Coinbase Survey Reveals 83% of Fortune 500 Firms Plan Web3 Initiatives

  • Coinbase’s report noted that 52% of Fortune 100 companies have been involved in crypto, blockchain, or web3 initiatives since 2020.
  • Nearly 60% of Fortune 100 initiatives reported since 2022 are in pre-launch or in released stages.
  • 83% of surveyed Fortune 500 executives have or plan to implement crypto/blockchain initiatives.

Crypto exchange giant Coinbase released research conducted in partnership with The Block. In the study, it was revealed that over half, that is, 52% of the Fortune 100 companies, have been involved in crypto, blockchain, or web3 initiatives since the beginning of 2020.

According to the blog posted by the exchange, out of the initiatives reported by Fortune 100 companies since the start of 2022, nearly 60% are either in their pre-launch stage or already released.

From a broader perspective, the research also reported that 83% of the surveyed Fortune 500 executives with pre-existing knowledge about crypto or blockchain stated that their firms either currently have initiatives or are planning to implement them.

Coinbase also noted that these companies had identified the need to modernize traditional global financial systems and that blockchain serves as a fundamental solution to the problem. 64% of the surveyed Fortune 500 executives familiar with cryptocurrency or blockchain emphasize the significance of investing in these technologies as a means to maintain a competitive edge against their competitors.

Furthermore, Coinbase’s report on web3 adoption in corporate America revealed that Fortune 100 companies in the tech, financial services, and retail industry lead crypto, blockchain, and web3 adoption, accounting for almost 75% of initiatives since Q1 of 2020.

Simultaneously, these businesses have invested more than $8 billion in 109 web3 startups since 2017. Meanwhile, the average budget for Fortune 500 initiatives in 2020 stood at approximately $5.8 million.

While conducting a survey during the research, Coinbase found out that blockchain forms the core of corporate innovation, with 77% of Fortune 500 professionals claiming that blockchain can enhance global financial systems.

Lastly, Coinbase’s report indicated a lack of supportive crypto regulation in the US ignited the risk of losing out on 1 million web3 developer job opportunities. Additionally, 3 million web non-technical jobs are also at threat of being lost to other countries. The US’s share of global web3 development has depreciated from 40% to 29% in the past six years.

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