Ripple has released a new report revealing that a significant number of financial players believe crypto usage will increase over the next three years. Many of them also want to work with the crypto asset class.
The New Value: Crypto Trends in Business and Beyond report covers several aspects of the Internet of value. Ripple divides its investigation into three aspects of crypto adoption: tokenization, management, and movement.
Ripple surveyed over 800 financial and corporate executives from multiple countries, as well as over 700 blockchain developers. The questions posed to these parties covered blockchain technology, central bank digital currencies (CBDCs), non-fungible tokens (NFTs) and wallets, payments and capital, among others.
One of the most notable highlights of the report is that 76% of financial institutions expect crypto usage to increase over the next three years. That’s a sizable number, and recent market developments suggest it could very well happen. And 71% say they will actually use crypto in the next three years.
Financial institutions have listed the main reasons for the adoption of digital assets as being a hedge against inflation, a form of payment, and lending and borrowing purposes. Financial firms already working with digital assets also indicated these specific reasons for their interest in the asset class.
When it comes to the general use of blockchain technology for adoption, a significant number of respondents have a positive view of the technology. And 70% of financial institutions are interested in using it for payment. Overall, the impression of the report is in line with the growing global acceptance of crypto.
Crypto is no longer on the sidelines
Over the past two years, the crypto market has made tremendous strides in penetrating the broader economy. Several companies have started investing in the asset class and financial institutions have started offering crypto services.
For example, Canada and Europe show an increase in adoption. While the market may be going through a tough phase, individuals are still showing interest in investing capital in it.
Of course, regulations will play an important role in determining whether the adoption goes well. Overall, it seems to be optimistic for the market in this regard, with most countries willing to establish user-friendly regulations.
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