Compared to their counterparts in the United States and the rest of Europe, there are only a handful of British cryptocurrencies on the list of top cryptocurrencies by market cap.
The disparity is largely a result of a lack of regulatory clarity, with most British crypto projects deciding against issuing tokens for their platforms. For instance, successful companies like Blokchain.com, Elliptic, Bitstamp, and Luno all have British roots, but no native token powering their platforms.
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On the bright side though, this article lists some well-performing British cryptocurrencies and their use cases. While they’re not some of the best performing, they are essentially worth keeping an eye on, especially if you’re a Brit!
What are British Cryptocurrencies?
The term is used to refer to cryptocurrency projects with their companies or primary developer team either registered or based in Great Britain. It does not include blockchain or cryptocurrency-related companies that do not have a native coin or token for their platform.
TOP British Cryptocurrencies
Company Location: England
Electroneum is a payment-focused cryptocurrency project that launched in 2017. Led by CEO Richard Ells, the company raised $40 million in an initial coin offering (ICO), promising to deliver a product that would make it easier for anyone to send and receive crypto easily.
Electroneum primarily targets mobile phone users, allowing them to send and receive ETN almost instantly and for low fees. The project subsequently built out other products, including AnyTask (a freelancing platform) to further boost adoption for their cryptocurrency.
In 2019, Electroneum launched a budget-friendly mobile smartphone designed to allow users to mine the cryptocurrency on their mobile. However, it appears the move never took off, and was further marred by the COVID-19
Electroneum (ETN) market cap: £321.5M
Cashaa is one of the crypto-friendly banks in the United Kingdom. Primarily, the company banks cryptocurrency-related businesses as these firms are usually marginalised by traditional financial institutions.
Cashaa offers personal and corporate current accounts with support for up to 70 currencies, including EUR and GBP.
In 2017, Cashaa launched its native token, CAS, raising $18.5 million in an ICO. The utility token provides customers with access to speedy application processing, cheaper transaction fees for wires, exchange rebates, and other exclusive features.
While launching initially as an Ethereum-based token, CAS is currently live on the Binance Chain and is also listed on exchanges such as KuCoin and MXC.
Cashaa (CAS) market cap: £66.8 billion.
Company Location: London
Wirex is a currency exchange platform. The platform primarily works as a mobile app that lets users convert between fiat currencies and cryptocurrencies seamlessly. Wirex also offers debit cards for customers looking to spend in either currencies.
In 2019, Wirex launched its native utility token Wirex (WXT) with the goal of using it to offer customers access to exclusive benefits while using the application. For instance, users can enjoy heavy discount fees and exclusive merchant offers.
The token was initially distributed in a pre-sale to existing users, and subsequently via an initial exchange offering (IEO) on Singapore-based exchange, OKEx. Subsequently, WXT was listed on KuCoin and other top crypto exchanges.
The Wirex token is built on the Stellar blockchain, meaning that users must use a Stellar network native wallet to directly interact with the token. Otherwise, they can buy and sell it via Wirex’s platform.
Wirex token (WXT) market cap: £30.6M
Location: United Kingdom
Cambridge-based Fetch.ai is a decentralised machine learning project working to combine the power of decentralised networks with artificial intelligence. Its native token, FET, is used to pay for deploying autonomous agents, interacting with oracles, and smart contracts on the network.
The technology being developed by Fetch.ai finds a number of use cases including autonomous delivery and travel agents, commodity exchange and decentralized finance, collective learning, transportation, supply chains, etc.
Aside from being heavily backed by VCs such as Outlier Ventures and GDA Group, Fetch.ai raised $6 million from an IEO on Binance Launchpad, and it remains one of the most promising and high-profile British cryptocurrencies.
Fetch.ai is listed on Binance and other tier-one exchanges, with users also having the option to stake FET in annualised yields.
Fetch.ai (FET) market cap: £348 million.
Radix DLT is the youngest British cryptocurrency project on this list, and rightly so operates in one of the newest corners of the industry – decentralised finance.
Radix has built out a layer-1 protocol and a suite of tools such as Cerberus that let DeFi users, developers, and market makers cheaply access liquidity. Radix claims that its blockchain solution can hit up to 1 million transactions per second and is due for full public release in 2021. The platform’s native token, eXRD, is listed on Bitfinex and Uniswap.
Even while yet to fully launch, Radix raised $12.7M (nearly £9.37M) in a token sale, and had earlier received £10 million backing from LocalGlobe and TransferWise CEO, Taavet Hinrikus.
Radix (eXRD) market cap: £91.4 million.
The State of Britain’s Cryptocurrency Market
The British cryptocurrencies listed in this article account for a combined £858 million market cap. Which is meager when compared to the total £1.2 trillion market cap for all cryptocurrencies.
However, it does not accurately reflect the current state of Britain’s cryptocurrency market. Many startups and companies have raised funding within the past few years and are keeping up with their offshore counterparts.
British cryptocurrencies refer to crypto projects with companies based in Great Britain. This article listed some of the largest ones by market cap, including Electroneum (ETN), Wirex token (WXT), Cashaa (CAS), Fetch.ai (FET), Radix (eRDX).
Like most cryptocurrencies, holding these coins does not represent equity ownership, but a bet that the projects would go on to attract more users and possibly reach mainstream adoption.
The lack of many British cryptocurrencies in the list of coins by market cap does not accurately reflect the state of the region’s crypto and blockchain ecosystem. Startups and established companies continue to attract funding and are well on par with foreign competitors.