According to a recent report released by cryptocurrency company Paxos, 99% of financial services firms in the United States are placing equal or greater emphasis on cryptocurrency projects in 2023 compared to previous years.
Paxos conducted a survey involving 400 executives from U.S.-based financial services companies with a minimum of five million users and either $50 billion in assets under management or $50 billion in annual payments volume.
The “2023 Enterprise Digital Asset Adoption Report” highlights the growing interest in integrating cryptocurrency technology into traditional financial services.
However, despite this strong interest, these companies are encountering various obstacles and challenges on their crypto journey.
Among those surveyed, 56% identified implementation complexity as the most significant hindrance to launching a cryptocurrency solution.
Paxos emphasized the resilience of digital assets and blockchain technology in the face of market events and economic challenges, noting that companies are increasingly recognizing the long-term value of this technology.
In response to the challenges associated with crypto infrastructure, Jonathan Anastasia, an executive at Mastercard, commented in the report that collaborating with a crypto-native firm proved beneficial. He remarked, “Infrastructure is hard.
We needed to seek out a native player in this space with the deep expertise necessary to guide the companies on this journey.”
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The report also revealed that 51% of respondents cited market volatility as a major obstacle to their companies’ progression in the crypto and blockchain space.
Additionally, 43% identified the financial cost of implementation as a significant roadblock.
Surprisingly, despite these challenges, fewer than 2% of the survey participants considered a lack of belief in the benefits of blockchain technology to be an impediment.
This suggests that even though companies acknowledge the hurdles ahead, they remain optimistic about the potential rewards that cryptocurrency and blockchain solutions can bring to the financial industry.
In conclusion, the Paxos report underscores the increasing interest and commitment of U.S.-based financial services companies to cryptocurrency projects in 2023.
While they face substantial challenges such as implementation complexity and market volatility, the prevailing sentiment is one of optimism regarding the long-term value and potential benefits of blockchain technology in reshaping the financial landscape.
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