Coinbase: Blockchain would save Americans $74 billion in transaction fees in 2022
The exchange previously reported that more than half of Americans ages 18-40 very rarely use the traditional financial system
08.02.2024 - 10:27
140
1 min
0
What’s new? US crypto exchange Coinbase has said in a new report that consumers could save at least $74 billion on bank card transaction fees in 2022 if they used blockchain technology. The finding was based on data from the Securities and Exchange Commission (SEC), the Census Bureau (USCB), and analytics firm Statista.
What else is known? In turn, merchants spent $126 billion on card transaction processing fees in the same period, which was their second-largest expense after labor costs. “By using blockchain technology instead, they could have paid next to nothing,” the exchange’s analysts note.
The company emphasizes that the current financial system is costing Americans too much. According to Coinbase, 70% of citizens would like to upgrade it and make it cheaper, faster, and more accessible. “The top reasons why they see potential in crypto are its ease of use, affordability, and fully digital lack of middlemen,” the report says.
Coinbase’s Q3 2023 report stated that more than half of Americans aged 18-40 do not use a traditional financial system or use it only occasionally. In a Q2 research publication, the exchange reported that more than half of Fortune 100 companies are developing blockchain initiatives to remain competitive.
Useful material?
Telegram 
Twitter Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Market
The company predicts that the rate of the first cryptocurrency will grow to $200 000 by the end of next year
Nov 11, 2024
Technologies
The company also unveiled its own blockchain adoption index
Nov 11, 2024
Cryptocurrency rates
-
Bitcoin
$91 728
BTC
+1.5%
-
Ethereum
$3 132.23
ETH
+0.31%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.15
XRP
+6.99%
-
Dogecoin
$0.376568
DOGE
+5.93%
-
Cardano
$0.759557
ADA
+5.16%
-
Bitcoin Cash
$452.88
BCH
+0.74%
-
Polkadot
$5.89
DOT
+3.38%
-
Litecoin
$92.81
LTC
+2.21%
-
Stellar XLM
$0.231179
XLM
+14.22%