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Crypto institutional adoption grows as 56% of Fortune 500 companies are developing on-chain projects, Coinbase wrote. Similarly, blockchain projects floated by institutional firms have also surged in the last 12 months with the rise in use cases and efforts towards cross-border transactions. This underscores the need for clear regulation to drive more investment.
<h2 id="strong-institutional-executives-are-embracing-blockchain-strong">Institutional Executives Are Embracing Blockchain</h2>
A new Coinbase survey shows that American top companies are going pro-blockchain technology more than ever. According to the report, blockchain projects announced by <a rel="noopener noreferrer nofollow" href="https://www.coinbase.com/blog/the-state-of-crypto-the-fortune-500-moving-onchain" target="_blank">Fortune 100</a> companies increased 39% year-on-year hitting an all-time high in Q1 2024. Also, 56% of Fortune 500 company executives say work is in progress for on-chain projects.
<blockquote>
 “From the biggest legacy brands to small business, stablecoins go tokenized T-bulls, trusted names and products in finance are embracing blockchain technology and crypto driving innovation and providing on-ramps for widespread adoption.”
</blockquote>
Major drivers of this trend include spot Bitcoin ETFs, tokenization, and stablecoins. The approval of spot <a href="https://coingape.com/bitcoin-etfs-dominate-us-market-in-q1-2024/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin ETFs</a> in the US heightened institutional crypto investment. It creates a new window for traditional investors to increase their exposure to the asset. As a result, Bitcoin price hit an all-time high above $73,000 with over $62 billion in assets under management. The movement of traditional firms to Bitcoin sparked movements for spot Ethereum ETFs.
The tokenization of real-world assets on the blockchain spiked in the last twelve months with tests and programs from big financial institutions. Payment platforms like Stripe and <a href="https://coingape.com/paypal-stablecoin-eyes-integration-on-aave-protocol/" target="_blank" rel="noopener noreferrer nofollow">PayPal</a> slowly delved into stablecoins increasing global and institutional adoption
<h2 id="strong-coinbase-looks-to-clear-rules-strong">Coinbase Looks to Clear Rules</h2>
Digital asset enthusiasts continue to push for clear regulations in the U.S. amid recent lawsuits with crypto executives. Coinbase continues its quest for crypto legislation highlighting several benefits. The report pointing to improved adoption is a major reason because of the ability to drive investment in regulated markets.
Most executives bemoan the loss of crypto talents to other countries calling on lawmakers to pass pro-industry regulations. Furthermore, 48% of participants in the survey say that technology can create more access to the financial market.
Also Read:<a href="https://coingape.com/riot-platforms-takes-13-stake-in-bitfarms-to-foil-hostile-takeover/" target="_blank" rel="noopener noreferrer nofollow"> Riot Platforms Takes 13% Stake In Bitfarms To Foil Hostile Takeover </a>
The post <a href="https://coingape.com/56-of-fortune-500-executives-are-testing-on-chain-projects-coinbase/" rel="noopener noreferrer nofollow">56% of Fortune 500 Executives Are Testing On-chain Projects: Coinbase</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

56% of Fortune 500 Executives Are Testing On-chain Projects: Coinbase

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