Coinbase’s latest report reveals that more than half of the Fortune 100 companies in the US have actively embraced crypto, blockchain, and web3 technologies in recent years, signaling a growing adoption trend despite regulatory challenges.
Fortune 100 firms embracing crypto despite regulatory uncertainty
A recent research report released by Coinbase, a leading cryptocurrency exchange, highlights a significant shift in the business landscape as more than half of the Fortune 100 companies in the U.S. have embraced crypto, blockchain, and web3 technologies since 2020.
These large companies, ranked by revenue, are recognizing the need to modernize from the outdated traditional financial system and the importance of maintaining relevance in the global economy.
The Coinbase report indicates that 83% of surveyed Fortune 500 executives who are familiar with cryptocurrency or blockchain have either existing initiatives or plans related to these technologies.
The report reveals some key points regarding the involvement of Fortune 100 companies in the crypto and blockchain space.
Over 52% of these companies have pursued crypto, blockchain, or web3 initiatives since 2020. Of the industries reported since 2022, approximately 60% are either in the pre-launch stage or already launched. Sectors such as technology, financial services, and retail account for about 75% of the initiatives undertaken by these large corporations.
Fortune 100 companies have demonstrated their confidence in the future of crypto and blockchain by investing in 109 private venture capital rounds for startups in this field, totaling over $8 billion since 2017.
Among the Fortune 500 companies, blockchain technology drives corporate innovation, with a strong focus on data collection and management as a top use case for planned initiatives.
The report shows that there is increasing interest from the companies. However, it also asserts that regulatory clarity for the ecosystem is essential.
More and more firms are joining the crypto bandwagon
It’s worth noting that the growing adoption of crypto and blockchain technologies is not limited to Fortune 100 companies alone. Several prominent firms across different regions have also made significant strides in embracing these innovative technologies in recent times.
In Asia, the NEAR Foundation and Alibaba Cloud have partnered to advance web3 technology. This collaboration shows the growing interest in decentralized technologies and their potential for transforming various industries.
Last Jan., Samsung Asset Management announced the listing of its bitcoin futures ETF on the Hong Kong exchange. The move positions Hong Kong as the first market provider for BTC futures ETFs in Asia.
Coping amidst the current regulatory challenges in the U.S., institutions like BlackRock, a multi-trillion dollar asset management company, have signaled plans to roll out its bitcoin ETF.
As the U.S. continues to face regulatory uncertainty, Senator Cynthia Lummis has recently criticized the Securities and Exchange Commission (SEC) after the regulator took legal action against Coinbase.
According to her, the exchange has shown efforts to cooperate with regulators. Coinbase requested the SEC o clarify how the country’s securities laws apply to crypto. Still, the regulatory watchdog dismissed the demand and referred to it as baseless and unwarranted.
