PayBito Chief Raj Chowdhury highlights the key findings of the survey report titled “2023 Enterprise Digital Asset Adoption Report” by Crypto Firm Paxos.
The report reveals that 99% of the US financial service focuses more on crypto projects compared to previous years. It based its data on 400 executives from the United States-based financial services with a minimum $50 billion annual payments volume or $50 billion assets under management.
The survey report revealed that the companies are internalizing the value of blockchain technology in the long term. However, some common barriers are preventing companies from adopting the technology despite increased enthusiasm. The major findings of the survey are as follows.
- Around 80% of companies surveyed have a separate dedicated team to handle blockchain technology.-
- By 2024, around 60% of firms plan to increase their employee base.
- 56% of companies have reported that implementation complexity is a major barrier.
- Around 51% reported that market volatility is a major impediment.
- 43% of companies cited financial costs as the reason not to implement the technology.
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The survey report also reveals that there has been a greater or equal focus on blockchain and crypto projects in 2023.PayBito CEO Raj Chowdhury feels optimistic after reading the revelations of the Paxos survey report. He states that “it is amply clear now that the enterprises are developing a more positive attitude towards blockchain technology and digital assets. Though some firms have expressed inhibitions, I am confident that these inhibitions are temporary and will fade away.”
The survey further revealed that the priorities of various sectors are slightly different. For example:
- 52% of banks can offer customers new payment methods with blockchain technology
- Almost 58% of companies want to improve their payments and settlement operations by using blockchain.
- Around 70% of financial technology companies (fintech) want to acquire new customers.
- A little more than half (52%) of brokers and dealers can improve settlement operations
The details of the survey provide a comprehensive picture of the changing attitudes of the enterprises towards blockchain technology and cryptocurrencies. It is evident that both blockchain and cryptocurrencies are going to gain more acceptance in the future. This is because the enthusiasm level among the companies has increased substantially. Many of these companies have become more resilient than before.
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