Germany Shifts Crypto Gears 🇩🇪
Germany: Tech giants and now crypto leaders? Adidas and Hugo Boss venture into NFTs, while Deutsche Post digitizes stamps. Coinbase expands here. But MEXC, a heads up: BaFin's watching.
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Germany, known for its precision engineering, iconic brands, and a penchant for innovation, has never been one to lag behind in the technological race.
Germany stands out as a major player in the Central, Northern, and Western Europe (CNWE) crypto realm.
Technical Achievements
Germany ranks second in full Bitcoin node operations, only behind the US.
Houses the highest number of Web3 jobs in Europe with over 22,400 positions in crypto and blockchain.
Legislative Actions
Introduction of the Future Financing Act (“ZuFinG”) in April 2023.
Focuses on crypto asset custody.
Provides insolvency protection.
Institutional Developments:
Boerse Stuttgart Digital and Munich Re collaboration for a fully insured crypto staking service, launching in 2024.
Deutsche Bank partners with Taurus for crypto custody and tokenisation.
German-Dutch central banks initiate “Project Atlas” for mapping on-chain transactions.
Dr. Sven Hildebrandt, Executive Director of Business Development and Strategic Partnerships at Boerse Stuttgart Digital.
“Germany has a very strong historical routing in technical blockchain development. For example, if you look for node operations, you will find that Germany has the second most full nodes for Bitcoin after the U.S., which is remarkable. Germany also has the largest number of web3 jobs in absolute terms with over 22,400 jobs in the crypto and blockchain sector.” -
German Brands and the NFTs
Now, with the rise of Non-Fungible Tokens (NFTs), German brands are leading the way, adopting this new digital frontier to revolutionise brand engagement, value proposition, and customer loyalty.
Deutsche Post: Stamps of the Future
Stamps have long been symbols of communication, tokens of journeys, and even pieces of art. Deutsche Post, Germany's venerated postal service, has taken this to the next level by introducing NFTs into their repertoire.
Their latest offering? A limited-edition collectible stamp featuring the majestic Brandenburg Gate, crafted meticulously via artificial intelligence.
Adidas & Hugo Boss
In the dynamic realm of fashion, staying in vogue requires brands to be one step ahead. German fashion powerhouses, Adidas and Hugo Boss, have taken a digital leap in this regard.
Adidas, synonymous with sports and style, has started crafting limited-edition NFT sneakers, allowing enthusiasts to showcase their passion in virtual arenas.
Additionally, their Web3-based artist-in-residency program, the Adidas /// Studio, exemplifies their commitment to fostering digital creativity.
Hugo Boss, another sartorial stalwart, is tailoring its legacy for the metaverse.
Collaborating with avant-garde digital designers, they've birthed an exclusive line of NFT outfits, ensuring avatars echo the same sophistication and style the brand is revered for in the real world.
Mile-High Digital Experience ✈️
With international travel becoming more accessible, airlines need to innovate beyond the traditional mile rewards. Lufthansa, Germany's flagship carrier, is spearheading this change.
Through their Uptrip mobile application, developed in partnership with the Lufthansa Innovation Hub and Miles & More program, travellers can transform their journeys into NFTs.
These digital collectibles can be more than just mementos; they're tokens redeemable for tangible rewards. Given the app's roaring success so far, it's evident that passengers are ready for takeoff in this new digital journey.
Digitising a Legacy 🚗
For over a century, Mercedes-Benz has epitomised luxury on wheels. But as the world shifts gears to the digital, the automobile legend isn't lagging.
Their "Era of Luxury" NFT collection celebrates the brand's evolution, encapsulating designs from various eras into digital collectibles.
It's a nod to their illustrious past while accelerating into the NFT future.
Sweet Treats
German confectioners are proving that the NFT wave isn't just for the tech-savvy. Ritter Sport has transformed their iconic square chocolate bars into pixelated digital delights, introducing the "Art of the Square" NFT collection.
And who could forget Haribo? The company that's brought joy with its gummy bears is preparing to infuse sweetness into the digital sphere, hinting at a vibrant and vivacious NFT lineup soon.
Who else to compete with?
According to a Chainalysis, the UK is dominating the crypto scene in Central, Northern, and Western Europe (CNWE).
UK ranks 1st in crypto activity in Central, Northern, and Western Europe (CNWE).
CNWE is the 2nd largest crypto economy globally, just behind North America.
CNWE made up 17.6% of global crypto transaction volume from July 2022-June 2023.
Total on-chain value for CNWE during this period: $1 trillion.
Country-Specific Data
UK processed $252.1 billion in crypto transactions in the last year.
UK ranks 3rd globally after the US and India.
Germany and Spain follow in Europe with $120 billion and $110 billion, respectively.
Other top crypto nations in CNWE: France, Netherlands, Italy, Switzerland, Sweden.
UK's Regulatory Environment
The introduction of the Financial Services and Markets Bill.
October 2023 saw the Financial Promotions Regime's introduction.
September 2023 marked the adoption of the UK crypto “Travel Rule”.
Eastern Europe's Stand
Ranks as the 4th largest crypto market.
Processed $445 billion in crypto from July 2022-June 2023.
Represents 8.9% of global transaction activity for the period.
Coinbase’s Regional Talent Hub
Coinbase has announced that Germany will become a regional talent hub as part of its expansion strategy in Europe.
The company has seen significant growth in its German operation over the past year and believes that the country's recognition of the economic potential of Web3 makes it an ideal location for sourcing and developing local crypto talent.
Coinbase was the first crypto company to receive a crypto license from BaFin in Germany, further solidifying its presence in the country. The announcement is part of Coinbase's Phase II international market strategy, which aims to go broad and deep in key European markets.
German Regulator Sounds Alarm
Germany's top financial watchdog, the Federal Financial Supervisory Authority (BaFin), has raised concerns over MEXC exchange's operations.
The regulatory body warned that MEXC has been offering its crypto custody services without the necessary authorisation.
BaFin's directive is clear: companies can only offer financial services in Germany with its approval.
This move underscores Germany's commitment to safeguarding consumers in the rapidly evolving crypto sector.
Interestingly, this isn't MEXC's first brush with regulatory scrutiny.
In April, Japan's Financial Services Agency (FSA) flagged MEXC Global for operating without the requisite registration in the country.
As global crypto regulations tighten, exchanges like MEXC are under the microscope, emphasising the need for platforms to ensure compliance and maintain industry standards.
TTD Week That Was 📆
Saturday: Google's $2B AI cheque 💸💰
Friday: SBF's day in court 🦹🏻
Thursday: Binance Top Cats Exodus🚪
Wednesday: BlackRock's Crystal Ball 🔮
Tuesday: "Uptober" Unleashed 💰🔥
Monday: Stop blaming crypto? ⛔
TTD Week in Funding 💰
$5.4 Million. Moonveil. a Cayman Islands-based web3 game studio.
$8 Miliion. Aera. Autonomous onchain treasury management protocol for DAOs, built by the team at Gauntlet.
$20 Million. Neon Machine. the Seattle-based game studio behind Shrapnel.
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