New research by the top US-based crypto exchange Coinbase reveals that Fortune 500 companies are slowly opening up to blockchain. On-chain projects announced by Fortune 100 companies have increased 39% year-over-year and hit a record high in Q1 2024. A survey of Fortune 500 executives finds that 56% say their companies are working on on-chain projects. Coinbase goes on to note that 70% of Fortune 500 executives are interested in learning about stablecoins while 86% recognize the potential benefits of asset tokenization for their company. About 35% say they are drawing up tokenization plans. According to Coinbase, 70% of Fortune 500 executives are interested in stablecoins because they can be processed instantly for a low cost internationally and domestically, be used for easy conversions, lower transaction fees and transfer of money within the company. Coinbase also reports that 86% of executives are interested in tokenization because it would streamline regulatory processes, reduce transaction times, improve the traceability of funds, cost savings, and potentially drive engagement. According to the research, 55% of Fortune 500 executives who have yet to adopt blockchain technology say they are hesitant because they lack the trusted talent to do so. Read Article

June 13, 2024 //  by Finnovate