Lithuania, a country with a population of 2.8 million, has a bigger token economy than countries 20 times its size. Lithuania ranks as Europe’s fifth largest country for crowdfunding. Despite the size of the nation, it has a growing crypto community, and favorable regulations.
Vladas Jurkevičius, CEO of Safein, the Lithuanian digital identity start-up says –
“Lithuania doesn’t have a track record for world-famous tech start-ups, and we didn’t have access to large VC funds. ICO’s and crypto communities remove boundaries so that no matter where you are located, only the team, technology and idea matters. In addition, the blockchain community is very strong within Lithuania; people share their ideas and experience freely.”
He added, “The country is famous for its regulatory framework for fintech companies as well, and when blockchain technology was on the rise, a lot of projects received support from the government.”
Lithuania is known for maintaining high standards of education. After independence, Lithuania built software solutions for western companies, which resulted in the country producing a large number of skilled engineers. The government of Lithuania is tech savvy and provides excellent support to develop sound IT infrastructure.
The country recognizes that cryptocurrencies give every nation an opportunity to compete on equal footing. GDP notwithstanding, everyone is equal in the crypto world and market.
Joao Martins, head of business development for Birdchain which is a tokenized advertising and rewards platform, moved to Lithuania two years ago from Portugal. Martins says he senses, “the beating pulse of a whole generation embracing this adolescent energy [of cryptocurrency] with a voracious hunger and drive to prove their worth to the world.”