Three-quarters of institutions will use crypto within three years: Ripple
Ripple's new value report on enterprise crypto and blockchain highlights utility of NFT, blockchain and CBDC in company settings.
New
According to the report, 76% of surveyed financial institutions plan to use crypto in the next three years. Ripple's new report highlights trends in the adoption and use of emerging technologies such as crypto and blockchain in businesses and financial institutions.
Financial institutions and businesses understand the benefits of using crypto internally. According to 42% of financial institutions and 41% of businesses, the most common reason is that crypto allows more people to access more financial services.
According to the survey, portfolio management and payments emerge as the most valuable additions to the corporate world. Portfolio management is detailed as hedging against inflation, hedging against other types of assets, and asset appreciation. Participants said security and data quality are two major benefits of using blockchain and cryptography for payments.
Related: A mandate for blockchain companies is to rebuild global trust
However, as an emerging technology, adoption remains an uphill battle for large institutions. Both businesses and financial institutions see a general lack of understanding as one of the biggest challenges, according to the report.
However, the report also points out that the slow regulatory process surrounding the industry is causing hesitation among potential users. Regulations in countries around the world are constantly changing as officials race to keep up with the fast pace of the crypto scene.
Recently, regulators in the US have come under scrutiny from the US Congress for their “non-judicial actions” against crypto companies. The titles and the exchange ...
Ripple's new value report on enterprise crypto and blockchain highlights utility of NFT, blockchain and CBDC in company settings.
New
According to the report, 76% of surveyed financial institutions plan to use crypto in the next three years. Ripple's new report highlights trends in the adoption and use of emerging technologies such as crypto and blockchain in businesses and financial institutions.
Financial institutions and businesses understand the benefits of using crypto internally. According to 42% of financial institutions and 41% of businesses, the most common reason is that crypto allows more people to access more financial services.
According to the survey, portfolio management and payments emerge as the most valuable additions to the corporate world. Portfolio management is detailed as hedging against inflation, hedging against other types of assets, and asset appreciation. Participants said security and data quality are two major benefits of using blockchain and cryptography for payments.
Related: A mandate for blockchain companies is to rebuild global trust
However, as an emerging technology, adoption remains an uphill battle for large institutions. Both businesses and financial institutions see a general lack of understanding as one of the biggest challenges, according to the report.
However, the report also points out that the slow regulatory process surrounding the industry is causing hesitation among potential users. Regulations in countries around the world are constantly changing as officials race to keep up with the fast pace of the crypto scene.
Recently, regulators in the US have come under scrutiny from the US Congress for their “non-judicial actions” against crypto companies. The titles and the exchange ...
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