Three quarters of financial institutions expect more cryptocurrency in the future
Ripple has published a new report which reveals that a significant number of financial players believe the use of cryptocurrencies 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 the report covers several aspects of the Internet of Value. Ripple divides the investigation into three aspects of cryptoadoption: tokenization, control and movement.
Ripple surveyed over 800 financial executives and companies from several countries, as well as over 700 blockchain developers. The questions asked to these parties covered, among other things, blockchain technology, central banks’ digital currencies (CBDC), non-fungible tokens (NFT) and portfolios, payments and capital.
One of the most notable highlights from the report is that 76% of financial institutions expect the use of cryptocurrencies to increase over the next three years. This is a significant number, and recent developments in the market suggest that this may well happen. And 71% say they will actually use crypto within the next three years.
The financial institutions listed the most important reasons for using digital assets such as hedging against inflation, a form of payment and lending and lending purposes. Financial companies that are already working with digital assets have stated these exact reasons for their interest in the asset class as well.
Regarding the general use of blockchain technology for adoption, a significant number of those surveyed feel positive about 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 no longer on the outskirts
Over the past two years, the crypto market has made tremendous progress in breaking into the broader economy. Several companies have begun to invest in the asset class, and financial institutions have begun to offer crypto services.
For example, both Canada and Europe show an increase in adoption. While the market may be going through a difficult phase, individuals are still showing interest in investing some capital in it.
Of course, regulation will play a big role in determining how smoothly adoption goes. For the most part, it seems to be optimistic about the market in this regard, with most countries willing to establish friendly regulation.
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