CTRL/SHIFT - 13 06 2026 CHAPEL STAGE - GIACOMO WEISS - L'ADOZIONE DEI CRYPTO ASSETS

Uh, so actually, uh, we have made these studies about, uh, the crypto adoption landscape, uh, in, uh, in the European five, five compa- five, uh, countries: Italy, France, Germany, Spain, and UK. What we have found out, uh, is that there are different markets and, uh, different crypto adoption based on the different, uh, countries. Looking at the the the data, we can see that, uh, UK is, uh, the market that is the most mature uh, compared with the others ones. Uh, Spain is following with, uh, a 14% of, uh, crypto, uh, asset holders. And, uh, we have France and Italy, uh, at the last, uh, position with Italy that unfortunately is, uh, the the last one.

This change, uh, if we look at the Sorry. If we look also to the people that previously held, uh, crypto asset, uh, we have made a different, uh, questions about, uh, how the different users are holding, uh, the crypto asset. And we have found that, uh, Italy, compared with the France and Germany, are at the last position, but, uh, there are a lot of different consumers that held, uh, crypto asset in the past. Maybe this is because of the different hypes that, uh, we face in the years. But, uh, one other Sorry.

One other, uh, interesting data is about, uh, the, uh, consumer that are willing to buy crypto asset in the futures. Uh, we see that, uh, there are different, uh, percentages, uh, compared with the different countries. Uh, as we have seen, UK before was the the ones with, uh, the most of the consumer that are holding crypto asset. This is changing, uh, with the consumer that are willing to buy crypto assets with UK that has the lowest percentage. This is because is a kind of market that is already mature compared with the others countries that are evolving with for a there there's we can notice that the the biggest percentage is about Spain with a 17% of consumer that are going potential consumer that are going to buy crypto asset.

Sorry, crypto asset when we talk about crypto asset we are talking about cryptocurrencies but also other the old different types of tokens. So, also about stable coins but also utility tokens. There are different kind of consumer that we we asked. It's a representative survey so they are covering all the different types of consumers and the type of consumer that are buying cryptocurrencies right now and as of today are different there's different distribution between the different ages, between the different genders and also the net income. The monthly net income.

What we have seen is that mainly the youngest consumer are buying crypto currencies crypto assets in general under 35% 35 years the consumers that has this age are willing to hold the different crypto asset while there's a different distribution if we look at the monthly net income with people that has a higher net income that are going to are willing to buy the crypto asset. This is mainly also because of the volatility of the kind of assets that they are going to buy and also the kind of investor that are willing to buy these assets. The The study is interesting also to understand why people are approaching crypto assets as most of us I hope that somebody knows that there's not only a function for crypto asset. It's not only for investing, but there's a a word that they are opening that is called the web 3. Mainly the different consumer are buying crypto asset for investments.

One over two of the different consumer that holds or had held crypto assets were buying crypto assets as investments, but something that is interesting is about the other voice of this kind of distribution. The people are also buying crypto asset for other motivation. For example, they are making DeFi interaction. Once you buy a crypto asset, you can go on a crypto exchange on a DeFi protocol and access to different other financial instruments. Or for example, looking at play-to-earn gaming.

So all the world of decentralized application and so earning crypto asset through gaming gamings. Looking at the the different investors. So the investment purpose is the ones with the biggest, sorry, with the biggest percentage. We have thought about okay, but people are going to buy for investments, but how is the user that is investing crypto asset? Which is the weight of the crypto asset in their portfolio?

There are different users that are approaching to the crypto world. Mainly are users that are using the different purchase channel to buy crypto assets are independent investor while others are bank investors. So, based on these two categories, we try to understand which is the weight of crypto asset in their portfolio and we found out that mostly of the users as a big percentage of their portfolio based on crypto asset. Mainly meaning that they have a high volatility portfolio and also the approach to the investor sphere is coming from crypto assets. So, many of the we have seen that before the different consumer that hold or had crypto asset were young or with a high net income.

They are approaching also for the return on investment. In Italy, there's a particularity. So, based on the crypto asset consumer that are willing to buy the different are willing to invest in crypto assets, we have different channels through they want to invest. And in Italy, mainly they are focused on a uh as a purchase channel. One of the trend of this year is a stable coin.

We have seen a different announcement. Uh we have seen a different adoption. Uh and so uh we asked to the consumers which is uh their stable coin adoption. Uh differently from the news from the projects, we found out that stable coin right now is for customer for B2C uh projects and B2C uh different market uh it's still a niche uh what does it mean? It means that only 8% of the total consumer that of the sample has a stable coin in their portfolio and uh only 12% uh of uh consumer have or had held uh stable coins.

Stable coins are a sort of token that uh differ from the different cryptocurrency. This is because uh they are pegged with a fiat currencies. So, the value of one stable coin is the same of an euro or a a USD. Uh so, uh the the the use that you can do with a stable coin is not uh about invest investing but also paying. You can pay with stable coin.

So, we asked um This is the distribution. It is changing. Okay, this is the distribution between the five countries that we have studies. Uh the percentage are similar to the general crypto asset, but uh we can see a change in France. So, UK is always the most mature uh markets, but uh we can see that France is increasing its uh stable coin adoption compared with the crypto assets, while Italy and Germany as a really low uh percentages.

But as I was saying as I was saying Okay, between the different consumer that has a stable coins, we asked them why they all the or had held stable coins. Mainly most of the half of them are saying that they are using stable coins for payments. So for exchange of value between two different users and if I want to pay you, I want to send you 1 euro instead of using PayPal or using different circuits like Visa, MasterCard, everything, every cards that you can think about, I'll change the value of 1 euro with a stable coin. While the the other 40% mainly could be like for like for bearish bearish markets, so an exchange of value while I want to preserve the values of my investment, I put it on stable coins that is not going to change their values. To to finish, how people are going to buy stable coins and crypto asset in general, we have made a studies on purchase channels and the different custody channels.

The people that are approaching to the crypto asset, they are using different channels that you can find here. Mainly not we noticed that 47% of the crypto consumer are buying crypto asset on centralized exchange. So the idea of blockchain that is going to disintermediate the the the world of the digital landscape is still not evolved. We have a centralized exchanges that are are the mainly channel through which the crypto consumer are buying crypto asset while with different percentage we are seeing on ramps. So the different decentralized application that make the conversion between fiat and and the different crypto asset.

So these are the centralized application protocols on which user lonely can go independently to this application and exchange their their their fiat their euro with an investment in a crypto assets. While we we can see another percentage that is interesting are banks. Banks are starting to enter in this market are entering in this market mainly because the the users are making a lot of investments so they cannot lose this opportunity and we have 19% of the crypto holders or the people that held the crypto assets that are buying them through the bank account. The different banks are putting different services on trading of crypto assets. While with if we look at this percentage based on the different countries, we see different configuration.

In Italy mainly the consumer that has crypto assets, they bought it through are willing they are interested sorry potential purchase channels. So people that wants to buy the different crypto asset are willing to buy it through banks account. This is probably based on the configuration of our our population that is needs an intermediate that can help to go to buy and invest in crypto assets. While as the configuration of the countries, we have the UK that has a configuration more mature, so people are still buying the crypto assets through through centralized exchange, but also the percentage of our arms is one of the highest. You can see the second column so with a 23% on UKs.

Completely a different kind of distribution in Germany. In Germany, there are the e-trading trading platforms specializing trading that are exposing there are they they they are giving assets on their channels and mainly the German people are going are buying the different crypto assets on these trading platform as eToro or Degiro so that are already specialized in different investment assets. Looking and finishing with once the crypto asset is bought, we have to custody it. So I buy a cryptocurrency, I buy a stablecoin and basically if I buy it on a centralized exchange, I custody it on a centralized exchange. This is also the explanation of these percentages.

Basically, we have the mainly custody channel that people are using is a centralized exchange, but we have also high percentage on wallets. Wallets are basically instruments where you can custody your crypto assets independently and uh with uh there are different kind of wallets, a custody wallet or non-custodial wallets. Uh but people are also answering that they hold their crypto assets on wallets. Um meaning that also the users are evolving in the knowledge about the different crypto asset adoption. Finishing with with also the banks.

The banks are starting to give the opportunity once you trade and you buy your crypto asset to custody your crypto asset internally of wallets or your bank account in order to have everything under under your control. To finish, which are the mainly Okay, with the crypto asset also we have a distribution. The distribution is basically literally similar to the ones of the purchase channels. So the different percentage are really similar between between the different countries. So mainly central centralized exchange are the the first one custody channel for everyone, but are lowering base on the banks.

For the banks, it's interesting to look at France and Spain, which are which which has the mainly percentage with around 20% mainly because the market infrastructure of the different banks and the offer that the different banks are giving to the to the companies and consumer is different. There are different banks that are making possible trading crypto assets with their channels. To finish, I the key key take takeaways that we found out that one over five one over over five consumer are has or held crypto assets. So, 1/5 of the population in Europe is interesting in having crypto asset. The different countries in Europe has different configuration.

In Italy, we still uh have not mature market compared with UK in which they are making different projects and the consumer also are more independent in approaching to the not only investment part of the crypto asset, but also on using crypto asset in the landscape of web three and in the decentralized application in in the file application and everything that consists about the blockchain world. And at the same time, Italy and Germany are following with Spain that has a different status with sort of evolution that is going on. And looking at the the the most particular trend that we have seen this year with also different consortium that are new in the market in Europe, stable coins for customer is still an issue. Not a lot of user are using B2C. I'm always looking at the B2C market are using stable coins for payments and for others others willing.

Okay, with these the key takeaways, uh I thanks everybody for the attention and if you have some question, I'm keen to to to answer to it. Thank you very [snorts] much.