The world’s largest companies are embracing blockchain projects with increasing enthusiasm, but the United States has some work to do if it wants to take advantage of the opportunities those projects represent. Those were among the conclusions reached by Coinbase in its fourth report on year-on-year corporate adoption.
The number of Fortune 100 companies with cryptocurrency, blockchain or Web3 initiatives rose 39% year-over-year in the first quarter of 2024 to reach a record high. Many of those projects are in an advanced stage of completion and have an average $9.5 million budget. Furthermore, 56% of Fortune 500 executives say their companies are working on blockchain projects, Coinbase found.
Blockchain appeals to everyone in the real world
Real-world asset tokenization has been a driver of this adoption, with over $63 billion of Bitcoin (BTC) under management in spot exchange-traded funds and tokenized U.S. Treasury bills rising 1,000% in value to $1.29 billion since the beginning of 2023.
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Coinbase found that blockchain technology appeals to small businesses as well, with 68% showing positive interest in the technology. Payment technology was especially appealing to them, but applications in gaming, healthcare and the restaurant industry were also noted. Coinbase commented:
“Crypto creates economic freedom by ensuring that people can participate fairly in the economy.”
The United States needs to up its game
There were 136 Fortune 500 companies based in the United States in 2023, compared to 142 in China. Japan came in a distant third with 41. China first passed the United States on the list in 2020 and has steadily increased that lead since then.
The main barrier to blockchain adoption for Fortune 500 executives in the United States is not the lack of regulation, Coinbase found. Rather, it is the shortag of talent. Small businesses said they would give preference to candidates with crypto knowledge for finance, legal or tech positions. Only 26% of crypto developers are U.S.-based.
There is a clear desire to work with the United States. More than three-quarters (79%) of big business executives said they would want to work with a U.S. partner, and 72% thought a “USD-backed digital currency” would preserve U.S. economic competitiveness globally.
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