Fortune 100 Companies Expand Web3 Projects by 39%

Over the past year, companies listed in the Fortune 100 have increased their supported blockchain initiatives by 39%, reaching a “record level.” This information is detailed in a report by Coinbase and The Block.

In 2024, significant progress has been observed in the implementation of initiatives: 59% of projects are at an advanced stage. This is the highest level in the past three years, surpassing 52% in 2023 and 43% in 2022. 

Corporations are focusing on:

• spot Bitcoin ETFs;
• tokenization of RWAs;
• stablecoins.

56% of executives from Fortune 500 companies stated that their firms are developing Web3 initiatives that “include consumer payment applications.”

Interest in using blockchain transactions has emerged not only among financial service providers but also among retailers, healthcare providers, and consumer goods manufacturers.

Usage scenarios include:

• exploring cryptocurrencies as a form of payment for remote or global regions;
• implementing Play-to-Earn mechanics to enhance video game quality;
• enabling patients and clients of medical institutions to use digital wallets for paying for goods and services;
• accepting donations in the healthcare sector;
• loyalty programs in restaurants.

Despite the increased interest in Web3 projects among large companies, the United States has consistently lost its share of developers over the past five years. According to the study, as of March 2024, only 26% of specialists are based in the country, down from 40% five years ago.

“The increased activity underscores the need for clear rules for digital assets, which will help retain developers and other talents in the U.S., fulfill the promise of improved access, and ensure the country’s leadership on a global level,” the document states.

In June, Coinbase allocated $25 million to support the Fairshake political action committee, raising the organization’s budget to $160 million.

Analysts at TD Cowen believe that political spending, including through Fairshake, could increase the likelihood of passing legislation on cryptocurrencies and stablecoins.