Coinbase Report: 56% of Fortune 500 Firms Engage in Crypto and Blockchain Projects

A recent report by Coinbase indicates a substantial increase in cryptocurrency and blockchain activities among Fortune 100 and 500 companies. The report shows that initiatives involving these technologies among Fortune 100 companies have surged by 39% compared to the previous year, reaching a peak in the first quarter of 2024.

Additionally, 56% of Fortune 500 companies are currently involved in blockchain projects. The report underscores the importance of establishing clear cryptocurrency regulations to retain talent and bolster U.S. leadership in this sector.

In its latest report titled “The Fortune 500 Moving Onchain,” titled “State of the Crypto,” published on June 12, Coinbase highlighted the following findings from research conducted by The Block for Coinbase:

  • Cryptocurrency, blockchain, or web3 initiatives among Fortune 100 companies have grown by 39% year-over-year, hitting a record high in Q1 2024.
  • A survey of Fortune 500 executives revealed that 56% are involved in onchain projects, including consumer payment applications. This increased activity highlights the urgent need for clear crypto regulations that will help keep crypto developers and other talent in the U.S., deliver on crypto’s potential for better financial access, and enable U.S. leadership in the global crypto market.

The report also points to significant recent developments, such as the U.S. Securities and Exchange Commission (SEC)’s approval of spot bitcoin exchange-traded funds (ETFs), which had faced considerable demand. Furthermore, the SEC has approved spot ethereum ETFs, pending S-1 approval.

Coinbase noted that the rising interest rates have driven demand for secure, high-yielding Treasury bills on the blockchain, increasing the value of tokenized U.S. Treasury products by over 1,000% since early 2023, reaching $1.29 billion. The report also highlights various stablecoin initiatives by companies like Coinbase, PayPal, and Stripe.

Coinbase emphasized the importance of retaining crypto talent in the U.S. “The U.S. has seen a decline in its share of crypto developers, dropping by 14 percentage points over the past five years, with only 26% of crypto developers now based in the U.S.,” the report stated. The lack of available and reliable talent has become a significant barrier to adoption for Fortune 500 executives, even more so than regulatory concerns.

Among Fortune 500 executives, the primary concern regarding the adoption of crypto technologies is the availability of trustworthy talent, surpassing worries about regulatory issues.

Coinbase stressed that clear regulations for crypto are crucial to maintaining technological leadership and retaining developers. The company noted that cryptocurrency offers the promise of better financial access, especially for underserved populations.

Additionally, 79% of Fortune 500 executives expressed a preference for U.S.-based partnerships, and 72% believe that a USD-backed digital currency is essential for maintaining global competitiveness.

Also Read: Bitcoin Faces Potential $60,000 Dip Amid Market Uncertainty

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