Nearly 60% Of Multinational Companies Now Use Cryptocurrency – Biggest Businesses That Accept Crypto As Payment
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In only a few years, the number of companies that use cryptocurrency or accept crypto as payment has grown by leaps and bounds. A new study found that nearly 60% of multinational companies now use cryptocurrency.
Approximately 58% of multinational firms use at least one type of cryptocurrency, according to a joint study by Circle, a peer-to-peer payments technology company, and PYMNTS, a self-described “global leader for data, news and insights on innovation in payments and the platforms powering the connected economy.”
The survey of executives at 250 multinational businesses and 250 financial institutions found that global companies “are six times more likely to use cryptos to conduct transactions than they are to hold onto the digital offerings, on their respective balance sheets, as investments.”
The survey discovered that companies that operate in more countries are more likely to utilize cryptocurrencies. A company that operates in two countries is 19% likely to use bitcoin, but a business that operates in over 10 nations is 53% likely to use bitcoin. A dual-country business operation is 15% likely to use ether, but one that operates in more than 10 countries is 37% likely to use ether. Companies that operate in over 10 countries are 84% likely to use at least one cryptocurrency.
The poll noted that 38% of international businesses use stablecoins – a class of cryptocurrencies that are backed by a traditional reserve asset.
Of the financial institutions surveyed, 73% said they plan to expand access to cryptocurrencies in the next 12 months.
The biggest reasons why financial institutions and multinational companies aren’t embracing cryptocurrencies yet are unclear profitability, data security concerns, regulatory concerns, and lack of understanding.
“Offering cryptocurrency and blockchain solutions to their customers requires [financial institutions] to consider a host of technological, commercial and regulatory variables, and they easily can find themselves at a loss about what to prioritize,” PYMTS said in a statement.
A 2020 study by HSB found that 36% of small to medium businesses in the United States accept bitcoin as a form of payment.
The top businesses that accept cryptocurrencies as payment or utilize crypto:
Microsoft – Computer software giant
Wikipedia – The world’s largest open-source encyclopedia
Overstock.com – Online retailer
AT&T – Mobile carrier
PayPal – Online payment processor
Tesla – Electric carmaker
Starbucks – Coffee purveyor
Burger King – Fast food restaurant chain
KFC – The international chicken restaurant
Subway – The multinational sandwich restaurant franchise
Pizza Hut – Worldwide pizza chain
Dallas Mavericks – NBA franchise
CheapAir.com – Travel website
Expedia – Online travel shopping company
Travala – Internet travel booking site
Norwegian Air – Scandinavia’s largest airline
Twitch – Amazon’s gaming video platform
Newegg – Computer and gaming retailer
Gyft – Online seller of gift cards
Sotheby’s – Renowned auction house
[Photo by Worldspectrum from Pexels]