Nearly 58% of multinational companies with business partners or offices in multiple jurisdictions use cryptocurrencies for financial transactions.
Data platform PYMNTS surveyed 250 cross-border businesses and 250 financial institutions. According to the results, 57,6% of respondents use at least one cryptocurrency for international transactions. At the same time, 56% use blockchain technologies in their work, the most popular of which are smart contracts – 42% of respondents see them as the leading use cases.
The most popular cryptocurrencies among business representatives are the following:
- Bitcoin — 31,2% of survey participants use it. This is the most widely used cryptocurrency for payments among companies that generate at least $10 million in annual revenue.
- Ethereum is preferred by 24% of respondents.
- Usage of various stablecoins is at 28,8%.
The main reason for using cryptocurrencies by business representatives is reduced financial costs and simpler transfer procedures.
90% of financial organizations do not allow their clients to use cryptocurrencies, although 61,4% understand the importance of such service. Among the main restrictions, 48% say the legal framework is not fully developed, 31% note the profitability of blockchain technology is not proven, and 29% are concerned about data security.