Crypto adoption to increase in three years – Ripple’s report
Ripple, a leading crypto solutions provider, has published a comprehensive report suggesting a potential increase in the adoption of cryptos. The crypto solutions provider conducted the survey to examine the future of crypto adoption across the globe. The survey birthed the report, which shed more light on the practices of business organizations and financial institutions in adopting and using cryptos and blockchain.
The report submitted that awareness about crypto is growing among institutions and businesses across the globe. As observed in the report, about 76% of the sampled respondents revealed their plan to adopt crypto in the next three years. More so, the report asserts that 42% of the financial firms and 42% of other businesses sampled in the study see crypto as an essential instrument in ensuring financial services.
Over 70% of the respondents believe adopting crypto and blockchain provides security and efficiency to payments. They also see virtual assets as a veritable hedge against inflation. However, the respondents cited poor awareness as the architect of the slow adoption of the trends. Similarly, they see the inconsistencies in the regulations of cryptos as another factor hindering wider crypto adoption.
The report hinted that the respondents accused regulators of going beyond their shores to pounce on numerous crypto projects. The report says the US SEC, for instance, views the crypto industry as a threat to the national economy if deregulated.
Furthermore, in the report, Ripple maintained that several apex banks across the globe had shown an absolute desire to launch the central bank digital currencies (CBDCs) in their respective countries. However, just 34% of the respondents in the survey believed such a move could aid the embracement of digital finance and grant better access to credit for retail and institutional users.
The report critically assessed the prevailing interest in NFTs. It reportedly premised the assessment on emotional versus practical benefits from a global perspective. As surveyed, Asia-Pacific respondents appear more interested in buying or subscribing to NFTs for personal reasons than other respondents. More so, about 55% of the respondents showed interest in music-based NFTs rather than different NFT categories.
Meanwhile, this report is coming amidst the ongoing legal tussle between the protocol and the U.S regulator. The case started two years ago after the regulator indicated the protocol of amassing over $1 billion through the sale of unregistered securities. However, Ripple responded by challenging the regulator’s powers to monitor its activities. To date, the legal battle is still lingering.
According to coinmarketcap, the current value of XRP, the native token of Ripple, stands at $0.3726476. It currently enjoys a 24-hour trading volume of $975.98 million.
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