Since the beginning of 2020, over 50% of Fortune 100 companies have developed projects related to blockchain and cryptocurrencies. This follows from the report of the Coinbase exchange.
According to a new survey conducted on behalf of Coinbase — 83% of Fortune 500 companies either have web3 initiatives or plans to implement them.
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As of the third quarter of fiscal year 2023, approximately 70% of these initiatives are in the public launch phase. This is the highest figure in history.
The study is based on The Block Research’s analysis of Fortune 100 Web3 activity and a survey of Fortune 500 CEOs, conducted by a third-party firm commissioned by Coinbase.
“These companies are innovating and investing in new technologies because they know that the century-old global financial system needs to be updated and blockchain can be a fundamental solution. Among other possible reasons is the understanding that falling behind will mean losing positions in the global economy in favor of competitors, ”the authors of the report said.
Coinbase noted that regulatory uncertainty has become a major obstacle to the adoption of blockchain and cryptocurrencies in the US. 87% of the top managers surveyed indicated the importance of clear rules for the country to maintain its leadership in the global financial system.
“The US risks losing one million web developer jobs and three million related jobs to other countries by 2030 if it continues its current course of enforcement,” Coinbase wrote.
On June 6, the US Securities and Exchange Commission filed a lawsuit against the exchange. The agency accused Coinbase of an unregistered offering of securities in the form of a number of tokens on a trading platform. The regulator also targeted the Coinbase Earn staking program.
The exchange specialists noted in the report that since 2017, Fortune 100 companies have made 109 venture capital investments in 80 blockchain startups. The total volume of investments exceeded $8 billion. The most active investors were Goldman Sachs, Citi, Google and Microsoft.
A survey of Fortune 500 CEOs showed that they expect an average budget for Web3 initiatives for 2023 of about $5.8 million. At the same time, top managers predict a significant increase in investment in these technologies in the next two years.
By category, Fortune 100 participants showed the greatest interest in investing in financial services based on the blockchain – 24% of the total. The DeFi indicator was only 1%.
Experts noted that NFTs, together with blockchain gaming, were also on the periphery of companies’ attention – 11% of total investments. However, Fortune 100 firms received $101.3 million in royalties from their own collections of non-fungible tokens.
The total volume of the secondary market for these assets reached $1.6 billion. The sports brand Nike was the most active in the sector.
Recall that in 2023 the release of NFT collections was announced by sportswear manufacturer Puma and Starbucks coffee chain.
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