Crypto exchange Coinbase revealed in its most recent State of Crypto report that several of the largest US companies have been preparing to move to on-chain platforms. Coinbase points out that there is a severe shortage of talent to support this change.
US Is Falling Behind In The Growth Of Crypto
Coinbase Chief Legal Officer Paul Grewal said that the US has lost over 14% of its stake in the last five years since 2018, citing the State of Crypto report. As a result, it currently only makes up 26% of all crypto developers worldwide.
Grewal went on to say that while the US stands to lose its status as the world’s leader in technology innovation, corporate adoption of cryptocurrency and on-chain activity would only increase. Grewal has therefore called on the US government to act decisively by strengthening its position on the advancement of cryptocurrencies.
He declared, “We have to choose to do better, but the U.S. government must want to.” Global leadership in technological innovation is ours to lose.
According to Coinbase’s State of Crypto report, a record amount of crypto, blockchain, and Web3 initiatives were launched by Fortune 100 firms in the first quarter of 2024. The main obstacle, though, was a dearth of qualified personnel and reliable talent.
Almost half of Fortune 100 company executives stated that the biggest barrier to onchain technology adoption was a lack of qualified personnel. Worse news is coming: the percentage of US cryptocurrency developers is dropping. Currently, just 14% of cryptocurrency engineers are from the US, a 14% decrease over the previous five years.
Still, there is a lot of interest in blockchain technology. Remarkably, seventy percent of Fortune 500 executives expressed a strong desire to understand about applications for stablecoins. Stablecoins’ faster processing times and less fees are the cause.
In a similar vein, digital assets are drawing in more and more small enterprises since they can alleviate financial difficulties by offering quicker and less expensive payment options.
The Coinbase research, which stated that the US needs to make a course correction sooner, has garnered backing from lawmakers.
