U.S. Companies interest in Crypto Surge Despite Challenges!
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Written by
Rahul Nambiampurath - Updated 2024-02-13 20:25:35
In a recent Paxos survey, 99% of respondents indicated that their companies had intensified their focus on crypto and blockchain projects in 2023 compared to previous years.
The findings from Paxos, a crypto firm, highlighted that 99% of the U.S. financial services companies included in the survey had placed an equivalent or increased emphasis on crypto projects in the current year compared to preceding years.
Paxos conducted the survey among 400 executives from financial services companies based in the United States, each boasting a user base of at least five million and either $50 billion in assets under management or a $50 billion annual payments volume.
According to the “2023 Enterprise Digital Asset Adoption Report,” despite the widespread interest in adopting digital asset technology, companies are grappling with various barriers and challenges. A notable 56% of respondents identified implementation complexity as the primary obstacle hindering the launch of a crypto solution.
Paxos commented:
“The resilience of digital assets and blockchain technology in the face of market events, economic challenges, and a need for more regulatory clarity reflects that companies have internalized the value of the technology in the long term.”
Addressing the challenges within the crypto infrastructure, Jonathan Anastasia, an executive from Mastercard, highlighted in the report that collaborating with a crypto-native firm proved to be beneficial. “Infrastructure is hard. We needed to look for a native player in this space with that deep expertise to bring the companies together on that journey.”
The report further elaborated that 51% of respondents considered market volatility a major obstacle to advancing with crypto or blockchain projects, while 43% cited the financial cost of implementation as a significant roadblock.
Despite these hurdles, less than 2% of survey respondents expressed that a lack of belief in the benefits of blockchain posed an impediment to their progress.
