Big Financial Institutions in U.S. Interested in Crypto and Blockchain

Officials from large financial services companies in the U.S. paid much more attention to crypto initiatives in 2023 than they did last year. TradFi businesses were actively hiring blockchain experts to explore the benefits and implement distributed ledger technology (DLT) into their processes.

Paxos conducted a comprehensive survey of financial institutions in the United States to determine the level of digital technology adoption by TradFi participants. The survey found that 99% of companies surveyed had successfully implemented crypto or blockchain projects in 2023.

The data shows that about 80% of surveyed businesses created teams of specialists this year to explore the benefits and adoption of blockchain initiatives. In addition, about 60% of financial institutions expressed their willingness to expand their workforce next year by hiring blockchain experts.

However, despite the high interest in the technology, financial companies face some obstacles to launching digital economy-related projects. Among the main hurdles are:

• the difficulty of implementing blockchain into existing systems (56%);
• market volatility of digital assets (51%);
• financial costs of implementation (43%).

Notably, only 2% of respondents said that DLT systems aren’t the future of financial systems.

The survey by Paxos involved 400 executives from financial services companies in the U.S. with assets under management of at least $50 billion and a user base of at least 5 million.

The banking industry’s net income in 2023 is approaching the $1.4 trillion mark. The sector records its highest profits in a decade.

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