A survey conducted by Paxos, a cryptocurrency firm, revealed that an equal or increased emphasis was placed on crypto and blockchain projects by 99% of the participating companies compared to previous years. This survey included 400 executives from U.S. financial services companies, each with a minimum of five million users and either $50 billion in managed assets or $50 billion in annual payment volume.
The “2023 Enterprise Digital Asset Adoption Report” indicates a strong interest in the adoption of this technology among these companies. However, they are confronted with several obstacles and challenges. The most significant barrier, as reported by 56% of the respondents, is the complexity involved in implementing a crypto solution.
Mastercard executive Jonathan Anastasia acknowledged the challenges associated with crypto infrastructure in the report. He emphasized that collaborating with a firm that is native to the crypto realm proved beneficial. He stated that due to the complexity of the infrastructure, it was necessary to seek out a specialist in the field to facilitate the unification of the companies on this path.
Market Volatility and Financial Costs: The Stumbling Blocks in Crypto as per Paxos Report
Market fluctuations were identified as a major issue by 51% of the survey participants, acting as a significant obstacle to the progress of their crypto and blockchain initiatives. Furthermore, 43% of respondents pointed out the financial expenses related to the implementation as a significant impediment. However, the report highlighted that less than 2% of those surveyed viewed skepticism about the advantages of blockchain as a barrier.
The report from Paxos provides a detailed view of the changing dynamics of digital asset acceptance in the U.S. financial services industry. Even though an overwhelming majority show an increased interest in crypto projects, the path to implementation is filled with obstacles.
Paxos stands as the pioneer in regulated blockchain infrastructure platforms, leveraging technology for the tokenization, custody, trading, and settlement of assets. It collaborates with prominent entities such as PayPal PYPL, Mastercard MA, Mercado Libre MELI, Nubank, TD Securities, and Interactive Brokers IBKR, among others, to deliver financial solutions.