📊56% OF FORTUNE 500 FIRMS PURSUE CRYPTO AND BLOCKCHAIN📊
Wow! A recent Coinbase report highlights a significant surge in cryptocurrency and blockchain initiatives among Fortune 100 companies, showing a 39% year-over-year increase in Q1 2024. Additionally, 56% of Fortune 500 companies are actively working on onchain projects.
📈 FORTUNE 500 FIRMS’ GROWING INTEREST IN CRYPTO:
In its latest “State of the Crypto” report, titled “The Fortune 500 Moving Onchain,” published on June 12, Coinbase detailed key findings from research conducted by The Block:
INCREASE IN INITIATIVES: The number of cryptocurrency, blockchain, or web3 initiatives announced by Fortune 100 companies has surged by 39% year-over-year, reaching a record high in Q1 2024.
WIDESPREAD ADOPTION: 56% of Fortune 500 companies are now working on onchain projects, including payment applications.
🔍 HIGHLIGHTS FROM THE REPORT:
SEC APPROVALS: Significant recent events include the U.S. Securities and Exchange Commission (SEC)’s approval of spot bitcoin exchange-traded funds (ETFs) and pending approval for spot Ethereum ETFs.
TOKENIZED U.S. TREASURY PRODUCTS: High interest rates have driven demand for safe, high-yielding T-bills #onchain , increasing the value of tokenized U.S. Treasury products by over 1,000% since early 2023, reaching $1.29 billion.
STABLECOIN INITIATIVES: Companies like Coinbase, Paypal, and Stripe are spearheading various stablecoin projects.
👥 TALENT AND REGULATORY CONCERNS:
Coinbase emphasizes the importance of retaining crypto talent in the U.S.:
DECLINING DEVELOPER SHARE: The U.S. has seen a 14-point drop in its share of crypto developers over the past five years, with only 26% of crypto developers currently U.S.-based.
TALENT SCARCITY: Among Fortune 500 executives, the availability of trusted talent is now a major concern, surpassing regulatory worries.
What do you think?
It's safe to say that the future of crypto is secured!
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