A new report produced by leading digital currency exchange Coinbase suggests over 52 percent of Fortune 500 companies are exploring blockchain technology. They’re also looking at crypto and web3. Coinbase Believes Blockchain Innovation is Growing The blockchain industry has walked a long route in a particularly short period. For example, the bitcoin blockchain – which was first introduced in a whitepaper on Halloween of 2008 – didn’t see mining action until early 2009, meaning it’s only been around for 14 years. Still, blockchain remains an intriguing new point for financial companies to at least look at. At the same time, it appears much of the blockchain traction we’ve grown so privy to has occurred just in the past few weeks, with large financial firms like
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A new report produced by leading digital currency exchange Coinbase suggests over 52 percent of Fortune 500 companies are exploring blockchain technology. They’re also looking at crypto and web3.
Coinbase Believes Blockchain Innovation is Growing
The blockchain industry has walked a long route in a particularly short period. For example, the bitcoin blockchain – which was first introduced in a whitepaper on Halloween of 2008 – didn’t see mining action until early 2009, meaning it’s only been around for 14 years. Still, blockchain remains an intriguing new point for financial companies to at least look at.
At the same time, it appears much of the blockchain traction we’ve grown so privy to has occurred just in the past few weeks, with large financial firms like BlackRock announcing new plans for bitcoin-based exchange-traded funds (EFTs) and related projects. Most of the time, traditional finance and crypto don’t always mix, and if they do, it’s simply because a crypto company needs a bank account or similar tool.
This time around, however, it appears one of the biggest financial firms in BlackRock is looking to create a revolutionary new crypto-based product that everyone in the industry has been anticipating for several years. Many companies, from Van Eck to Bitwise, have tried to submit bitcoin-based ETF applications to the Securities and Exchange Commission (SEC) as a means of opening trading doors for customers, and none have been successful thus far.
There are many, however, that believe BlackRock’s case will be different. The company has garnered more than 500 application approvals from the SEC in the past, and it only has one rejection to its name. Also, the firm has named Coinbase as its custody provider when the exchange is presently engaged in a lawsuit with the financial agency. It’s accusing the exchange of operating as an unlicensed broker-dealer.
Regarding its recent report findings, Coinbase said:
These companies are innovating and investing in these technologies because they know that the century-old global financial system needs updating, that blockchain can be a foundational solution, and that not keeping pace will mean losing ground in this global economy to competitors around the world, among other possible reasons.
The U.S. Needs to Stop Its Present Action
The document also said that the U.S.’s current streak of regulation enforcement has been very damaging to the crypto industry and is ultimately preventing innovation from happening. It said if America continues this route, things are not going to go well for it financially or economically. The report states:
The U.S. is at risk of losing out on one million web3 developer jobs and three million related non-technical jobs to other countries between now and 2030 if it continues on its current path of regulation by enforcement.
Among the firms exploring blockchain are Bank of America, Nike, and PayPal.