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European banks and financial institutions are done shopping for crypto infrastructure one piece at a time. They want the whole thing, built by one provider, under one roof.
That’s the core finding from Fireblocks’ latest report, “The Financial Grid Europe + UK,” published on May 13. The survey reveals a decisive shift among institutional players on both sides of the English Channel toward full-stack digital asset infrastructure providers, rather than stitching together isolated point solutions for custody, payments, settlement, and tokenization.
The numbers tell a clear story
Continental Europe is further along in committing real dollars. Some 53% of institutions in the region had already locked in digital asset infrastructure budgets heading into 2026, meaningfully above the global average of 42%.
The UK is playing catch-up, but moving fast. Only 36% of UK institutions had committed budgets at the start of the year. However, an additional 59% are earmarking funds for investment during 2026.
What’s driving the preference for integrated platforms? Security, unsurprisingly, sits at the top of the checklist. Around 67% of continental European institutions cite secure custody and wallet governance as a top factor when choosing a provider. UK institutions lean even harder into resilience, with 68% prioritizing security architecture and operational resilience, followed by 64% focusing on custody specifically.
Regulation is the accelerant
Two different regulatory dynamics are shaping how institutions on each side of the Channel approach their infrastructure decisions. Continental Europe has the clarity advantage, thanks to MiCAR, the Markets in Crypto-Assets Regulation that provides a unified framework across EU member states.
The UK, meanwhile, is working with an evolving framework. That hasn’t dampened enthusiasm, given that 100% of UK respondents and 99% of continental European institutions expect favorable regulatory outcomes. But it does mean UK institutions are building with flexibility in mind, wanting providers that can adapt as rules crystallize.
This divergence helps explain why continental European institutions were quicker to commit budgets. Regulatory clarity reduces the risk of building something that becomes non-compliant six months later. The UK’s slightly later timeline for budget commitments maps neatly onto its still-developing rulebook.
The practical impact of MiCAR’s clarity is already visible. The Qivalis consortium, a group of 12 major European banks including BNP Paribas and ING, selected Fireblocks on April 21 as their infrastructure partner for a MiCAR-compliant euro-denominated stablecoin project. That project is targeting launch in the second half of 2026.
What this means for investors
Fireblocks currently serves over 95 banks globally, which gives it a substantial foothold in the race to become the default infrastructure layer for institutional digital assets. The Qivalis deal reinforces that position in Europe specifically.
One risk worth flagging: universal regulatory optimism can be its own danger. When 99% to 100% of surveyed institutions expect favorable outcomes, any regulatory surprise to the downside could trigger a rapid repricing of infrastructure commitments. The budgets being committed now are predicated on rules that, in the UK’s case at least, haven’t been finalized.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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