Ripple has published a new report revealing that a sizable number of financial players believe crypto use will increase in 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 leaders and enterprises from several 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 portfolios, payments and capital, among others.
One of the most notable highlights from the report is that 76% of financial institutions expect crypto use to increase within the next three years. That is a sizable figure, and recent developments in the market suggest that that may very well happen. And 71% say that they will actually use crypto within the next three years.
The financial institutions listed the top reasons for the adoption of digital assets as being a hedge against inflation, a form of payment, and lending and borrowing purposes. Financial companies already working with digital assets have stated these precise reasons for their interest in the asset class as well.
As for the general use of blockchain tech 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 keeping with the growing global acceptance of crypto.
Crypto no longer on the fringes
In the past two years, the crypto market has made tremendous progress in breaking into the wider economy. Several companies have begun investing in the asset class, and financial institutions have begun offering crypto services.
For example, both Canada and Europe are showing a rise in adoption. While the market might be going through a rough phase, individuals are still showing an interest in putting some capital into it.
Of course, regulation will play a big part in determining how smoothly adoption goes. For the most part, it appears to be optimistic for the market in this regard, with most countries willing to establish friendly regulation.
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