New figures released by the leading venture capital firm Atomico have shown that $1.8bn has been raised in Europe through Initial Coin Offerings (ICOs) since 2014.
That number is close to half of the global total as investors continue to back cryptocurrencies such as Bitcoin, which has grown by over 1,000% since the start of 2017, and Ethereum.
Switzerland has accounted for almost half of Europe's total, with, according to Reuters, significant involvement from firms based in its low-tax region of Zug.
In terms of the number of ICO projects launched, Central and Eastern Europe are ahead with 162 of the rest of the region, followed by 90 projects in Britain and Ireland.
Data goes back to 2014 though 90% of the cryptocurrency activity has occurred in 2017 according to researchers at Atomico, with larger venture firms set to invest more in 2018.