89% of financial institutions budget for crypto, but only 16% are operational

Most financial institutions show a gap between crypto-related budgeting and actual deployment, according to a survey by crypto infrastructure firm Fireblocks. The survey of 638 financial institution executives found 88% to 89% had allocated budget to crypto infrastructure this year or planned to do so. Just 11% said they had deferred such spending to next year. However, only around one-sixth of institutions had actually built and operated the infrastructure, while most remained in the planning, pilot, or proof-of-concept stage. The media outlet said this shows the industry recognizes the importance of cryptocurrency but is still weighing how to put it to practical use.