A new report from the crypto exchange Coinbase finds Fortune 100 companies have increased web3 projects 39% year-over-year and reached a "record high" in the first quarter of 2024.

Additionally, 56% of Fortune 500 executives say their firms are developing blockchain-based initiatives that "include consumer-facing payment applications," according to the Coinbase report, which includes research conducted by The Block.

Sectors driving the demand for web3 projects include spot bitcoin exchange-traded funds, real-world asset tokenization and stablecoins.

Despite the increased corporate interest in crypto initiatives among major firms, the United States has lost its developer share consistently over the past five years. Only 26% of crypto developers base themselves in the country, according …