Coinbase stated on Wednesday in its most recent “State of Crypto Report” that blockchain technology had the potential to save billions of dollars for US consumers.
“In 2022, consumers could have saved at least $74 billion in credit card transaction fees by using blockchain technology,” according to the analysis by Coinbase.
Citing annoyance with costs, the cryptocurrency exchange stated that “at least three in five Americans want updates to the system that make it cheaper, faster, and more accessible.”
Coinbase calculated the number using openly accessible information obtained from the U.S. Census Bureau, Securities and Exchange Commission, and data analytics company Statista. According to Coinbase, blockchain technology may benefit both companies and consumers.
According to the research, “Merchants spent more than $126 billion on fees to process credit card transactions,” making that their second-highest expense behind labor. “By using blockchain technology instead, they could have paid next to nothing.”
Additionally, Coinbase reported that a majority of Americans, more than 77 percent, want a “updated financial system” that operates more quickly and with lower fees.
Even though Coinbase is growing abroad, particularly in Europe and nations like Singapore and Brazil, the majority of its income is still made within the United States. The trading platform has persisted in pressuring the US government to provide further clarification on the laws governing digital asset access and regulation.
The majority of recently introduced spot bitcoin exchange-traded funds (ETFs) provided by conventional financial institutions, including BlackRock, Franklin Templeton, and Grayscale Investments, are held in custodianship by Coinbase. Since spot bitcoin ETFs began trading last month, the total trading volume has exceeded $30 billion.
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