Whereas a big majority of enterprises are adopting crypto options, these institutional gamers additionally acknowledge the challenges of adopting this new expertise, in keeping with a brand new report.
Crypto agency Paxos surveyed 400 executives from United States-based monetary companies firms with a minimum of 5 million customers and $50 billion in belongings below administration or $50 billion annual funds quantity.
The crypto agency revealed the ends in its “2023 Enterprise Digital Asset Adoption Report,” displaying that monetary companies companies are nonetheless deeply keen on digital belongings and blockchain expertise.
In accordance with the survey, 99% of the respondents indicated that their firm is placing equal or better deal with crypto and blockchain initiatives this yr in comparison with the earlier years. Paxos wrote:
“The resilience of digital belongings and blockchain expertise within the face of market occasions, financial challenges, and a necessity for extra regulatory readability displays that firms have internalized the worth of the expertise in the long run.”
Whereas many firms deal with adopting the expertise, the survey confirmed they face varied obstacles and challenges, with 56% of survey respondents saying implementation complexity is the biggest obstacle to launching a crypto answer.
Commenting on the difficulties in crypto infrastructure, Mastercard govt Jonathan Anastasia stated within the report that working with a crypto-native agency helped them. “Infrastructure is difficult. We wanted to search for a local participant on this house with that deep experience to carry the businesses collectively on that journey,” Anastasia stated.
In the meantime, 51% of the respondents cited market volatility as a serious hurdle to their firm shifting ahead with crypto or blockchain initiatives. Moreover, 43% cited the monetary value of implementation as a serious roadblock. Regardless of the challenges, lower than 2% of the survey respondents indicated they view a scarcity of perception in blockchain’s advantages as an obstacle.