56% of Fortune 500 Firms Pursue Crypto and Blockchain Projects, Says CoinbaseA Coinbase report reveals that cryptocurrency and blockchain initiatives among Fortune 100 companies rose by 39% year-over-year, reaching a record high in Q1 2024. In addition, 56% of Fortune 500 companies are working on onchain projects. The report emphasizes the need for clear crypto regulations to retain talent and enhance U.S. leadership in crypto technology.Fortune 500 Firms’ Growing Interest in CryptoIn its latest “State of the Crypto” report, titled “The Fortune 500 Moving Onchain,” published on June 12, Coinbase detailed that according to research conducted for Coinbase by The Block:
The number of cryptocurrency, blockchain or web3 initiatives announced by Fortune 100 companies has increased 39% year-over-year and hit a record high in Q1 2024.
Moreover, Coinbase noted: “A survey of Fortune 500 executives finds that 56% say their companies are working on onchain projects, including consumer-facing payments applications. The increased activity underscores the urgency for clear rules for crypto that help keep crypto developers and other talent in the US, fulfill crypto’s promise of better access, and enable U.S. leadership on crypto globally.”
The report highlights significant recent events, including the U.S. Securities and Exchange Commission (SEC)’s approval of spot bitcoin exchange-traded funds (ETFs), which had “significant pent-up demand,” Coinbase said. Additionally, the SEC recently approved spot ethereum ETFs, pending S-1 approval. Coinbase noted that high interest rates have increased demand for safe, high-yielding T-bills onchain, driving the value of tokenized U.S. Treasury products up by over 1,000% since early 2023, reaching $1.29 billion. The report also emphasizes various stablecoin initiatives by companies like Coinbase, Paypal, and Stripe.
Coinbase explained that the U.S. must retain crypto talent. “The U.S. continues to lose developer share, down 14 points in the past five years; only 26% of crypto developers are U.S.-based today,” the crypto exchange stated. Talent scarcity is a major adoption blocker for Fortune 500 executives, surpassing regulatory concerns, Coinbase said, elaborating:
Among Fortune 500 executives, concern about available, trusted talent is now a top blocker to adoption, more than concern about regulation.
Moreover, Coinbase stressed that clear crypto regulations are essential to retain developers and maintain technological leadership. Crypto promises better financial access, especially for the underbanked, the company noted, adding that 79% of Fortune 500 executives prefer U.S. partnerships, and 72% believe a USD-backed digital currency is vital for global competitiveness.
Source: https://news.bitcoin.com/56-of-fortune-500-firms-pursue-crypto-and-blockchain-projects-says-coinbase/
