Interesting Facts: More Than 50% Of Fortune 100 Are Working On Blockchain Projects
Key Points:
- More than half of Fortune 100 companies are investing in cryptocurrency or blockchain initiatives.
- Investment in these technologies is expected to increase over the next few years, with an average Web3 initiative budget of nearly $5.8 million expected for 2023.
- Regulatory ambiguity and a lack of clear regulations remain major hurdles to adoption.
According to a new report conducted by crypto exchange Coinbase, more than half of the Fortune 100 companies are working on cryptocurrency or blockchain initiatives.
The report shows that 52% of Fortune 100 companies have invested in cryptocurrencies or blockchain efforts since early 2020. According to Coinbase, around 60% of Fortune 100 companies will engage in crypto or blockchain initiatives beginning in early 2022. 70% of Fortune 100 companies exploring cryptocurrency plans have formally started their initiatives as of Q2 2023.
“These companies are innovating and investing in these technologies because they know that the century-old global financial system needs updating, that blockchain can be a foundational solution, and that not keeping pace will mean losing ground in this global economy to competitors around the world, among other possible reasons,” the exchange said.
The report is based on The Block Research’s examination of Fortune 100 Web3 activity and a poll of Fortune 500 executives performed on Coinbase’s behalf by a third-party research agency.
Yet, regulatory ambiguity and a lack of clear regulations for crypto and blockchain technology continue to be major impediments to adoption, with 87% of polled CEOs believing that clear laws are critical for maintaining US leadership in the global financial system.
Nevertheless, according to the report, Fortune 100 companies have made 109 private venture capital investments in 80 crypto blockchain companies totaling more than $8 billion since 2017.
Citi Ventures, Google Ventures, Microsoft Ventures, and Goldman Sachs have made as many crypto private investments as all other Fortune 100 companies combined, according to the report, and a survey of Fortune 500 executives revealed that they expect an average web3 initiative budget of nearly $5.8 million for 2023, with a significant increase in investment in these technologies expected over the next two years.
In this context, a few more significant firms are expected to file for spot Bitcoin ETF applications in the coming weeks. Nevertheless, it remains to be seen how the Securities and Exchange Commission (SEC) will view these petitions and whether they will be approved or rejected. This might also become a market-moving factor in the next quarters as we approach the Bitcoin halving event in 2024.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Harold
Coincu News
Author
Uncategorized
Interesting Facts: More Than 50% Of Fortune 100 Are Working On Blockchain Projects
Key Points:
- More than half of Fortune 100 companies are investing in cryptocurrency or blockchain initiatives.
- Investment in these technologies is expected to increase over the next few years, with an average Web3 initiative budget of nearly $5.8 million expected for 2023.
- Regulatory ambiguity and a lack of clear regulations remain major hurdles to adoption.
According to a new report conducted by crypto exchange Coinbase, more than half of the Fortune 100 companies are working on cryptocurrency or blockchain initiatives.
The report shows that 52% of Fortune 100 companies have invested in cryptocurrencies or blockchain efforts since early 2020. According to Coinbase, around 60% of Fortune 100 companies will engage in crypto or blockchain initiatives beginning in early 2022. 70% of Fortune 100 companies exploring cryptocurrency plans have formally started their initiatives as of Q2 2023.
“These companies are innovating and investing in these technologies because they know that the century-old global financial system needs updating, that blockchain can be a foundational solution, and that not keeping pace will mean losing ground in this global economy to competitors around the world, among other possible reasons,” the exchange said.
The report is based on The Block Research’s examination of Fortune 100 Web3 activity and a poll of Fortune 500 executives performed on Coinbase’s behalf by a third-party research agency.
Yet, regulatory ambiguity and a lack of clear regulations for crypto and blockchain technology continue to be major impediments to adoption, with 87% of polled CEOs believing that clear laws are critical for maintaining US leadership in the global financial system.
Nevertheless, according to the report, Fortune 100 companies have made 109 private venture capital investments in 80 crypto blockchain companies totaling more than $8 billion since 2017.
Citi Ventures, Google Ventures, Microsoft Ventures, and Goldman Sachs have made as many crypto private investments as all other Fortune 100 companies combined, according to the report, and a survey of Fortune 500 executives revealed that they expect an average web3 initiative budget of nearly $5.8 million for 2023, with a significant increase in investment in these technologies expected over the next two years.
In this context, a few more significant firms are expected to file for spot Bitcoin ETF applications in the coming weeks. Nevertheless, it remains to be seen how the Securities and Exchange Commission (SEC) will view these petitions and whether they will be approved or rejected. This might also become a market-moving factor in the next quarters as we approach the Bitcoin halving event in 2024.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Harold
Coincu News
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