The world’s biggest companies are diving into blockchain projects with growing enthusiasm, but the United States…
The world’s largest companies are diving into blockchain projects with growing enthusiasm, but the United States still has work to do if it wants to capitalize on the opportunities these projects represent. This is one of the conclusions Coinbase reached in its fourth annual enterprise adoption report.
The number of Fortune 100 companies with cryptocurrency, blockchain or Web3 initiatives increased 39% year-over-year in the first quarter of 2024 to reach an all-time high. Many of these projects have reached an advanced stage of completion and have an average budget of $9.5 million. Additionally, 56% of Fortune 500 executives say their companies are working on blockchain projects, Coinbase found.
Blockchain appeals to everyone in the real world
The tokenization of real-world assets has driven this adoption, with over $63 billion worth of Bitcoin (BTC) under management in spot exchange-traded funds, and the value of tokenized U.S. Treasuries has increased by 1,000% to $1.29 billion since their inception in 2023.
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Coinbase found that blockchain technology is also appealing to small businesses, with 68% showing positive interest in the technology. Payment technology was particularly attractive to them, but applications were also seen in the gaming, healthcare and restaurant sectors. Coinbase commented:
“Cryptocurrencies create economic freedom by ensuring that people can participate fairly in the economy.”
The United States needs to up its game
There were 136 Fortune 500 companies based in the United States in 2023, compared to 142 in China. Japan comes in a distant third with 41. China overtook the United States for the first time on the list in 2020 and has continued to increase its lead since then.
Coinbase found that the biggest barrier to blockchain adoption for Fortune 500 executives in the United States is not a lack of regulation. It’s more a lack of talent. The small company said it would give preference to candidates with knowledge of cryptocurrencies for financial, legal or technical positions. Only 26% of cryptocurrency developers reside in the United States.
There is a clear desire to work with the United States. More than three-quarters (79%) of large company CEOs said they would like to work with a U.S. partner, and 72% believe a “digital currency backed by the U.S. dollar” would maintain economic competitiveness. -United on a global scale.
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