Cryptocurrency

Large UK businesses stockpiling cryptocurrency

UK businesses holding cryptocurrency
(C) iStock.com/johnkellerman

A poll of IT managers from large UK businesses has found that half are currently sitting on a stockpile of cryptocurrency.

The research, which was commissioned by software developer Citrix, polled 750 IT decision makers from UK businesses with 250 employees or more. 50% were holding cryptocurrency, with the average holding being 24 bitcoins.

Out of the companies with a crypto stockpile, only 7% are investing in Bitcoin alone. 54% have also bought Litecoin, 43% Ethereum, 33% Ripple XRP and 29% Dash.

57% of those companies holding Bitcoin sold off part of their stockpile in December 2017 as the price soared to almost $20,000. 38% are currently considering whether to make a sale, while 5% have no plans to sell their Bitcoins.

Payment potential

The main reason given by respondents for holding cryptocurrencies was the potential to use them to pay providers (40%). 32% were exploring the possibility of using them to pay their employees. For 27%, they wanted to use the coins in conjunction with smart contracts and blockchain technology.

The commonly trumpeted assertion that companies were holding crypto stockpiles in order to prepare for a ransomware attack proved to be largely inaccurate. Only 4% of those surveyed reported buying digital currencies for those purpose.

64%, however, said the rise in value among cryptocurrencies had led cyber-criminals to target their stash.

Citrix’s Chris Mayers said:

“We know that very often, people are the weakest link in the security chain, and 18% of responding businesses say they worry that their hoard of digital currency might put them at risk of insider theft.”

 

Interested in hearing leading global brands discuss subjects like this in person? Find out more at the Blockchain Expo World Series, Global, Europe and North America.

 

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