Crypto is not dead: Fortune 500 companies bullish on the space
Despite mounting US regulatory pressure, more than 80% of Fortune 500 companies are either looking into or actively deploying Web3 initiatives, according to a Coinbase study released on Monday.
Coinbase’s report, which compiled data from Fortune 500 firms, found that a little over half of respondents had experimented with blockchain technology and considered starting their own related initiatives in early 2020. By last year, that figure had increased to over 60%.
Early entrants circa 2020 included Citi, Google and Goldman Sachs, Coinbase said in its “The State of Crypto: Corporate Adoption.” Companies in the finance, technology and retail sectors have been prominent adopters of crypto technology.
Those three areas comprise over 75% of all initiatives that the Fortune 100 companies have undertaken since the start of 2020.
The majority of initiatives that the companies are looking into involve infrastructure development, supply chain management and data collection, according to Coinbase. Payment use cases have also received significant interest.
Over 60% of the executives interviewed said crypto investment would grow, and many of them claimed blockchain technology will play a significant role in shaping the future of business — similar to the role of the internet and artificial intelligence (AI).
Although the report’s general sentiment (77%) shows Fortune 500 companies believe that blockchain technology will significantly shake up the future of the financial system, almost 90% agree there remains a lack of clear rules and regulations around the technology that is hindering further adoption.
The report notes that a large majority (over 90%) of respondents believe policymakers must create new rules to govern this emerging technology — rather than enforcing already existing rules that apply to older tech.
It also highlights concerns that the US may lose its competitive advantage if it does not implement favorable policies to accommodate up-and-coming blockchain technology advancements. That’s especially true, per the report, considering the US’ share of worldwide Web3 development dipping from 49% to 20% over the past six years.
The sentiment comes soon after the SEC filed lawsuits against large cryptocurrency players Binance and Coinbase, causing significant market volatility and a flurry of talent and investors moving overseas.
Coinbase has since launched an integrated campaign which is aimed at teaching policymakers the purpose and role of crypto.
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