Coinbase’s fourth annual corporate adoption report found that Fortune 500 companies and small businesses are adopting blockchain technology.
The world’s largest companies are embracing blockchain projects with increasing enthusiasm, but the United States has some work to do if it wants to take advantage of the opportunities those projects represent. Those were among the conclusions reached by Coinbase in its fourth report on year-on-year corporate adoption.
The number of Fortune 100 companies with cryptocurrency, blockchain or Web3 initiatives rose 39% year-over-year in the first quarter of 2024 to reach a record high. Many of those projects are in an advanced stage of completion and have an average $9.5 million budget. Furthermore, 56% of Fortune 500 executives say their companies are working on blockchain projects, Coinbase found.
Real-world asset tokenization has been a driver of this adoption, with over $63 billion of Bitcoin (BTC) under management in spot exchange-traded funds and tokenized U.S. Treasury bills rising 1,000% in value to $1.29 billion since the beginning of 2023.
