A Coinbase report reveals that cryptocurrency and blockchain initiatives among Fortune 100 companies rose by 39% year-over-year, reaching a record high in Q1 2024. In addition, 56% of Fortune 500 companies are working on onchain projects. The report emphasizes the need for clear crypto regulations to retain talent and enhance U.S. leadership in crypto technology.
Fortune 500 Firms’ Growing Interest in Crypto
In its latest “State of the Crypto” report, titled “The Fortune 500 Moving Onchain,” published on June 12, Coinbase detailed that according to research conducted for Coinbase by The Block:
The number of cryptocurrency, blockchain or web3 initiatives announced by Fortune 100 companies has increased 39% year-over-year and hit a record high in Q1 2024.
Moreover, Coinbase noted: “A survey of Fortune 500 executives finds that 56% say their companies are working on onchain projects, including consumer-facing payments applications. The increased activity underscores the urgency for clear rules for crypto that help keep crypto developers and other talent in the US, fulfill crypto’s promise of better access, and enable U.S. leadership on crypto globally.”
The report highlights significant recent events, including the U.S. Securities and Exchange Commission (SEC)’s approval of spot bitcoin exchange-traded funds (ETFs), which had “significant pent-up demand,” Coinbase said. Additionally, the SEC recently approved spot ethereum ETFs, pending S-1 approval. Coinbase noted that high interest rates have increased demand for safe, high-yielding T-bills onchain, driving the value of tokenized U.S. Treasury products up by over 1,000% since early 2023, reaching $1.29 billion. The report also emphasizes various stablecoin initiatives by companies like Coinbase, Paypal, and Stripe.
