The global top companies are eagerly embracing blockchain initiatives, but the United States needs to step up to seize the opportunities they present, according to Coinbase’s latest report on corporate adoption trends.
In the first quarter of 2024, the number of Fortune 100 companies involved in cryptocurrency, blockchain, or Web3 projects increased by 39% compared to the previous year, reaching a record high. These projects, many of which are nearing completion, have an average budget of $9.5 million. Additionally, 56% of Fortune 500 executives have confirmed that their companies are actively engaged in blockchain projects, as revealed by Coinbase.
One of the driving forces behind this surge in adoption is the tokenization of real-world assets. The management of over $63 billion worth of Bitcoin in spot exchange-traded funds and the 1,000% increase in the value of tokenized U.S. Treasury bills to $1.29 billion since the beginning of 2023 exemplify the growing interest in blockchain technology.
According to Coinbase’s findings, blockchain technology is not only appealing to large corporations but also to small businesses, with 68% showing a keen interest in utilizing this innovative technology. Small businesses particularly find payment technology applications attractive, while potential applications in sectors such as gaming, healthcare, and the restaurant industry are also being explored.
Despite the substantial number of Fortune 500 companies based in the United States, which stood at 136 in 2023 compared to 142 in China, the country lags behind in blockchain adoption. The main challenge identified by Coinbase is the shortage of talent rather than regulatory hurdles. Small businesses expressed a preference for candidates with knowledge of cryptocurrency for roles in finance, legal, or technology, underscoring the need for more skilled professionals in this field.
There is a strong interest among big business executives in collaborating with U.S. partners, with 79% expressing a desire to work with American counterparts. Additionally, 72% believe that a “USD-backed digital currency” would enhance U.S. economic competitiveness on a global scale.
In the realm of crypto and blockchain technology, the United States has some catching up to do to fully capitalize on the potential benefits these innovations offer.