“Web3 and Crypto in France and Europe” Adan study, a key reference for the Web3 Industry

Transcript

[Music] one, two. Okay. Hi everyone. Thank you very much for uh coming to our um conference with Marilen. Um we're going to talk about um adoption and industry, the web3 industry in France and Europe. Um my name is Lauron V. I'm vice president of Adan. Uh Adan is uh the leader of the this 2D. Uh the first one was in 2020. So we have got some some kind of benchmark to do with the with the studio in France in Europe. Um and I am pleased to introduce Milen with me who worked with us at Dwat and uh um did

a study with us. I'm going to let her introduce herself and then we're going to start the presentation. Hi everybody, my name is Marilyn Raika. I'm a partner at Deote. I'm very very happy to be there uh today. Uh Vitalik yesterday on stage raised a major point that is when you start your journey inside blockchain and uh and crypto. Um do you have today the same enthusiasm, the same mindset as the one you had when you when you began the journey? For me it was 10 years ago and my answer is yes. Uh and I'm very very happy to be with you today uh to co-present this uh this major study uh with Lauron uh and uh at the

first row the my aden family and my deoid family. Thank you. Thank you Marine. So um first of all when we talk about a study and the adoption part we need to do some um information about our methodology how we we did it um we did it with Ipsos. Ipsos is a French um and and European very well-known um uh organization with the panel. So uh we um ask our question in France to 2,000 individuals uh 18 and plus years of age um representative of the French population according to our uh French statistic and we did the same one uh in Europe um on upon 5,000

individual also representative of the European uh population. So um the European benchmark was in the UK, Germany, Netherland, Italy and for the first time Belgium. Uh so in France it was um 45 question uh pusset question in uh in Europe. Um and we have some um very interesting key figures to introduce to you. So uh first of all I just want to do some um um vocabulary glossery about the term uh employee just to make sure that everyone is uh in on stage and don't hesitate to ask if you don't understand that um some some kind very interesting investors individual who hold or have previously held crypto

assets holders are the individuals who hold crypto asset at the date of the study uh and the other one very interesting is the intentionist intentionist are the one that don't hold actually cryptos and are very interesting in holding some uh in 2025 and years to come. So that's the kind of um information we going to rely on. So I just wanted to make sure that it's it's clear for um everyone. Um basically what we need to um know and remember about the study in in France and we're going to check that in Europe too. Uh 92% of French population have already heard about cryptos. Um this is um uh 8 point more versus 2024. Uh and it's very

interesting and important because we can now consider that everyone knows about crypto uh in France. 92% of course you can do 95 98 but 92% regarding to statistic and um and panel we can say that everyone have heard about cryptos uh in France. Uh the other thing very interesting in one out of three French um people wants to hold crypto in the years to come in 2035 or years to come. So they they're just saying that okay we going to buy some crypto or I'm going to invest or I'm going to interact with the blockchain anyway uh in the in the years to come. And this is very interesting.

And the other figures very important is that 10% of French people hold crypto assets uh at the time of the study the study sorry was in January uh 2025. Um if regard these figures in Europe what is interesting it's it's kind of always the same figures uh in in the different countries. You've got the figures about the first line is about cryptocurrency uh NFTs on the second line and stable coin in the in in the last line. So it's basically all the same except in Belgium we we don't have any explanation uh explanation about this 81% in Belgium.

Uh so um but basically we can say the same about uh uh everywhere in Europe. interesting thing is that you can see on stable coin for example uh the information are quite very different because we we're going from uh 70% in France to 29% in uh in Italy uh and uh and 25 in the UK for example meaning that the um what we call the adoption and the in um interaction with blockchain is not quite the same everywhere and stable coin are still very significant increase to come uh in in the in the coming years. Um holding of crypto assets here also we have some kind of um

different figures in Europe, 10% in France, uh 19% in the UK, uh so it's quite uh different meaning but what we can really learn about these figures is that we have still a lot of things to do and we still at the beginning of the adoption in France and Europe. Um just to conclude this information uh people holding crypto assets are sometime maybe uh um maybe too much exposed in crypto asset as I would say uh because it's around 20 25% in different country meaning that um for example if I take the figure in France uh in France people who hold crypto asset crypto asset represent 17% uh of

their total holding which is quite a lot for uh you know this kind of thing but it's um it's interesting it meaning that al obviously for those who don't hold any cryptos which is 90% of the population in France we still have a lot of uh uh a lot of adoption to come um two last thing to um then go on the industry part with Marilyn um crypto asset payment is also a very interesting thing because uh 25% uh are totally ly favorable uh at the um at the use of um crypto as a as a payment and uh on the defy uh awareness

and usage is also something very interesting key figures um people are very interesting but still there's a lot of people to uh convist and uh and um and inform about that uh this is what I wanted to say the the last thing is about custody uh on the on the survey uh Everything is um uh well quite as we know um crypto asset custody all type of asset uh obviously cryptocurrencies NFT and stable con uh many people uh around 60% are holding their cryptos through a third party such as a con binance coinbase crypto.com etc. uh 29% through a personal wallet uh meaning self-

custody uh and 13% is using both depending on what they are what they are trying to do on the on the blockchain. Um this is what I wanted to say about the um about the study on this um adoption part. You can find the study and all the information on the uh on the website of Adan adan.eu um and now I'm going to let Maren speak about the industry part and uh we can answer your question after that. Okay. Thank you very much. [Applause] Okay.

Okay. So, now let's go to the industry part and uh like Lauren did uh I'm going to start with the methodology part and the the key takeaways but please stay until the end of the presentation to go into deeper details. Okay. So about the the methodology um our industry section has relies on four main sources. So it's a very robust uh very robust study. We had an online survey of 25 questions. We conducted almost 25 in-depth interviews with experts of the of the sectors. Um we use also three external data s sources

crunchbase deal room and la French tech. And also we added this year uh two case studies of our golden sponsors de and who are really one step ahead of the market in in France. Uh conducting interview uh like a live my life uh with them. uh they have explained their their journey and uh it's it's quite quite interesting to to see how they how they how they manage to to build new products to add ideas on the market to help regulation to develop eta about the survey. Uh it was organized into four major categories

um company characteristics human resources such as number of employees staff evolution etc. uh financial resources uh of course a part around regulation and legal framework and uh and then questions about resilience of the of the sector. It was very important as we were in beer market. So now the key takeaway slide uh the first two ones concern resilience.

What we can say is that despite economic uncertainty, the web free industry in uh in Europe showed resilience in 2024. After a slowdown in 2023, the French companies are back in the offensive uh because uh as we can see in the survey uh nearly two3 operate internationally internationally. So okay and three quarters plan to hire in 2025. And the third pond concerned uh a crucial topic in France which is the fundraising. Let's now take a closer look at the at the respondents. We had 82 respondents to the consultation which is a record for this uh for this study. 49 were web

free uh native and 33 are traditional companies with activities in web three. And we had the chance in uh in France to see uh a lot of uh uh traditional companies launching products and services. Uh we had a wave of announcement uh with Exark a subsidiary of BPCO, Bee, France, Kit, Bubon, Odo etc. uh even cities are getting involved uh because as you may as you may know can and the pal festival are actually involved in a major and long-term uh web free strategy. if that's why NCC is uh at Candice uh this uh this year what we can see is that uh the most

representative sector is of course the financial financial one both for big companies and for um and for startups. Um now about employment and and skills the study highlights several important points. uh employment in the sector is growing again in 2024 which is encouraging an encouraging senior for for the future. Um and about the profile uh as you can see it's very very diverse. Uh of course we need it guys and women very important. Um compliance is growing. Uh and uh we we have almost 20%

around research and development. From my point of view uh as this industry is moving very fast, R&D is really really essential to stay ahead of uh of the curve. Now let's turn to fund rising. Um what the what the the study shows is that uh twothird of the startups uh have already raised fund which is great but but there is a but most of the fundraising occurs in early stage in France uh and it's not the case in other other over other over other over other

over other over other over other regions of of the world. All right, we had a a major information with BP France who recently uh announced 25 million euros digital asset fund. So I hope we hope we do hope that they are going to help startups after the after their their seed phase. Um, origin and nature. Sorry. No, it was this this one. Okay.

So, as I said at the beginning, we about the level of funds raised is in more than two billion uh2 billion dollars. So, it's great. It's stable regarding the the the the past the past study. uh but what we observed is that uh the market share is increasing and is increasing in the US. The US rose from 40 to 47% uh and Europe it dropped from 27% to 21%.

So this is a critical point in uh in uh in France and in uh and in Europe. uh we need to boost this uh fundraising um dynamic. A few words now about the funding resources and origin. Euro European web free startup struggle to attract local capital. 32% of investment comes from Europe versus uh 36 from the US. So as a conclusion we could say that web free is a young sector but that needs greater support and above all beyond the seed uh the seed face to maintain in

Europe a long-term competitiveness and um and so we can't uh close this presentation without talking about regulation. Of course, as you may say, in Europe, we are um we regulate a lot. Uh we are always one step ahead on this uh on this topic. Uh and Mika came into force at the end of 2024. This um this uh regulation of course brings a lot of of clarity, but there is a gap emerging between web free native startup and traditional firm. As you can see on the as you can see on the on the on the

graph uh how can we explain uh that only 20% of web free companies have a positive view on the regulation uh versus 52 for traditional companies. So what are the what are the the the triggers? Of course the eye cost of compliance. It's uh it's a cost to make a a cyber security audit. Uh Mica is uh is complex. Startups very often are young. Um and they don't uh it's not easy to read this uh this big book of of of regulation.

uh whereas for traditional firms they have uh teams dedicated to compliance they have experience and they have uh they have more more budget so it's a major point of uh of concern regulation really can help the development of this uh of this industry uh but what we are doing at uh at ADAN and Aden met very great job on on this is exploring the subject of proportionality uh to make this regulation to make a regulation adapted to startup and uh maybe a more stronger one for big for big uh companies. Thank you for your attention and we are ready for questions.

Thank you very much Marlin and Lauron for this presentation. We have uh three minutes for Q&A if you have any questions. Yeah. Uh, can can you pull up slide 17 or 161 17? Can you pull up slide 16 or 17 back on the um the there's a global breakdown. Yeah. Oh, go forward one 17.

17. Yeah, there you go. uh for the distribution of fundraising the chart in the middle. How did you calculate how did you get to those numbers? We used external uh sources. It was a crunch crunch base I think. Thank you. Excuse me. Um, so I understand the first part, the adoption is available at Adnand EU and is this other second part available there as well or at a different site?

Actually, it's the same study, the same um report. So you can find everything that we talked about on the on the website of the association. Yes. Thank you. Okay. Uh I'm bit curious are the proportionality uh coming any soon or not? For example, for the travel roads uh Mika it's same for every uh companies more big. Um we're working on it. Okay. So no I can't I can't say that it's coming for sure but it's uh it's something that we really really working on uh with all the uh member of the association and this is a very big part of the ADAN is a professional association from all the uh actors in

web three front in Europe and we have a representation in Brazil and we're working on it in Brazil. Yeah. Thank you. We'll take one last question. Okay. Well, thank you very much everyone. So, I just um recall studies on adan a dan.eu if you want to find the study. Thank you very much. [Music]