According to a recent report by Wise.
Although only 17% of finance leaders say their organization currently accepts cryptocurrency transactions, this proportion is expected to increase, as 33% said they plan to accept such transactions within the next 12 months. Many see long-term potential for these digital assets, as 52% said they will prove “extremely” useful as a long-term payment solution. The confidence displayed could be a product of people’s personal experiences, as 44% of finance executives say they have used cryptocurrency for personal transactions, 48% are currently invested in cryptocurrencies, and 49% intend to do so in the future.
The biggest reported challenges to broader crypto adoption were internal environmental, social and governance policies (22%), related to finding the right talent to implement change (22%). Previous research from crypto platform Gemini (see full article) found that broader barriers to accessing cryptocurrency include many not really understanding how it works in the first place, or how it will affect their tax situation.
The Sage Intacct report also revealed that finance executives are interested in the metaverse, which generally refers to the ecosystem of digital environments commonly accessible through virtual and augmented reality. The study found that 36% of finance leaders say they already have a presence in the Metaverse, while 52% plan to create one within the next year. The scope of their participation goes beyond simply existing in this space: 54% said they plan learning programs in the metaverse and 42% said they buy virtual real estate through non-fungible tokens.
The results are part and parcel of the broader perception that today’s CFO needs to be more digitally savvy, with 85% saying changes in the global economy require a new breed of financial leaders.
“I’m passionate about making people work better,” Sage chief technology officer Aaron Harris said in a statement. focus on what they do best. The Metaverse is a prime example of the convergence of our digital and physical lives – integrating human touchpoints through digital means to break down barriers. And while it’s still early days for most, the Metaverse is normalizing some emerging technologies like cryptocurrencies for SMBs which, in turn, removes friction and provides insight. Yet despite the appetite for new technologies and new business models, skill availability remains an industry-wide issue that we, as a community, must address. Offering more than the traditional roles of finance, I hope this will help our profession attract a growing demographic.”
Findings are based on 1,900 responses from finance leaders in healthcare, nonprofits, financial services, professional services, hospitality, technology, and retail at organizations in less than 1,000 people and less than $50 million in revenue. The survey was international, encompassing professionals in the US, UK, Australia, South Africa and Canada.
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Sage Research Reveals Small-Medium Entities Are Enthusiastic About Crypto And The Metaverse
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