10% of banks support cross-border crypto
Despite the availability of new payment options, many financial institutions (FIs) are lagging behind market interest in innovations in cross-border payments, especially when providing B2B access to crypto tools. -cash.
According to “Cryptocurrency, Blockchain and Cross-Border Payments,” only one in 10 FIs currently give their B2B customers the option to use cryptocurrency, a PYMNTS and Circle collaboration that draws on a survey of 250 multinational companies and 250 financial institutions.
See also: Cryptocurrency, Blockchain and Cross-Border Payments
Bitcoin is the most common crypto offered by FIs, with 6% providing access to it. Stablecoins, Bitcoin Cash, and Ether are each at 4%.
In contrast, 58% of multinational companies currently use at least one cryptocurrency, and 19% of those who do not would like to.
The larger the company, the more likely it is to use crypto right now. Eighty-one percent of businesses generating at least $ 1 billion in annual revenue use at least one cryptocurrency, compared to just 8% of those generating $ 10-49 million in annual revenue.
Bitcoin is either the most widely used cryptocurrency or the second most used for businesses of all sizes. Among the largest companies, 46% use bitcoin and 37% use Ether.
Companies at the next two levels are interested in both stablecoins and bitcoins. Those with annual turnover between $ 250 million and $ 1 billion are the most likely to use stablecoins, with 38% choosing them, followed by bitcoin at 31%. Those who generate between $ 100 and $ 249 million in annual income are also likely to use bitcoin and stablecoins, with 19% using them each.
Companies with annual revenue between $ 50 million and $ 99 million most often use 16% ether, followed by 11% bitcoin. The smallest companies surveyed, those with revenues between $ 10 million and $ 49 million, are also likely to use bitcoin and Bitcoin Cash, as 8% say they use these options.