A new report from cryptocurrency firm Paxos found that 99% of US-based financial services firms surveyed will focus as much or more on crypto projects in 2023 than in previous years.
Paxos has it. questioned 400 executives from financial services companies Based in the United States, it has at least five million users and $50 billion in assets under management, or $50 billion in annual payment volume.
The “2023 Enterprise Digital Asset Adoption Report” shows that despite the intense interest in adopting this technology, companies face many obstacles and challenges. 56% of survey respondents said the biggest barrier to launching crypto solutions is implementation complexity. Paxos noted:
“The resilience of digital assets and blockchain technology in the face of market events, economic challenges, and the need for greater regulatory clarity reflects companies’ internalization of the long-term value of the technology.”
Commenting on the challenges of crypto infrastructure, Mastercard executive Jonathan Anastasia said in the report that partnering with a crypto-native company helped them. “The infrastructure is complex. In order to bring companies together on this path, we needed to identify a local operator with deep experience in this sector.”
The report notes that 51% of survey respondents cited market volatility as a major impediment to their company advancing crypto or blockchain projects, while another 43% cited the financial cost of implementation as a major obstacle.
Despite the challenges, less than 2 percent of respondents said a lack of trust in the benefits blockchain offers is a barrier.
Translation by Walter Rizzo