Reportedly around half of the payment firms are using Blockchain-based smart contract technology to facilitate crypto payments.
In the present time, Blockchain and crypto are not new things for almost every tech company. We can see almost every tech company in this world are showing their inclination to crypto or blockchain technology-based inclined solutions. Because of the reliability and trust in the data of blockchain networks and technology, businesses are choosing it over traditional technology.
According to reports, available data records are showing that 42% of businesses are using Blockchain-based smart contract technology to facilitate payments. While 13% of the other cross-border payment firms are considering adopting crypto, blockchain-based Technologies in collaboration with PYMNTS, Circle-like companies.
Research also revealed that the majority of the companies are using Crypto assets to facilitate cross-border payment. Crypto and blockchain user companies fraction is around 37%, which are active with the use case. While 13% want to start to use crypto. However other multinational financial institutions and firms are planning to use the crypto-assets for payment and fund management purposes.
Research also noted that those firms which have hands in multiple countries have major chances of crypto & blockchain technology use and involvement. For instance, 69% of Companies that have hands in more than 10 countries, are using cryptocurrencies and blockchain-based smart contract-based technology to facilitate cross-border payments.
The same percentage is 37% for those numbers of countries, which have reach in three countries. While this number is 25%, for those companies which have hands only in two countries.
There are many Fintech and crypto projects, which are open to establishing any kind of partnership or collaboration with any kind of legal financial service to support the crypto and blockchain. These companies are Circle, Ripple, Tezos network, and many more. But besides all these things, there are issues of the regulation and regulatory frameworks. Few high-power companies are using the blockchain and crypto under particular authorities but not all businesses and firms can get regulatory approval for the same, where the crypto & blockchain industry have no kind of legal status.