Even a quick look through the crypto news archives over the past couple of years will show a flurry of activity related to crypto and the Netherlands. The northern European nation is quickly establishing itself as a regional hub for crypto trading and Web3 innovation.
A 2022 study found that close to 2 million Dutch residents held crypto at that time. Meanwhile, global exchanges are expanding into the country to meet demand for services. That's why we rebranded Okcoin Europe Ltd to OKX in Europe during April 2024, and officially launched our exchange and Wallet in the country in May 2024.
One influential pillar of the Netherlands' crypto industry is its local enterprise, with numerous companies building inventive new tools and platforms to help guide the space forward. Who are these companies, and what advancements are they responsible for?
In this article, we'll spotlight five of the most influential projects advancing the Netherlands' crypto scene during 2024.
1. LTO Network
LTO Network is a hybrid blockchain supporting identities and ownership in the digital space. The network comprises a private layer for managing identity, assets, and tokenization, while the public layer handles the consensus mechanism. The project's LTO token is used to complete transactions on the blockchain, and can also be used for staking with an LTO Network community node.
The wider ecosystem is built up of technologies that enable the ownership of real-world assets (RWA) and digital collectibles. The organization has stated its ambition to "host the worlds most advanced RWA ecosystem on its blockchain."
On the network, various decentralized applications work to create an RWA platform capable of managing the complete lifecycle of assets, from on-chain tokenization to DeFi activities and off-chain interactions. Meanwhile, LTO Network stated its intention to launch the LTO Network Ownables wallet during the first half of 2024, allowing users to store and manage their RWAs. What's more, the network's software development kit allows users to create ownables on the LTO Network Layer-1 blockchain.
With a broad suite of technologies related to decentralized data security, digital identities, privacy, and digital asset ownership, LTO Network is an active player in a space that could look very different in a few years' time.
2. Dusk Network
Dusk is a Layer-1 blockchain protocol designed to power smart contracts that support the financial and compliance needs of companies. The network's technology aims to address the inefficiencies of traditional finance and provide "equal opportunity for organizations of all sizes to secure capital, trade assets, and access a full spectrum of financial services". That's made possible through Dusk's permissionless blockchain designed for the issuance, trading, and management of programmable digital assets.
Transactions happen securely through the network's native token, DUSK, and primitives related to zero-knowledge proofs. Meanwhile, a pioneering zero-knowledge virtual machine allows users to program smart contracts, power decentralized applications, and define the parameters for automated compliance and control.
As businesses and institutions benefit from simpler access to DeFi services and the convenience brought by automation, individual users gain a route to institutional-level assets directly from a self-custody wallet through the Dusk network.
Dusk's ecosystem is diverse and set to grow, with a mainnet launch reportedly planned for 2024. The Amsterdam-based organization's focus on regulated and decentralized finance (DeFi) places it in a strong position to capitalize on growing interest in Web3 iterations of traditional financial services and technologies.
3. Cryptohopper
Cryptohopper is a customizable crypto trading bot that allows users to manage accounts from multiple exchanges from a single interface. Artificial intelligence enables users to choose a trading strategy for the bot to learn and implement. Users can also subscribe to signals that tell the bot when to place a buy order.
Cryptohopper also includes features users might be familiar with from their chosen exchange, including advanced order types such as trailing stop and copy trading functionality. Meanwhile, the Marketplace is where users can find free and paid-for signals and template strategies to automate.
With crypto beginning to reach a wider mainstream audience, tools like Cryptohopper that aim to simplify trading and lower the barrier to entry could prove popular among crypto-curious individuals wanting exposure to virtual assets. This interest could spike following the full implementation of Europe's Markets in Cryptoassets (MiCA) Regulation, which aims to harmonize crypto regulation across the region.
4. Kryptomon
Kryptomon is a Web3 play-and-earn NFT (non-fungible token) blockchain game. Players are invited to train, breed, and battle Kryptomon — fantastical NFT-based creatures holding unique powers and the ability to evolve. Users can get involved with various games, including the 'phygital' trading card game Kmon Hunters and a mobile-based massively multiplayer online role-playing game (MMORPG) called World of Kogaea. Meanwhile, Genesis is a tactical turn-based role-playing game, while Pink Moon: The Legacy of Koa is a real-life treasure hunt powered by augmented reality.
Players of Kryptomon could easily forget they're experiencing blockchain games given the sophistication of the game mechanics and rich visuals. However, each adventure has conventional Web3 and cryptographic factors woven into it. Pink Moon, for example, uses the KMON coin for all transactions, while prizes earned during the game's treasure hunt are airdropped directly to players. What's more, players can also bridge their KMON holdings and NFTs between Ethereum and Polygon to send and redeem assets.
At the time of writing, gameFi has a total market cap of around $22.8 billion and continues to challenge the flourishing global video games market for audience share. Projects such as Kryptomon are playing an influential role in achieving the same by helping on-board more players to blockchain gaming and, as a consequence, familiarizing more people with Web3's possibilities.
5. BlockTech
BlockTech is a platform for algorithmic cryptocurrency trading. Founded by a team from the worlds of software development and derivatives trading, the platform has stated its mission to "improve transparency and increase liquidity within the market. At the time of writing, BlockTech provides access to Bitcoin and Ethereum options and futures trading, with plans for a wider offering in the future.
BlockTech is part of a market segment that's enjoying a bullish period as of mid-2024. The crypto derivatives market reached a record-high trading volume of $6.18 trillion in March 2024, although its share of total market activity did slip during the same period, according to Coin Desk.
Founded in the Netherlands in February 2018, BlockTech has since expanded its presence into Singapore. Today, OKX provides liquidity to BlockTech to help support efficient trading and minimize slippage for users.
The final word
Crypto users, developers, and enterprises have good reason to be excited about their prospects in the Netherlands. Millions of Dutch citizens and residents now hold cryptocurrency, while various forward-looking enterprises are applying their talent and resources to positively disrupt the status quo for finance, gaming, and other industries.
With the full implementation of MiCA continuing in 2024, we may see an acceleration of crypto-related activity in Europe and the Netherlands over the coming months and years, helped by the momentum built by the projects in this article and myriad others.
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