In a recent survey conducted by Paxos, 99% of U.S.-based financial services companies revealed a heightened focus on crypto and blockchain projects in 2023 compared to previous years.
Surveying the Financial Landscape
Paxos delved into the perspectives of 400 executives from U.S.-based financial services companies boasting at least five million users and $50 billion in assets under management or $50 billion annual payments volume.
The comprehensive “2023 Enterprise Digital Asset Adoption Report” underscores the strong interest in crypto adoption within the corporate sector. However, despite this enthusiasm, companies are grappling with several barriers and challenges.
Among the surveyed executives, 56% identified implementation complexity as the primary obstacle hindering the launch of crypto solutions. Paxos emphasizes the industry’s recognition of the long-term value of digital assets and blockchain technology.
Insights from Mastercard Executive, Market Volatility and Financial Costs
Addressing the challenges in crypto infrastructure, Mastercard executive Jonathan Anastasia acknowledged the difficulty, stating, “Infrastructure is hard.” He highlighted the significance of partnering with a crypto-native firm with deep expertise in navigating the complexities of the industry.
The report sheds light on the concerns raised by 51% of respondents regarding market volatility as a major obstacle to advancing crypto or blockchain projects. Additionally, 43% identified the financial cost of implementation as a significant roadblock in their adoption journey.
Firm Belief in Blockchain Benefits
Remarkably, despite the hurdles, less than 2% of survey respondents cited a lack of belief in blockchain’s benefits as an impediment. The report underscores the resilience of digital assets and blockchain technology amid market events and economic challenges.