<\/p>\n
Fireblocks CEO and co-founder Michael Shaulov had some harsh truths to share for institutionally-minded crypto natives \u2014\u00a0that is, people who want to see Fortune 500 companies develop blockchain solutions and dive headfirst into Web3.<\/p>\n
\u201cThe crypto native crowd is a subset of the market that they are interested in going after,\u201d Shaulov said during the Permissionless conference today in Austin, Texas. \u201cMost of their addressable market is actually people that have never interacted with crypto or Web3 before.\u201d<\/p>\n
That\u2019s why, Shaulov said, it\u2019s even more complicated for large, household-named corporations to launch successful Web3 ventures.\u00a0<\/p>\n
Meta\u2019s Diem<\/a> project is a perfect example of a big company misfiring in the blockchain space. Formerly known as Libra, Diem was Meta\u2019s ultimately unsuccessful attempt to introduce a stablecoin.\u00a0<\/p>\n But this isn\u2019t something that\u2019s just an issue with Meta, according to Shaulov.<\/p>\n He cited a recent Coinbase survey<\/a>, which found that 52% of the Fortune 100 have established some kind of initiative relating to Web3 or crypto since 2020.\u00a0<\/p>\n Looking at that number in isolation makes the state of adoption look rosy, but Shaulov said he believes that fewer than 50 recognizable brands have launched major Web3 initiatives that are repeatable.<\/p>\n That\u2019s simply because there\u2019s too much risk, which exists mainly on the regulatory front, Shaulov said. The confusion companies deal with boils down to things as foundational as how to structure a balance sheet when crypto is involved.<\/p>\n \u201cIf you have [ether] ETH<\/a> you need to pay for transactions or you\u2019re holding assets for your clients, how do you account for it?\u201d Shaulov remarked.<\/p>\n Additionally, companies may be wary of entering crypto because of all the different licensing regimes worldwide, Shaulov contended. Finally, security concerns linger for companies that might debut wallet-based products.<\/p>\n Get the day\u2019s top crypto news and insights delivered to your email every evening.\u00a0Subscribe to Blockworks\u2019 free newsletter<\/a>\u00a0now.<\/strong><\/p>\n Want alpha sent directly to your inbox? Get degen trade ideas, governance updates, token performance, can\u2019t-miss tweets and more from\u00a0Blockworks Research\u2019s Daily Debrief<\/a>.<\/strong><\/p>\n Can\u2019t wait? Get our news the fastest way possible.\u00a0Join us on Telegram<\/a>\u00a0and follow us on\u00a0Google News<\/a>.<\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" Fireblocks CEO and co-founder Michael Shaulov had some harsh truths to share for institutionally-minded crypto natives \u2014\u00a0that is, people who want to see Fortune 500 companies develop blockchain solutions and dive headfirst into Web3. \u201cThe crypto native crowd is a subset of the market that they are interested in going after,\u201d Shaulov said during the […]<\/p>\n","protected":false},"author":2,"featured_media":154268,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-154267","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/154267","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=154267"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/154267\/revisions"}],"predecessor-version":[{"id":154270,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/154267\/revisions\/154270"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/154268"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=154267"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=154267"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=154267"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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