While a large majority of enterprises are embracing crypto solutions, institutional players also recognize the challenges of adopting this new technology, according to a report from crypto firm Paxos.
Paxos surveyed 400 executives from United States-based financial services companies with at least five million users and $50 billion in assets under management or $50 billion annual payments volume.
The crypto firm published the results in its “2023 Enterprise Digital Asset Adoption Report,” showing that financial services firms are still deeply interested in digital assets and blockchain technology.
According to the survey, 99% of the respondents indicated that their company put an equal or greater focus on crypto and blockchain projects in 2023 than in previous years. Paxos wrote:
“The resilience of digital assets and blockchain technology in the face of market events, economic challenges, and a need for more regulatory clarity reflects that companies have internalized the value of the technology in the long term.”
While many companies focus on adopting the technology, the survey showed they face various barriers and challenges, with 56% of survey respondents saying implementation complexity is the largest 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 firm helped them. “Infrastructure is hard. We needed to look for a native player in this space with that deep expertise to bring the companies together on that journey,” Anastasia said.
Meanwhile, 51% of the respondents cited market volatility as a major hurdle to their company moving forward with crypto or blockchain projects. Furthermore, 43% cited the financial cost of implementation as a significant roadblock. Despite the challenges, less than 2% of the survey respondents indicated they view a lack of belief in blockchain’s benefits as an impediment.
