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A recent report from the cryptocurrency firm Paxos indicated that 99% of financial services companies in the United States surveyed are placing equal or greater emphasis on crypto initiatives in 2023 compared to prior years.
Paxos conducted a survey involving 400 executives from U.S.-based financial services firms that have a minimum of five million users and either $50 billion in assets under management or $50 billion in annual payment volume.
The “2023 Enterprise Digital Asset Adoption Report” reveals that, despite the significant enthusiasm for embracing the technology, these companies encounter numerous obstacles and challenges. Among those surveyed, 56% identified the complexity of implementation as the primary barrier to launching a crypto solution. Paxos stated:
“The resilience of digital assets and blockchain technology in the face of market events, economic challenges, and a need for more regulatory clarity reflects that companies have internalized the value of the technology in the long term.”
Top barriers to enterprises launching crypto solutions. Source: Paxos
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Addressing the challenges related to crypto infrastructure, Mastercard executive Jonathan Anastasia mentioned in the report that collaborating with a crypto-native firm was beneficial. “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 further notes that 51% of respondents identified market volatility as a significant obstacle to their company’s progress with crypto or blockchain initiatives, while another 43% pointed to the financial costs associated with implementation as a major barrier.
Despite these challenges, fewer than 2% of the survey participants indicated that a lack of confidence in the advantages of blockchain was a hindrance.
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