75% of institutions to use Cryptocurrency in next three years: Ripple

75% of institutions to use Cryptocurrency in next three years: Ripple

 

An enormous 76% of surveyed financial services institutions intend on using Cryptocurrency within the next three years, according to a Ripple is value report. Ripple is new value report outlines trends in the adoption and utilization of emerging technologies such as Cryptocurrency and Blockchain Technology in enterprise and financial services institutions. 

 

Both financial services institutions and enterprises are becoming aware of the benefits of internal Cryptocurrency use cases. The most common factor is that Cryptocurrency gives more people access to diverse range of financial services, according to around 42% of financial services institutions and 41% of enterprises.

 

Also Read: Coinbase Exchange Is Rapid Rise Left It Exposed In Crypto Winter

 

According to the Ripple is survey, portfolio management and payments services come forward as the most treasured additions to the enterprise world. Portfolio management is briefly explained as hedging against inflation, hedging against other asset categories and asset value appreciation. Survey participants said that data security and quality are two major advantages of Blockchain Technology and Cryptocurrency usage for payments services.

 

 

Nevertheless, as this is an innovative and emerging technology, its adoption is still an uphill battle for large financial services institutions. According to the survey report, enterprises and financial services institutions both find that a simplified lack of understanding of the technology is institutional use cases is one of the biggest challenges. 

 

Also Read: Digital Asset Research Announces July 2022 Crypto Exchange Vetting Results

 

However, the survey report also stressed that the slow-moving process of regulatory framework surrounding the industry stirs up hesitation from potential clients. Regulatory framework from nations across the globe have been in constant flux as officials rush to keep up with the fast-paced Cryptocurrency Market.

 

Recently, regulatory bodies in the United States came under scrutiny from the U.S. Congress for their “non-judicial actions” against cryptocurrency companies. The Securities and Exchange Commission (SEC) is in the throes of implementing effective cryptocurrency regulatory framework for one of the Cryptocurrency Industry is most active regions.

 

Also Read: IMF Global Outlook Predicts Dark Clouds Ahead For Crypto Markets

 

Despite hindrances in cryptocurrency-ed and murky regulatory frameworks, the survey report still reveals the most active interest of global financial services institutions and Central Bank Digital Currencies (CBDCs). 34% of the surveyed financial services institutions say CBDCs will help with the “acceleration of digitization of finance” and give “greater access to credit to diverse set of consumers and businesses.”

 

From a global viewpoint, the survey report analyzed the regional Non-Fungible Token (NFT) interest based on emotional vs. functional benefits and use cases. Survey respondents in the Asia-Pacific (APAC) region were three times more likely to acquire an NFT for sentimental or emotional motives compared to other reasons. Out of the eight NFT genres listed, 55% of the survey respondents said music-related NFTs are of the most interest. 

 

Sustainability was also assessed, as it remains a hot topic both in and outside of the Cryptocurrency Industry. According to the Ripple is data, more than 75% of surveyed consumers prefer to purchase sustainable digital currencies. More than 20% are of the view that they would only buy “sustainable” digital currency.