10 Percent Of FIs Offer At Least One Cryptocurrency

As cryptocurrencies continue to gain ground, and to gain a wider embrace in commercial and retail settings, it makes sense that more multinational firms would use them in their own day-to-day operations.

And in the report “Cryptocurrency, Blockchain and Global Business: Assessing the Potential for Multinational Companies and Financial Institutions,” research found that 58 percent of those companies use cryptocurrencies.

See more: New Report: 58 Pct Of Multinational Firms Are Using Cryptocurrency

In fact, the data show that global firms are six times more likely than their corporate brethren that do not operate across borders to use cryptos to conduct transactions than they are to use them as investments. As many as 28 percent of companies that use cryptos opt to use stablecoins – those digital offerings that are backed by some form of fiat currency or commodities. A bit more than 9 percent are using bitcoin cash, and roughly 13 percent are using alternate coins.

Of those companies that own bitcoin, 16 percent (as measured as a share of all firms) are using that marquee name in crypto to transact only; 2 percent use the coins only for investing. For stablecoins, 16 percent are using them to transact alone, and less than 1 percent use them to invest.

As might be expected, financial institutions (FIs) are among the multinationals offering crypto-related services. As many as 10 percent of FIs do so. But it’s critical to have the infrastructure and tech in place – about a quarter of FIs say that the strength and weakness of current internal infrastructure is important among the factors that they consider. The potential for greater operational efficiencies is listed among the most important factors.

See more: New Report: 58 Pct Of Multinational Firms Are Using Cryptocurrency