Crypto projects get popular in the US financial services industry

A recent survey revealed how financial services firms were increasingly exploring crypto projects and their underlying technology for use cases in the industry.

2023 has been a good year for crypto, mainly with the huge returns from the crypto market. Bitcoin has led the rally, renewing its prominence as an investment class. At the same time, a definite change is brewing in the United States for crypto projects. A recent survey revealed how the American financial services industry actively explored crypto projects in 2023.

The survey accounted for its data from executives of billion-dollar financial service companies with millions of users. Four hundred officials from such companies also mentioned how implementing the projects was still difficult. Meanwhile, crypto adoption has received an impetus in 2023, with a particular focus on financial services firms.

The ‘2023 Enterprise Digital Asset Adoption Report’ said, “The resilience of digital assets and blockchain technology in the face of market events, economic challenges, and a need for more regulatory clarity reflects that companies have internalized the value of the technology in the long term.”

Monetary costs and market volatility emerged as other concerns for companies exploring crypto infrastructure. Mastercard, a part of the survey, also echoed similar sentiments on crypto infrastructure. The payment major has been an active proponent of crypto adoption with its recent endeavors. It has partnered with crypto firms to introduce new features and updates for its users.

Moreover, the survey stated less than 2% of survey respondents believed the lack of belief in blockchain technology was a reason for a barrier in crypto adoption. The optimistic number could indicate the improving scenario for crypto in the US.

On the other hand, in Europe, even the government has lent support to blockchain projects in the recent past.

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