99% Of Financial Services Companies Pursued Crypto Projects In 2023: Paxos

A new survey reveals that 99% of U.S. financial services companies put similar, or more focus, on crypto or blockchain projects in 2023 compared to prior years.

What Happened: Paxos surveyed 400 U.S.-based executives from companies with at least $50 billion in assets under management or $50 billion annual payments volume. Here's a breakdown of the findings:

• Around 80% of enterprises have dedicated in-house blockchain technology teams
• 60% of them plan to expand their employee base for that function in 2024.
• Out of them, around 56% said that implementation complexity would be the biggest hindrance to launching a crypto solution.
• 51% of the respondents said market volatility is a hurdle for companies to go ahead with crypto or blockchain projects
• 43% cited the financial cost of implementation as a significant roadblock.

Read Next: Fortune 500 And Bitcoin: Top Public Companies Embrace Crypto

Why It Matters: “The adoption of digital assets and blockchain solutions not only enhances the customer experience, but it also helps improve an enterprise’s internal operations," the report states.

Different sectors have different priorities for enabling digital assets and blockchain solutions.

• Around 70% of fintech focus on acquiring new customers
• 58% of payment companies look to improve payments and settlement operations.
• With blockchain solutions, 52% of banks can offer customers new payment methods
• 52% of broker-dealers can improve payments and settlement operations.

Paxos is the first regulated blockchain infrastructure platform that uses technology to tokenize, custody, trade and settle assets. Paxos is in close association with players like PayPal PYPL, Mastercard MA, Mercado Libre MELI, Nubank, TD Securities, Interactive Brokers IBKR, and many more for providing financial solutions.

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