Benzinga - by Khyathi Dalal, Benzinga Staff Writer.
A new survey reveals that 99% of U.S. financial services companies put similar, or more focus, on crypto or blockchain projects in 2023 compared to prior years.
What Happened: Paxos surveyed 400 U.S.-based executives from companies with at least $50 billion in assets under management or $50 billion annual payments volume. Here's a breakdown of the findings:
- Around 80% of enterprises have dedicated in-house blockchain technology teams
- 60% of them plan to expand their employee base for that function in 2024.
- Out of them, around 56% said that implementation complexity would be the biggest hindrance to launching a crypto solution.
- 51% of the respondents said market volatility is a hurdle for companies to go ahead with crypto or blockchain projects
- 43% cited the financial cost of implementation as a significant roadblock.
Why It Matters: “The adoption of digital assets and blockchain solutions not only enhances the customer experience, but it also helps improve an enterprise’s internal operations," the report states.
Different sectors have different priorities for enabling digital assets and blockchain solutions.
- Around 70% of fintech focus on acquiring new customers
- 58% of payment companies look to improve payments and settlement operations.
- With blockchain solutions, 52% of banks can offer customers new payment methods
- 52% of broker-dealers can improve payments and settlement operations.
Image: Pixabay
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Read the original article on Benzinga