The UK is far behind its continental counterparts when it comes to paying with cryptocurrency.
Research conducted by finance platform Solaris found £7.5m worth of crypto transactions took place in London between January 2019 and September 2022.
This accounted for 37% of the UK’s crypto transactions with other British cities recording far smaller numbers. Birmingham, Leeds and Glasgow accounted for 3%, 1% and 0.3% of the total spend during the same period.
The average crypto transaction in the UK was £40, and typically used for money transfers, hotel bookings and online shopping.
The report found the French capital of Paris recorded the most transactions in Europe with a sum of £22m.
Spain’s capital Madrid came in second, recording £16.8m worth of transactions. Berlin was third with £16m, followed by Sofia in Bulgaria with £13.8m.
Solaris product manager Ben Hall said: “We are increasingly seeing brands beginning to accept cryptocurrencies as a payment option.
“However, the real key to making crypto spending successful lies in enabling consumers to spend both fiat and cryptocurrency instantly at the point of sale via contactless payment.”
The research also concluded 72% of all crypto transactions were made by people aged 21-42, while 24% were made by people aged 43-64. Under 21s and over-65s each made up an equal 2% to account for the rest.
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