For the third consecutive year, Adan unveils the results of its annual study on Web 3 and crypto in France and Europe, conducted in partnership with KPMG and Ipsos.

For this edition, the objectives were to update the figures regarding the adoption’s level by the French and European general public, to dimension the industry, and to provide insights into the challenges faced by Web 3 companies in 2024.

Data on adoption in France and Europe is based on a survey conducted by Ipsos. The study sample is similar to that of the previous two editions: it covers a population of 2001 French respondents over 18 years old.  Additional samples were added to position adoption in France compared to other European countries such as Germany, the United Kingdom, Italy, and the Netherlands.  Samples range from 1088 to 1116 respondents for the four countries. Respondents' ages range from 18 to 75 years for all countries studied.

To complement the data collected by Ipsos on the "Adoption" part and to update the figures on the Web 3 industry two years after the first study, our second part "Industry" is primarily based on a quantitative and qualitative questionnaire shared with French companies in the sector. Among the 7 main themes addressed, 13 insights emerge from our analysis.



6.5 million French people, or 12% of the population, currently own crypto-assets (compared to 9.6% last year). In total, 15% of French people have owned crypto-assets at some point (compared to 13% last year). Just under a quarter of non-owners would consider acquiring them in the future, constituting a significant adoption pool for the coming years. Therefore, 2023 sees a resurgence in the adoption of crypto-assets, with a significant proportion of "active" holders continuing to invest regularly.

The arrival of these new holders, which more than compensates for investors disengaging from crypto-asset markets, allows France to catch up with other European countries. However, the Netherlands and the United Kingdom still have the highest ownership rates (17% and 16% respectively), while Germany shows similar results to France with an adoption rate of 12%. Italy (11%) follows closely behind. 

Regarding the demographics of French investors: there is a rejuvenation of holders, with 24% aged 18 to 24. Unlike in 2023, the most represented age group is now 18-34 (rather than 25-44). The majority of crypto-asset investors are still male (70%). The study also indicates a more balanced distribution among different socio-professional categories, reflecting an evolution of investor profiles over market cycles. 

The numbers continue to show investor caution, with the majority (54%) investing no more than 10% of their total savings; the crypto portion represents a majority share (over 50%) of their savings for only 10% of them. Furthermore, the study confirms that crypto-asset holders invest more in stocks than the average French person, reflecting the diversification strategy they adopt by investing in this new asset class. To date, holders are still predominantly customers of "crypto-native" services despite the presence of new fintech companies like Revolut and Lydia. Additionally, 21% of French people and 23% of investors would prefer to use their bank for purchasing and storing their crypto-assets. The emergence of banking channels for acquisition would therefore meet market demand. 

Finally, although crypto-assets are currently primarily seen as an investment vehicle, new uses in payment, digital identity, and gaming are gradually emerging in response to demand from French consumers.



  • 84% of French people have heard of crypto-assets (-1% compared to early 2023).
  • 15% of French people have previously owned crypto-assets (+15% compared to early 2023).
  • Currently, 12% of French people own crypto-assets (+25% compared to early 2023).
  • 22% of non-owners are considering acquiring them (-18% compared to early 2023).
  • 57% of investors are under 35 years old (compared to 50% in early 2023).
  • 24% of holders are aged 18 to 24 in 2024 (double compared to early 2023).
  • Men represent 70% of crypto-assets buyers in France.
  • 23% of investors prefer to use their bank for purchasing and storing their crypto-assets.
  • 26% of French people are supportive of the development of crypto-assets payments, with 82% among crypto-assets holders (+5% compared to 2023).



Web 3 is not limited to financial applications. In a sector that is young and largely dominated by SMEs (69%), the services offered by Web 3 are varied (tokenization, storage, entertainment, traceability, identity, DeFi, payment, etc.).  

More than half of the respondents have raised funds in the past, and their investors are predominantly French, which contributes to strengthening the ecosystem in France. However, the presence of French investors is limited to early-stage phases (pre-empted by founders, their families, banking partners, or business angels) and becomes scarcer at more advanced stages of maturity, raising questions about supporting companies in their long-term growth and sovereignty. To date, French investment is strongly supported by Bpifrance, which accounts for 45% of early-stage fundraising in 2023. However, despite the scarcity of funding in 2023, a majority of companies plan to raise funds in the future, including 73% in 2024

Regarding the target clientele: the 25-40 age group, which combines high purchasing power and an attraction to Web 3 (29% of 25-34-year-olds own crypto-assets), is primarily targeted by companies in the sector

Furthermore, over the past two years, the search for partners has overall become easier for Web 3 companies, especially in fiscal, legal, and technical domains. However, the majority of respondents (56%) still encounter difficulties in establishing relationships with banking (compared to 70% in early 2022) and insurance actors.

Additionally, in 2023, the French Web 3 sector followed the trend observed in the overall global tech industry and experienced a slowdown in its growth. This challenging economic situation explains the decrease in staff numbers (11% compared to 2022, after tripling in 4 years). Despite this, companies remain confident for the coming year: they plan to recruit and predict annual revenue growth. 29% even aim to double it compared to 2023. 

Indeed, in terms of employment, 86% of respondents foresee a resumption of hiring in 2024. The proliferation of training programs and academic courses offered by schools also contributes to enriching the skills pool in the market for companies in the sector.



  • 68.8% of respondents are small-sized enterprises (TPE), consistent with the proportion at the beginning of 2022 (70%).
  • 29% of respondents plan to double their revenue in 2024. 
  • 54.2% of respondents aim to raise funds within the next 2 years.
  • The number of employees has decreased by 11% compared to 2022, after having tripled between 2018 and 2022.
  • 86% of respondents plan to hire in 2024.
  • 56.3% of companies in the sector encounter difficulties in finding a banking partner for their Web 3 activities, a decrease of 25% compared to early 2022.