{"id":201600,"date":"2021-11-22T00:00:58","date_gmt":"2021-11-21T18:30:58","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=201600"},"modified":"2024-08-01T19:19:13","modified_gmt":"2024-08-01T13:49:13","slug":"study-finds-only-10-institutions-support-cross-border-b2b-payments-via-crypto","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/study-finds-only-10-institutions-support-cross-border-b2b-payments-via-crypto\/","title":{"rendered":"Study finds only 10% institutions support cross-border B2B payments via crypto"},"content":{"rendered":"

Mainstream institutional and retail adoption of cryptocurrencies has been on the rise over the past couple of years. However, ground realities indicate that a major lag in acceptance still exists within major institutions. Financial institutions are lagging behind in providing customers with B2B cross-border payment options in cryptocurrencies, according to a new study<\/a>.<\/p>\n

The report, titled “Cryptocurrency, Blockchain and Cross-Border Payments,” analyzed around 250 financial institutions and 250 multinational companies. The study found that only 10% of the surveyed financial institutions provided its B2B consumers access to cryptocurrency payment tools. On the contrary, 58% of the multinational companies in the survey used at least one cryptocurrency, with an additional 19% wanting to do the same.<\/p>\n

It was found that the propensity for crypto usage increased with the size of the company, with the report noting,<\/p>\n

“Eighty-one percent of businesses with at least $1 billion in annual revenue use at least one cryptocurrency, compared with only 8% of those generating $10 million to $49 million in annual revenue.”<\/p><\/blockquote>\n

One thing that remained uniform between these companies was their preference for the top cryptocurrency Bitcoin, which was either the most-used or second-most used cryptocurrency for businesses of all sizes. Among the highest valued companies, 46% use bitcoin<\/a>, and 37% use Ether<\/a>.<\/p>\n

\"\"<\/a>
Source: PYMNTS.com<\/figcaption><\/figure>\n

While 6% of the financial institutions provided access to Bitcoin, stablecoins, Bitcoin Cash<\/a> and Ether came second, with each at 4%. Those companies preferring stablecoins the most fell under the $250 million and $1 billion value followed by those valued between $100 million to $249 million.<\/p>\n

It’s just the beginning<\/h3>\n

While these findings might come off as bearish, institutional support for cryptocurrency payments is moving in tandem with demand from B2B companies. A recent study<\/a> about the acceptance of cross border crypto payments in business found that 59% of US finance and accounting professionals at B2B companies were not open to the idea of accepting cryptocurrency as a form of payment. In contrast, only 2% of respondents adopted crypto payments, while 39% portrayed interest to accept cryptocurrency in the future.<\/p>\n

Many professionals instead preferred relatively traditional payment channels such as cheques and credit\/debit cards, among others. Reasons included a lack of convenience in crypto assets transactions, along with issues related to transaction fees and customer demand.<\/p>\n

Even with a lack of demand and acceptance within the business community, cross-border crypto payments still remain a favorite<\/a> for remittance. This is because they provide users with low transaction fees and time combined with decreased government oversight.<\/p>\n

Crypto companies like Ripple<\/a> and Stellar<\/a> are also working towards facilitating these transactions, with the firms contributing to the emergence of cross-border payment corridors in Asia<\/a>, Europe<\/a>, and Africa.<\/p>\n","protected":false},"excerpt":{"rendered":"

Mainstream institutional and retail adoption of cryptocurrencies has been on the rise over the past couple of years. However, ground realities indicate that a major lag in acceptance still exists within major institutions. Financial institutions are lagging behind in providing customers with B2B cross-border payment options in cryptocurrencies, according to a new study. The report,Continue reading “Study finds only 10% institutions support cross-border B2B payments via crypto”<\/span><\/a><\/p>\n","protected":false},"author":44,"featured_media":201610,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[44,66,3,4,20],"tags":[],"class_list":["post-201600","post","type-post","status-publish","format-standard","has-post-thumbnail","category-global-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"\nStudy finds only 10% institutions support cross-border B2B payments via crypto - AMBCrypto<\/title>\n<meta name=\"description\" content=\"A new study suggests financial institutions are lagging behind in providing customers with B2B cross-border payment options in cryptos....\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"http:\/\/ambcrypto.com\/study-finds-only-10-institutions-support-cross-border-b2b-payments-via-crypto\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Study finds only 10% institutions support cross-border B2B payments via crypto - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"Mainstream institutional and retail adoption of cryptocurrencies has been on the rise over the past couple of years. 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