On the southeastern shore of the Baltic Sea lies Lithuania, a country of some 2.8 million. Most most people would struggle to place it on a map, and there are 77 European cities larger than its capital Vilnius, which number just 578,000. Despite this, Lithuania has outperformed nations 20 times its size in the token economy, making it Europe’s fifth largest country for crowdfunding. The small nation boasts a burgeoning cryptocurrency scene, aided by fast internet and a favorable regulatory climate.
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During the 14th century, the Grand Duchy of Lithuania was the largest country in Europe, but the country has suffered some shrinkage since then, centuries of skirmishes and annexations taking their toll. Today it ranks 35th out of 49 European nations by population, but in some respects Lithuania still punches above its weight. ICO Watchlist places Lithuania fifth for European crowdfunding, based on the number of projects to have launched within its borders; Bankera alone raised $150 million, and it has been reported that 10% of all ICO money raised last year went to the Baltic country.
It’s not the only nation in that part of the world to have embraced the crypto revolution; neighboring Latvia and its neighbor Estonia have are also cryptocurrency hotbeds, while adjacent Belarus recently legalized crypto and declared zero tax for cryptocurrency firms until 2023. Lithuania’s love affair with crypto is partially a regional thing, then, though its penchant for all things digital and decentralized seems stronger even than that of its peers. Anecdotally that certainly seems to be the case; attend any crypto conference this year and the odds are
