Forward-looking investments. If, on the front stage, the flat calm of the crypto bear market is dampening investor spirits, behind the scenes it’s a completely different story. Tech companies are in a veritable frenzy. bull run in blockchain initiatives and crypto is getting organized. A race against time has begun between companies in the top 100, and even the top 500, to make sure they don’t miss out. the finance of tomorrow. Read all about it.
Coinbase report: blockchain, a technology favored by manufacturers
Blockchain and crypto: the race for innovation has begun
In an analysis report revealed this June, the Coinbase exchange, in association with The Block Research, reviews the activities of the largest US companies. The analysts were particularly interested in investments in blockchain and cryptocurrencies. The report’s conclusions are edifying. Since 2020, more than half of the top 100 US fortunes have embarked on developing their crypto businesses. They have a single objective in mind: to maintain their competitiveness in the face of competition, as the onset of the shift to an entirely new form of finance.
According to the report :
« The biggest US companies are innovating and investing in blockchain initiatives because they know the current financial system needs updating. […] [Elles veulent également] remain competitive in the global economy. »
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Blockchain and crypto business booming among US industry leaders
These companies are more than 52 to undertake blockchain, crypto and web 3 activities since 2020. What’s more, since the beginning of 2022, over 60% of these initiatives are already in the pre-launch phase or already up and running. What’s more, in such a competitive market, a snowball effect is obviously on the horizon. If the competition embraces blockchain, no company will want to be left behind.
» [Ainsi], taking a step back, 83% of the Top 500 Fortune executives surveyed, among those familiar with cryptocurrencies or blockchain, say their company is developing projects or plans to do so. »
The report also shows a preponderance of investments (75%) in the sectors financial services and e-commerce. Indeed, blockchain and cryptocurrencies inevitably find themselves involved in many developments.
Regulatory vagueness in the US: a brake on innovation, a threat to the country
A flurry of blockchain initiatives among tech companies
Since 2017, these major companies have made over 109 private investments in more than 80 blockchain startups. These investments are valued at 8 billion dollars. For 2023, the average investment budget of companies in the Top 500 US fortunes is estimated at $5.8 million.
« 77% of companies surveyed agree that blockchain would improve the current financial system. »
Among these initiatives, the report provides details of several advances:
- JP Morgan Chase bank validates its first transaction DeFi (Decentralized Finance) on a public blockchain;
- ExxonMobil uses bitcoin mining in order to transform the noxious gases released by its oil activities into energy (gas flaring);
- Lowe’s uses blockchain to fight organized crime. Contrary to popular belief, blockchain is not a vehicle for money laundering, but a means of combating ;
- Goldman Sachs, Microsoft, Deloitte and many others have teamed up to launch their own blockchain network: Canton Network ;
- Sports retailer Nike has teamed up with EA Sports to integrate NFT into video games.
The spectre of US regulation: a thorn in the side of innovative companies
However, these manufacturers are well aware of the regulatory threat hanging over these new activities. This innovative sector is not looked upon favorably by regulators such as the SEC (Securities Exchange Commission). In fact, the SEC takes advantage of this regulatory uncertainty to impose sanctions on companies in the sector. This has the effect of scaring off would-be entrants and driving innovation away to countries more conducive to such developments.
« A lack of clear rules for cryptos, blockchain and web 3 is not only a barrier to investment and adoption, but also a threat to continued US leadership of global finance. 87% of the Top 500 US fortunes surveyed believe that clear rules are essential to maintain [ce leadership]. Furthermore, 9 out of 10 believe that regulators should develop new rules adapted to these new technologies, rather than trying to force them into old frameworks established for previous technologies. »
The USA risks lose more than a million web developers 3 and 3 million associated non-technical jobs by 2030, due to a lack of clear regulation. If regulators continue down this restrictive path to blockchain innovation, the USA will undoubtedly fall considerably behind on the international stage. The US share of global web 3 development has fallen from 40% to 29% over the past 6 years. In Asia, on the other hand, things are very different. On the contrary, governments on the other side of the world are trying to to embrace these new technologies.
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