Coinbase raises concerns over declining crypto talent in US despite uptick in corporate interest


The
growing
involvement
of
America’s
top
public
companies
in
blockchain
technology
has
intensified
calls
for
clear
regulatory
guidelines
to
retain
crypto
developers
and
talent
within
the
US.

Coinbase
recently
raised
concerns
in
a
“State
of
Crypto”
report
over
the
decline
in
crypto
talent
in
the
US
and
emphasized
the
importance
of
regulatory
certainty
in
ensuring
skilled
people
stay
within
the
country
after
surveying
the
top
corporations.

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The
survey
of
Fortune
500
companies

conducted
by
The
Block
on
behalf
of
Coinbase

revealed
a
14-point
drop
in
developer
share
over
the
past
five
years
despite
an
uptick
in
the
top
companies
moving
on-chain.

As
of
May
2024,
only
26%
of
crypto
developers
are
currently
based
in
the
US.

Industry
leaders
now
see
the
availability
of
trusted
talent
as
a
major
obstacle
to
adoption
and
urge
further
regulatory
clarity
for
the
sector
to
ensure
the
US
retains
its
competitive
edge.

Lack
of
skill

The
survey
highlighted
that
the
lack
of
skilled
developers
significantly
impacts
companies’
ability
to
fully
leverage
blockchain
technology.
Executives
indicated
that
on-chain
projects
and
broader
blockchain
adoption
will
suffer
without
a
robust
talent
pool.

Small
businesses

68%
of
which
are
exploring
crypto
solutions

also
feel
the
pinch.
Roughly
50%
of
those
surveyed
plan
to
seek
candidates
familiar
with
crypto
for
finance,
legal,
or
IT/tech
roles
in
their
next
hiring
cycle.

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The
report
noted
that
these
businesses
need
expertise
to
navigate
blockchain
technology
and
integrate
it
into
their
operations,
but
the
current
talent
pool
falls
short.

Leaders
are
calling
for
clear
regulatory
guidelines
to
foster
innovation
and
attract
and
retain
talent
in
the
US.
Former
Senator
Pat
Toomey

commented
on
the
report
on
social
media
and
said
that
without
a
stable
regulatory
environment,
the
US
risks
losing
its
competitive
edge
in
the
global
crypto
industry.

He
added
that
regulatory
clarity
would
provide
the
foundation
for
sustainable
growth
and
ensure
the
US
remains
a
leader
in
technological
innovation.

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The
lack
of
a
robust
talent
pool
comes
amid
a
significant
uptick
in
corporate
interest
in
on-chain
projects.

Surge
in
interest

According
to
the
survey,
Fortune
100
companies
announced
39%
more
on-chain
projects
year-over-year,
hitting
a
record
high
in
the
first
quarter.

Meanwhile,
a
survey
of
Fortune
500
executives
revealed
that
56%
of
these
companies
currently
engage
in
on-chain
projects,
including
consumer-facing
payment
applications.

Major
financial
institutions
and
products
are
at
the
forefront
of
this
shift.
The

demand
for
spot
Bitcoin
ETFs
has
resulted
in
collective
assets
under
management
surpassing
$63
billion
for
these
funds.
The
SEC’s
recent
approval
of
spot
Ethereum
ETF
applications
further
cements
traditional
financial
companies’
growing
and
sustained
interest
in
the
crypto
industry.

The
tokenization
of
government
securities
is
also
gaining
traction.
High
interest
rates
have
increased
the
demand
for
safe,
high-yielding
T-bills
on-chain,
with
the
value
of
tokenized
US
Treasury
products
rising
over
1,000%
since
early
2023
to
$1.29
billion.

BlackRock’s
tokenized
US
Treasury
fund
BUIDL,
valued
at
$382
million,
recently
surpassed
Franklin
Templeton’s
$368
million
fund
to
become
the
largest.

According
to
the
report,
the
tokenized
asset
market
is
projected
to
reach
$16
trillion
by
2030,
equivalent
to
the
current
GDP
of
the
European
Union.

Small
businesses
are
also
exploring
crypto
solutions,
with
68%
believing
that
crypto
can
address
at
least
one
of
their
financial
pain
points,
such
as
transaction
fees
and
processing
times.

Stablecoins
and
inclusion

Coinbase
also
noted
the

growth
of
stablecoins
in
recent
years
and
their
potential
to
enhance
payments
across
borders.

According
to
the
report,
global
payment
giants
like
PayPal
and
Stripe
have
made
stablecoins
more
accessible
in
recent
months.
Through
Circle,
Stripe
merchants
can
accept
USDC
payments
via
multiple
networks,
with
payments
automatically
converting
into
fiat
currency.

Meanwhile,
PayPal
facilitates
cross-border
transfers
for
stablecoin
users
across
approximately
160
countries
without
transaction
fees,
compared
to
the
4.45%
to
6.39%
average
charges
in
the
$860
billion
global
remittance
market.

Stablecoins’
annual
settlement
volume
exceeded
$10
trillion
in
2023,
over
10x
the
amount
of
global
remittances,
signifying
a
massive
shift
in
how
money
flows
across
borders.

The
survey
also
found
that
many
executives
believe
crypto
offers
the
potential
to
increase
access
to
the
financial
system
and
create
wealth
for
the
underbanked
and
unbanked.
About
48%
of
Fortune
500
executives
believe
crypto
can
enhance
financial
inclusion.

Additionally,
79%
of
these
executives
expressed
a
desire
to
collaborate
on
initiatives
with
US
partners,
while
72%
agreed
that
a
USD-backed
digital
currency
would
help
maintain
the
US’
global
economic
competitiveness.

Mentioned
in
this
article

Go to Source
Author: Assad Jafri


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