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Citi Survey Highlights Growing Interest in Blockchain Amid FTX Challenges

by Dan K
Aug 24, 2023 - 10:00 pm
in Blockchain
Graph showcasing the increase in DLT engagement from 2022 to 2023.

The Resilience and Evolution of DLT and Digital Assets

On Aug. 23, Citi presented a comprehensive analysis of the developments and challenges faced by the digital assets and distributed ledger technology (DLT) sector. Despite the setbacks of 2022, notably for leading crypto firms like FTX, the landscape remains promising.

A Surge in Firms Adopting DLT

The report points out a marked uptick in corporate engagement with DLT and digital assets. The rise from 47% of firms in 2022 to 74% in 2023 indicates a growing confidence and trust in these technologies. This expansion involves over 20 major global financial institutions, managing billions of USD through DLT platforms.

Interestingly, the hurdles aren’t predominantly about the technology but its incorporation. The principal challenges revolve around human elements and procedural methodologies.

Regional Variations in Crypto Adoption

Different parts of the globe exhibit unique stances on cryptocurrency adoption and its regulation:

  • Asia and Latin America focus on increasing institutional liquidity and expanding its reach.
  • Europe stresses regulatory oversight, especially through programs like MiCA.
  • North America is experiencing positive results from diversifying tokenized asset classes.

However, regulatory uncertainties remain a universal concern. Over half of the surveyed participants expressed apprehensions that ambiguous regulations might impede progress, especially in regions like North America and Europe.

Digital Currencies: The Growing Landscape

The realm of digital currencies, especially central bank digital currencies (CBDCs), is evolving rapidly. An impressive 87% of market participants foresee a promising future for this sector by 2026.

DLT Outshines the Broader Crypto Sector

Despite crypto’s challenges, DLT’s growth remains steadfast. A majority of custodians (87%) are actively exploring DLT and digital asset opportunities. In contrast, a significant proportion of asset owners (75%) remain on the sidelines.

In wrapping up, Citi emphasizes DLT’s potential to revolutionize processes. The benefits extend beyond mere experimentation, but tapping into its fullest potential demands considerable effort in revamping existing systems.

Tags: BlockchainCBDCFTX
Dan K

Dan K

Dan K, the chief editor, is a visionary wordsmith, shaping narratives with finesse. His discerning eye for detail creates literary masterpieces.

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