don’t hear about quite as often, however, is Lithuania.

Politico reporter Joanna Plucinska wrote that from a regulatory perspective, the country has welcomed the blockchain industry with open arms. This has paid off quite well for the small nation, which has a population of roughly 2.9 million people. Over the last twelve months, an estimated €500 million has been raised through ICOs and blockchain firms in Lithuania.

As a partial result of this influx of cash, the Lithuanian economy is estimated to grow by 3.1 percent by the end of this year, 0.8 percent ahead of the rest of the EU. In fact, the country is so bullish on blockchain that the Express reported that it has been upgrading its internet networks to “support data-heavy operations” like those involved in maintaining blockchain networks.

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