Coinbase said Wednesday in its latest "State of Crypto Report" that blockchain technology could have saved American consumers billions of dollars. 

"In 2022, consumers could have saved at least $74 billion in credit card transaction fees by using blockchain technology," Coinbase said in the report. Pointing to frustration over fees, the crypto exchange said that "at least three in five Americans want updates to the system that make it cheaper, faster, and more accessible."

Coinbase derived the figure using publicly available data sourced from the Securities and Exchange Commission, U.S. Census Bureau and the data analytics firm Statista. The Block Research also contributed to Coinbase's latest report.

Americans want a faster and cheaper system

Coinbase sees blockchain …