US corporate interest in crypto strong despite implementation hurdles
According to a new report, 99% of US-based financial services firms are more focused on crypto projects in 2023 than in previous years.
Paxos surveyed 400 executives from 400 US financial services companies with at least five million users and $50 billion in assets under management or $50 billion in annual turnover.
The “Enterprise Digital Asset Adoption Report 2023” shows that despite the desire to use this technology, companies face various obstacles and challenges. 56% of those surveyed said implementation complexity is the biggest barrier to launching a crypto solution. Paxus said:
“Market events, economic challenges, and the need for greater regulatory transparency to leverage digital assets and blockchain technology demonstrate that companies have invested in the long-term value of the technology.
Commenting on the problems with crypto infrastructure, MasterCard executive Jonathan Anastasia said in the report that working with a crypto-native company helped them. “Infrastructure is hard. We had to find an indigenous player with that deep knowledge to bring the companies together on that journey.
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The report went on to say that 51% of respondents cited market volatility as a major obstacle to their company moving forward with crypto or blockchain projects, while another 43% cited the financial cost of implementation as a major roadblock.
Despite the challenges, less than 2% of survey respondents said lack of confidence in blockchain's benefits was a barrier.
Magazine: Legislators' fear and skepticism fuel proposed crypto regulations in the US.
