Blockchain is booming among Fortune 500 companies, but the US is lagging behind – Coinbase
The world's largest companies are embracing blockchain projects with great enthusiasm, but the United States has some work to do if it wants to take advantage of the opportunities these projects represent. Those were among Coinbase's conclusions in its fourth report on year-over-year corporate adoption.
In the year In the first quarter of 2024, the number of Fortune 100 companies with cryptocurrency, blockchain or Web3 initiatives grew by 39% year-over-year. Many of these projects are in advanced stages of completion and have an average budget of $9.5 million. Coinbase also found that 56% of Fortune 500 executives say their companies are working on blockchain projects.
Blockchain attracts everyone in the real world
The real-world asset token has been the driver of this adoption, with more than $63 billion worth of Bitcoin (BTC) in spot exchange-traded funds and tokenized U.S. Treasury bills rising 1,000% in value to $1.29 billion as of early 2023.
Related: 18M Americans Will Use or Own Crypto by 2023 – Federal Survey
Coinbase confirmed that blockchain technology is attractive to small businesses as well, with 68% expressing positive interest in the technology. Payment technology was of particular interest to them, but applications in gaming, healthcare and the restaurant industry were also noted. Coinbase commented:
“Crypto creates economic freedom by allowing people to participate fairly in the economy.”
The United States needs to step up its game
In the year In 2023, there were 136 Fortune 500 companies in the US, and 142 in China. Japan is a distant third with 41. China surpassed the US for the first time in 2020 and has since increased its lead.
The main obstacle to blockchain adoption for Fortune 500 executives in the United States is not a lack of regulation, Coinbase found. Rather, it is a lack of talent. He said small businesses prefer candidates with crypto knowledge for finance, legal or technology positions. Only 26% of crypto developers are based in the US.
There is a clear desire to work with the United States. More than three-quarters (79%) of large business executives said they would like to work with a US partner, and 72% thought that a “USD-backed digital currency” would protect America's economic competitiveness globally.
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