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. The positive trend showcases that the idea of crypto being dead is far from the truth.
The study compiled data from Fortune 500 firms and found that a little over half of the respondents had experimented with blockchain technology and considered starting their own related initiatives in early 2020. By 2021, that figure had increased to over 60%. Early entrants circa 2020 included Citi, Google, and Goldman Sachs, paving the way for companies in the finance, technology, and retail sectors to be prominent adopters of crypto technology.
However, while such adoption is optimistic, almost 90% agree that there remains a lack of clear rules and regulations around blockchain technology that is hindering further adoption. 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.
On the positive side, the majority of initiatives that the companies are looking into involve infrastructure development, supply chain management, and data collection. 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).
While the general sentiment (77%) shows Fortune 500 companies believe that blockchain technology will significantly shake up the future of the financial system, concerns arise that the US may lose its competitive advantage if it does not implement favorable policies to accommodate up-and-coming blockchain technology advancements. This is especially true considering the US’ share of worldwide Web3 development has dipped from 49% to 20% over the past six years.
The sentiment comes 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. In response, Coinbase has since launched an integrated campaign aimed at teaching policymakers the purpose and role of crypto.
To sum up, the increased interest and adoption of crypto initiatives among Fortune 500 companies indicate that the crypto and blockchain landscape is far from dead. However, the lack of clear regulations and potential disadvantages for the US in the global crypto race present a significant conflict that needs to be addressed for a more stable, widespread adoption of crypto and blockchain technology.
Source: Blockworks
