The on-chain activities of Fortune 100 companies in the blockchain and cryptocurrency industry have surged by over 39% year-over-year, reaching a record high as of Q1, 2024, according to a recent industry report by Coinbase.
This increase demonstrates that these companies are exploring and utilizing technologies related to digital assets, decentralized finance (DeFi), and Web3 platforms.
The Fortune 100 is a subset of the Fortune 500 list, ranking the top 100 companies in the United States by revenue. It is an unofficial list published annually by Fortune magazine, which ranks companies based on their revenue reported to government agencies.
The Fortune 100 represents the US economy’s largest and most influential companies, with a combined revenue of approximately two-thirds of the country’s gross domestic product (GDP).
Coinbase reported that 56% of Fortune 500 companies are involved in on-chain projects, including consumer payment applications. Additionally, in 2024, 59% of these blockchain initiatives are at advanced stages, up from 52% in 2023 and 43% in 2022.
Example of Fortune 100 Web3 projects
Further study reveals that IBM iX, in teamed up with Neosfer, the innovation unit of the Commerzbank Group, to launch the Metaverse Circle. This platform unites experts and leading companies from the DACH region to develop, test, and launch new use cases and prototypes.
In 2023, Alphabet, through its subsidiary Google, partnered with Coinbase. This collaboration allows companies and developers of Web3 projects to pay for cloud computing services using various digital currencies offered by Coinbase via Coinbase Commerce.
Also in 2023, Microsoft initiated several Web3 projects. They partnered with Ankr and Matter Labs to introduce zkSync Era Nodes and Hyperchain blockchain solutions to the Azure Marketplace, making enterprise blockchain technology more accessible.
Microsoft further collaborated with Matter Labs to enhance zkSync by decentralizing its components. They also teamed up with Axelar to provide Azure Marketplace users access to blockchain services and developer tools.
Report: More Web3 developers have left the United States in five years, and for businesses, the talent drain is a bigger concern than regulations.
Others are government on-chain funds launched in the US. BlackRock USD Institutional Digital Liquidity Fund (BUIDL), launched by BlackRock, allows qualified investors to earn US dollar yields by subscribing to the fund through Securitize Markets.
Ondo Finance’s US Government Bond Fund (OUSG), launched by Ondo Finance, initially invested exclusively in short-term US Treasurys via BlackRock’s US Treasuries ETF (SHV). Adapt3r Digital’s Tokenized US Treasury Fund, launched on Archblock, allows USDC holders and on-chain investors outside the US to access the yields of short-term US Treasury bills.
More mentions of Bitcoin in SEC filings
The report noted that mentions of Bitcoin and stablecoins in filings with the Securities and Exchange Commission (SEC) reached record levels in the first quarter of 2024.
This surge was attributed to regulatory concerns and the approval of spot Bitcoin Exchange-Traded Funds (ETFs), significantly increasing mentions of these cryptocurrencies in SEC filings. The approval generated substantial demand, resulting in over $63 billion in total assets under management for these ETFs.
Additionally, on May 23, the SEC approved applications to list and trade spot Ether ETFs, pending S-1 approval. This means investors will soon be able to trade Ether through ETFs, similar to traditional stocks and bonds.
These ETFs offer investors a more familiar and accessible way to gain exposure to cryptocurrencies, helping spur broader digital asset adoption.
