A report from crypto firm Paxos has revealed that 99% of the U.S. financial services companies it surveyed put as much or more focus on crypto projects this year than in previous years.
Paxos surveyed 400 executives from United States-based financial services companies with at least five million users and $50 billion in assets under management or $50 billion annual payments volume.
The “2023 Enterprise Digital Asset Adoption Report” shows that despite this overwhelming interest in adopting the technology, the companies are facing various barriers and challenges. 56% of those surveyed said implementation complexity is the largest impediment to launching a crypto solution. Paxos said:
Commenting on the difficulties in crypto infrastructure, Mastercard executive Jonathan Anastasia said in the report that working with a crypto-native firm helped them. “Infrastructure is hard. We needed to look for a native player in this space with that deep expertise to bring the companies together on that journey.”
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The report goes on to say that 51% of the respondents cited market volatility as a major hurdle to their company moving forward with crypto or blockchain projects, and another 43% cited the financial cost of implementation as a significant roadblock.
Despite the challenges, fewer than 2% of the survey respondents said a lack of belief in blockchain’s benefits was an impediment.
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