The United Kingdom is amongst the top countries embracing blockchain technology as the
future of finance. Recently the government officials asked the Royal Mint to create and issue an
NFT specific to the UK, announcing these plans as a symbolic big step towards making the
country a global leader in the cryptocurrency world.
Where is the UK's crypto market in 2022 and where is it headed? In this article, we will talk
about the UK’s relationship with the blockchain. We will look into Britain’s current position in
the crypto market and its crypto potential through a list of the most promising crypto projects
that originated in the UK. We will also talk about the best crypto exchanges in the UK.
Here is a quick overview of our topics:
● How is the UK accepting cryptos in 2022?
● The best crypto exchanges in the UK;
● Most promising blockchain projects in the UK;
1. Blockchain – the best UK company in crypto services;
2. Elliptic – number one UK software for tech regulation;
3. Argo Blockchain – first UK cryptocurrency mining company aiming to go fully green;
4. BCB – best UK provider of business accounts for digital assets;
5. Copper – the most efficient portfolio management for digital assets;
● Conclusion.
How is the UK Accepting Cryptos in 2022?
Almost every fifth UK resident (19%) has bought cryptocurrency at some point before,
according to a survey finder.com conducted in February 2022. This means that 9.8 million Brits
have tried owning or trading cryptos. Notably, the interest in blockchain technology is rising
amongst Brits, since 45% of all British crypto holders only got involved in the past two years.
According to the same survey, the UK's current crypto ownership rate is 6.1%, compared to 3%
in 2018. If we look at the global percentage of crypto ownership, which is currently 15.5%,
Britain still seems a bit behind in its adoption of the cryptocurrency lifestyle.
The Government is taking a course towards a future where cryptos are not just accepted, but a
normal part of everyday life. UK officials are working hard towards regulating the crypto market
just enough to increase the reliability of cryptos as much as it’s possible considering their
volatility.
In April UK Treasury acknowledged that certain stable coins (only fully-backed like USD Coin)
could become means of payment for retail customers, underlying the necessity of making
appropriate legislative arrangements to meet this future potential.
At the same time, an idea was put forward to create the Royal Mint’s very own NFT. As Reuters
reported, the British finance minister Rishi Sunak asked the Royal Mint to make an NFT by
summer.
All of these steps show that the UK is starting a process of accepting cryptos the proper way –
and thus making London a huge hub for crypto.
The only thing standing in its way is the time necessary to make regulations that meet the
needs of both the new crypto technology and the financial institutions. Crypto firms in the UK
are expected to apply to be registered with the Financial Conduct Authority (FCA). In the
process, they are expected to prove to have sufficient controls preventing money laundering.
According to The Guardian, only 34 firms were granted full approval, with dozens rejected.
The Best Crypto Exchanges in the UK
There are many big platforms available in the UK that specialize in crypto trading. Before
deciding which is the best crypto exchange UK to invest your trust in, you must consider several
important characteristics: like platform safety, the markets it supports, and how much they
charge for the service. Here is a quick list of the best crypto exchanges available to investors in
the UK and marked as favorites amongst users.
1. eToro is considered the overall best crypto exchange in the UK, for both safety purposes
and ease of setting up a verified account. eToro is authorized in the UK, US and Australia
and enables trade of more than 70 cryptocurrencies, but also stocks and ETFs.
2. Uphold is popular not just as the domestic exchange based in the UK, but for its huge
selection of cryptos - more than 115. There are also stocks and commodities available
for trading on Uphold. The platform invests a lot in safety and transparency.
3. Bitstamp is one of the oldest amongst the best crypto exchanges around, also famous
for its low fees. The platform supports more than 50 different cryptocurrencies in the
UK.
4. Crypto.com is one of the youngest crypto exchanges but worth considering for its low
fees, an easy-to-use app, and a good base of beginner materials.
5. Coinbase is favorite amongst beginners since it’s user friendly with a variety of guides to
learn from. Although it’s a bit more expensive than other exchanges Coinbase has some
additional safety features that are worth having.
Most promising blockchain projects in the UK
The United Kingdom has always been home to innovation and entrepreneurship, and it’s only
natural for blockchain technology to base itself here.
The UK now has around 250 high-growth companies based on blockchain technology. More
than half of them are in the seed stage of development. This means that the sector is still very
young and will take some time to grow into true crypto champions.
Here is our list of the most promising blockchain projects that originated in the UK. All of these
make use of blockchain technology in different ways, as listed in the overview above.
1. Blockchain
Blockchain is the number one UK crypto company, currently the best-funded of all UK-based
companies in the crypto industry. Founded in 2011 Blockchain managed to raise £356 million
($438.69 million) in equity fundraisings. The majority of this sum was collected in a single
funding round in 2021.
Blockchain.com is a full-stack crypto services platform, with its own online crypto wallet, giving
users a chance to shop cryptos instantly with a credit card. Blockchain has 37 million verified
users and operates in more than 200 countries. It’s backed by investors from Silicon Valley, Wall
Street, and London, one of which is Google Ventures.
Blockchain managed to make three acquisitions so far. After acquiring Argentinian company
SeSocio at the end of 2021 Blockchain became not just one of the most promising blockchain
projects in the UK but also the largest cryptocurrency platform operating in Latin America.
2. Elliptic
Elliptic is a technology pioneer focused on blockchain analytics to prevent financial crime in
crypto assets. It has created software that can track the money sent during ransomware
attacks.
The project was started in 2013 as simple storage for bitcoin private keys, only to evolve into a
blockchain analysis provider that detects suspicious crypto activities and helps trace illegal
transactions. The company’s anti-money laundering software helps not only financial
institutions and regulators but also businesses to detect and guard against financial crime.
Elliptic has raised £79.5 million ($97,97 million) in equity fundraisings in total, of which the vast
majority came from a recent single funding round in 2021.
3. Argo Blockchain
Argo Blockchain is the first cryptocurrency mining company that went through a standard listing
process and was listed on the London Stock Exchange (LSE). The company so far raised £19.79
million ($24.4 million) in equity funding.
Argo Blockchain’s main focus is cryptocurrency mining on a large scale. This startup aims to
make crypto mining not only profitable but also more efficient and greener. Their mining
facilities are supported by high-tech energy-efficient machines.
Argo Blockchain is aiming to achieve 100% mining from renewable sources by 2050 and to
become the first climate-positive crypto mining company. This fact alone makes Argo
Blockchain probably the most promising blockchain project that originated in the UK.
4. BCB
BCB Group is the number one provider of business accounts for digital assets, that enables
customers to open multi-currency accounts. The service supports up to 10 currencies per
account and makes trade of FX and cryptocurrencies quick and easy.
BCB Group, founded in 2017, managed to raise £48.3 million ($59.52 million) in equity
investment, out of which the majority was collected during the fourth round in January 2022.
Some of the BCB’s most prominent clients are Galaxy, Gemini, and Bitstamp.
5. Copper
Copper offers custody and portfolio management for digital assets, aiming to make the
experience as smooth and secure as the trading of other more traditional financial assets.
Founded in 2018, Copper has secured £68.38 million ($84.3 million) in equity funding in total,
spread across four rounds. Copper’s client base now stands at over 400 institutions worldwide.
Copper’s most prominent product ClearLoop allows trades to be instantly settled without the
need to be pre-funded.
Conclusion
Where is the UK at with its cryptocurrency acceptance right now? The country is slowly taking a
course in the right direction, especially with the recent initiative for Britain’s very own NFT.
Statistics we discussed show that the interest in digital assets is growing steadily, with almost
one-fifth of the population that traded cryptos at some point.
Other significant factors that show the UK could truly be a huge crypto hub are the most
promising blockchain projects that originated in the UK. All of them show great creativity in
catering to the different needs of the crypto ecosystem. It’s interesting to know that the UK
even has a London-based crypto exchange that is amongst the best crypto exchanges available
in the country.
Crypto enthusiasts argue more can be done to make the country accessible for high stake
blockchain technology. Small companies with big ideas need a welcoming environment to grow.
When these local companies do grow with the help of local investors, so will the UK’s share in
the digital assets market.
