Fortune 500 Companies Are Moving On-Chain, With 35% of Executives Drawing Up Tokenization Plans: Coinbase Report

New research by the top US-based crypto exchange Coinbase reveals that Fortune 500 companies are slowly opening up to blockchain.

In a new report, Coinbase details how blockchain technology is drawing top blue-chip corporations.

According to the crypto exchange, a survey of Fortune 500 executives found that over half of them are currently working on on-chain projects.

“America’s top public companies are busier on-chain than ever. On-chain projects announced by Fortune 100 companies have increased 39% year-over-year and hit a record high in Q1 2024. A survey of Fortune 500 executives finds that 56% say their companies are working on on-chain projects.

From the biggest legacy brands to small business, stablecoins to tokenized T-bills, trusted names and products in finance are embracing blockchain technology and crypto, driving innovation and providing on-ramps for widespread adoption.”

Coinbase goes on to note that 70% of Fortune 500 executives are interested in learning about stablecoins while 86% recognize the potential benefits of asset tokenization for their company. About 35% say they are drawing up tokenization plans.

According to Coinbase, 70% of Fortune 500 executives are interested in stablecoins because they can be processed instantly for a low cost internationally and domestically, be used for easy conversions, lower transaction fees and transfer of money within the company.

Coinbase also reports that 86% of executives are interested in tokenization because it would streamline regulatory processes, reduce transaction times, improve the traceability of funds, cost savings, and potentially drive engagement.

According to the research, 55% of Fortune 500 executives who have yet to adopt blockchain technology say they are hesitant because they lack the trusted talent to do so.

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