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 to the report.

"It’s imperative that the US cultivate increasingly needed talent rather than continuing to lose it overseas," Coinbase wrote. "The increased activity increases the urgency for clear rules for crypto that help keep crypto developers and other talent in the U.S., fulfill its promise of better access, and enable U.S. leadership on crypto globally."

Coinbase has repeatedly asked government regulators, including the Securities and Exchange Commission, to clarify regulatory frameworks for digital assets. In late May, Coinbase even said the SEC was attempting to destroy the cryptocurrency industry with its muddled regulation to urge the agency to write crypto rules.