In the recent “State of Crypto Report” released by Coinbase, the U.S.-based cryptocurrency exchange highlighted the potential savings for Americans through the adoption of blockchain technology. According to the report, if blockchain had been utilized for credit card transactions in 2022, Americans could have collectively saved a staggering $74 billion in fees, equating to an average of $600 per household.
The report emphasized the widespread desire for a more cost-effective, efficient, and accessible financial system, with “at least three in five Americans” expressing their interest in such updates.
Derived from publicly available data obtained from sources like the Securities and Exchange Commission, U.S. Census Bureau, and Statista, Coinbase presented compelling arguments for the adoption of blockchain technology.
Coinbase underscored that the benefits of blockchain extend beyond individual consumers to encompass businesses as well. The report noted that merchants spent over $126 billion on credit card transaction fees, making it their second-largest expense after labor. By embracing blockchain technology, these businesses could have drastically reduced these costs.
Furthermore, Coinbase highlighted the public’s demand for a modernized financial system, revealing that over 70% of Americans aspire to have a system that is not only cost-effective but also faster in its operations.
While Coinbase is expanding its global presence, including operations in Europe, Singapore, and Brazil, it remains dependent on its U.S. user base for the majority of its revenue. The exchange continues to engage with the U.S. government, advocating for clearer regulations and improved access to digital assets.
Coinbase’s involvement as a custodian for several spot bitcoin ETFs from established financial firms like BlackRock, Franklin Templeton, and Grayscale Investments was also highlighted. The cumulative trading volume for these spot bitcoin ETFs, launched just last month, has already exceeded $30 billion.
