Blockchain Could Have Saved Americans $74 Billion on Credit Card Fees: Coinbase

Blockchain Could Have Saved Americans $74 Billion on Credit Card Fees: Coinbase

February 7, 2024

By Hassan Shittu

Coinbase, a leading cryptocurrency exchange, has emphasized the potential of blockchain technology to save American consumers billions of dollars in its latest “State of Crypto Report,” released on Wednesday. According to the report, consumers could have collectively saved a minimum of $74 billion in credit card transaction fees in 2022 if blockchain technology had been utilized.

The report highlights growing frustration among Americans with the current financial system, particularly regarding fees, with Coinbase noting that at least three in five Americans desire updates to make the system cheaper, faster, and more accessible.

Blockchain Could Save Americans Billions in Transaction Fees

According to the findings, dissatisfaction with fees charged by intermediaries for transactions tops the list of grievances among consumers and small businesses. In 2022 alone, Americans could have collectively saved approximately $74 billion in credit card transaction fees, with merchants shelling out over $126 billion for processing fees. The report suggests that utilizing blockchain technology could significantly reduce these costs, offering a more cost-effective alternative.