Ripple’s New Report Sheds Light on the Future of Payments
Ripple’s 2023 New Value Report paints an optimistic picture of the future of cryptocurrencies and digital assets, presenting insights into emerging trends and indicating the industry’s enduring confidence despite a challenging past year.
The report, an annual compilation of surveys and analyses from global finance leaders, highlights areas such as tokenization, central bank digital currencies (CBDCs), decentralized finance (DeFi), and payments as the key drivers propelling the crypto world towards greater real-world utility and business value.
The crypto outlook remains predominantly positive, with more than 90% of global finance leaders forecasting significant impacts on business, finance, and society within the next three years. As many as 79% are confident about integrating cryptocurrency solutions into their operations.
Tokenization of assets, seen as a potentially lucrative avenue by 72% of respondents, is also capturing interest across industries like finance, manufacturing, and media, given its potential to spur innovation and unlock new business opportunities.
The survey reveals that payments are a prime gateway to crypto adoption, with 44% of global finance leaders seeing it as a key use case. The advantages of speed, cost savings, and cross-border payment capabilities have led more than half of global payments leaders to view faster payments as the top benefit of integrating crypto into their operations.
DeFi, though still in its infancy, is being closely monitored by finance leaders, many of whom are already exploring or integrating DeFi solutions into their businesses. About 76% of the surveyed participants expressed interest in institutional DeFi as a means to foster innovation in risk, liquidity, and identity management.
Despite the high interest and positive adoption trends, the report also highlighted challenges that need to be addressed, including privacy, regulatory clarity, risk management, and price volatility.