Cryptocurrencies are increasingly attracting the attention of institutional investors. Proof of this is that 6 out of 10 multinational companies already use digital assets.
The information is from a recent survey conducted in collaboration between Circle and PYMNTS.
For the survey, PYMNTS consulted 250 executives who revealed that cryptocurrency and blockchain technologies are proving increasingly useful for international business. The companies surveyed have at least $10 million in annual sales.
Cryptocurrencies used by multinationals
Precisely, the report “Cryptocurrency, Blockchain and Cross-Border Payments” found that 58% of multinationals use at least one cryptocurrency. BTC (BTC), of course, is the most popular digital currency by 31% of respondents, with sales between $250 million and $1 billion. Then come stablecoins with 29%.
In addition, the report found that approximately 55% of the companies participating in the interview use blockchain technology.
On the other hand, the survey revealed that there is a gap in providing access to cryptocurrencies. That’s because, overall, only 10.2% of financial institutions offer this access to cryptoactives to their corporate customers.
About 29% of financial institutions say security concerns are barriers to access.
At the same time, 64% of banks say that access to digital assets is important to their corporate customers. The most important services for customers include payment acceptance, access to cryptocurrencies and blockchain networks.
DeFi, Crypto and global reach
PYMNTS further noted that there is a strong correlation between the share of companies using decentralized finance (DeFi) solutions, using cryptocurrencies and/or blockchain for these purposes, and the number of countries in which they operate.
In other words, 69% of companies operating in more than 10 countries use smart contracts that trigger payment.
This percentage drops slightly to 61% when it comes to companies operating in 6 to 10 countries.
As for what would encourage companies to adopt cryptocurrencies, more than 52% pointed to clarity in regulations.