Fireblocks CEO and co-founder Michael Shaulov said institutions are still risk-averse from cryptocurrencies, and for large, household-name companies, launching a successful Web3 enterprise has become more complicated.
He cited a recent Coinbase survey that found that 52% of Fortune 100 companies have some kind of Web3 or cryptocurrency-related plan since 2020.
Looking at the numbers alone, adoption looks promising, but Shaulov said he believes fewer than 50 established brands have launched repeatable major Web3 initiatives.
Shaulov said this is simply because the risks are too great, mainly on the regulatory side.
The confusion companies face boils down to basic questions like how to structure a balance sheet when cryptocurrencies are involved.