A recent study has revealed that more than half of the Fortune 100 companies have embarked on cryptocurrency, blockchain, or web3 initiatives since early 2020. These companies recognize the need to update the outdated global financial system and see the potential of blockchain technology in achieving this. The study, conducted by Coinbase and The Block, found that 52% of Fortune 100 companies are in various stages of these initiatives, including ideation, development, pre-launch, or launch. The breakdown of projects shows that in the first quarter of 2020, 40% were in the ideation stage, 30% in development, 20% in pre-launch, and 10% already launched. In the second quarter of 2023, 70% of initiatives were in the public launch phase. The report also highlights that Fortune 100 companies have made 109 private venture capital investments in crypto and blockchain projects since 2017. The authors of the report emphasize the importance of these technologies in updating the global financial system and staying ahead of global competition. However, the lack of clear rules for crypto and blockchain is identified as a barrier to investment and adoption, with 87% of surveyed Fortune 500 executives highlighting the importance of clear rules. The study suggests that new rules should be developed specifically for these technologies. These findings come at a time when the crypto sector is facing regulatory challenges, with lawsuits filed against major firms and battles with regulatory bodies.
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