While a large majority of companies are adopting crypto solutions, these institutional players also recognize the challenges involved in adopting this new technology, according to a new report.
Crypto firm Paxos surveyed 400 executives at U.S.-based financial services companies with at least five million users and $50 billion in assets under management or $50 billion in annual payments volume.
The crypto company published the results on its "2023 Enterprise Digital Asset Adoption Report" proving that financial services companies are still deeply interested in digital assets and blockchain technology.
According to the survey, 99% of respondents indicated that their company is putting equal or greater emphasis on cryptocurrency and blockchain projects this year compared to previous years. Paxos wrote:
"The resilience of digital assets and blockchain technology in the face of market developments, economic challenges and the need for greater regulatory clarity reflects that companies have internalized the long-term value of the technology."
While many companies are focused on adopting the technology, the survey showed that they face various barriers and challenges, with 56% of respondents saying that implementation complexity is the biggest impediment to launching a crypto solution.
Commenting on the difficulties in crypto infrastructure, Mastercard executive Jonathan Anastasia said in the report that working with a crypto-native company helped them. โThe infrastructure is difficult. We needed to look for a native player in this space with that deep experience to bring companies together on that journey,โ Anastasia said.
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Meanwhile, 51% of respondents cited market volatility as a major obstacle to their company moving forward with cryptocurrency or blockchain projects. Additionally, 43% cited the financial cost of implementation as a major obstacle. Despite the challenges, less than 2% of respondents indicated that they see a lack of confidence in the benefits of blockchain as an impediment.
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