Institutional Interest In The Crypto Market Is Growing

56% of Paxos Survey Respondents Cite Implementation Challenges as the Biggest Barrier to Launching Crypto Solutions.

According to Paxos' "2023 Enterprise Digital Asset Adoption Report," the majority of businesses are adopting crypto solutions, but they are aware of the challenges in embracing this new technology.

Paxos conducted a survey involving at least five million users from US-based financial service firms and 400 executives overseeing $50 billion in assets or having an annual payment volume of $50 billion. The report, which includes the survey results, revealed that financial service firms still have a deep interest in digital assets and blockchain technologies.

While 56% of survey participants cited implementation complexity as the biggest barrier to launching crypto solutions, many companies focusing on adopting technology expressed interest. According to the survey, 99% of participants indicated that their companies were showing equal or increased interest in crypto and blockchain projects compared to previous years. Paxos noted that companies are internalizing the value of the technology in the long term but emphasized that they face challenges such as economic constraints and the need for legal clarity.

According to a newly published report, the majority of businesses are adopting crypto solutions, but there are some challenges in embracing this new technology.

Crypto firm Paxos shared the results of its survey in a report titled "2023 Enterprise Digital Asset Adoption Report." The survey involved at least five million users from US-based financial service firms and 400 executives overseeing $50 billion in assets or having an annual payment volume of $50 billion. According to the report, financial service firms still show significant interest in digital assets and blockchain technologies.

While 56% of survey participants mentioned that the complexity of implementation is the biggest barrier to launching crypto solutions, the survey revealed various challenges.

According to the survey results, 99% of participants indicated that their companies were showing equal or increased interest in crypto and blockchain projects compared to previous years. Paxos commented, "The events in the market for digital assets and blockchain technology, resistance in the face of economic challenges, and the need for more legal clarity reflect companies' internalizing the value of the technology in the long term."

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