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

172

1 min

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.

Coinbase’s report

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.

Author: