10% of FIs offer at least one crypto

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As cryptocurrencies continue to gain ground and gain popularity in business and retail environments, it makes sense that more and more multinational companies are using 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% of these companies use cryptocurrencies.

See more: New report: 58% of multinational companies use cryptocurrency

In fact, data shows that global companies are six times more likely than their counterparts who do not operate across borders to use cryptos to transact than they are to use them as investments. Up to 28% of businesses that use cryptos choose to use stablecoins in these digital offerings that are backed by some form of fiat currency or commodity. Just over 9% use bitcoin cash and around 13% use alternative coins.

Among companies that own bitcoin, 16% (measured as a percentage of all companies) use this brand name in crypto to conduct transactions only; 2% only use coins to invest. For stablecoins, 16% use them to make transactions on their own and less than 1% use them to invest.

As you might expect, Financial Institutions (FIs) are among the multinationals offering crypto-related services. Up to 10 percent of FIs do. But having the infrastructure and the technology in place is essential. About a quarter of FIs say the strength and weakness of the current internal infrastructure are important among the factors they consider. The potential for greater operational efficiency is listed among the most important factors.

See more: New report: 58% of multinational companies use cryptocurrency

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NEW PYMNTS DATA: 58% OF MULTINATIONAL COMPANIES USE CRYPTO-CURRENCY

By the way: Despite price volatility and regulatory uncertainty, a new study from PYMNTS shows that 58% of multinational companies are already using at least one form of cryptocurrency, especially when transferring funds across borders. The new Cryptocurrency, Blockchain and Global Business survey, a PYMNTS and Circle collaboration, polling 500 executives examines the potential and pitfalls that crypto faces as it becomes part of the mainstream financial sector.

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