(CTN News) – According to Coinbase’s “State of Crypto Report,” blockchain technology could save American consumers billions of dollars.
By using blockchain technology, consumers could have saved at least $74 billion in credit card transaction fees by 2022, Coinbase reported. As a result of frustration over fees, the crypto exchange stated that at least three out of five Americans wish to see changes to the system that would enable it to be more efficient, faster, and more accessible.
This figure was derived by Coinbase based on publicly available data sourced from the Securities and Exchange Commission, the U.S. Census Bureau, and data analytics firm Statista. As part of Coinbase’s recent report, Block Research also contributed.
A faster and more cost-effective system is desired by Americans
It is belief that blockchain technology will benefit not only consumers but also businesses.
According to the report, merchants spend more than $126 billion on credit card processing fees, making it their second greatest expense after labor. A blockchain-based solution would have cost them much less.”
Furthermore, Coinbase found that more than 80% of Americans desire an “updated financial system” that has fewer fees and operates more quickly.
Coinbase is expanding its reach outside of the U.S. into Europe and Singapore as well as Brazil, but it generates the majority of its revenue here. The trading platform continues to lobby the U.S. government for additional clarity regarding the regulation and accessibility of digital assets.
Most of the recently launched spot bitcoin ETFs offered by traditional financial firms, including BlackRock, Franklin Templeton, and Grayscale Investments, are held by Coinbase. A Yahoo Finance report shows that spot bitcoin ETFs have traded $30 billion cumulatively since they started trading last month.