Ripple Promotes The Use Of Crypto As Key Factor For 2023
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Key Points:
- Ripple, based in San Francisco, is optimistic that usage of cryptocurrencies and XRP will increase in 2023.
- CBDC pilot projects are anticipated worldwide. James Wallis, VP of Central Bank Engagements, also stated that they will place a “focus on interoperable CBDC solutions that boost cross-border payments.”
- The Ripple team concluded that the 2022 crypto winter would give way to a utility-focused crypto spring in 2023.
Fintech company Ripple, based in San Francisco, is optimistic that usage of cryptocurrencies and XRP will increase in 2023.
Ripple released a blog post on January 10 detailing its predictions for the industry. It forecasts that this year’s attention will be directed toward the practical applications of crypto as the fallout from last year’s contagions subsides.
Devraj Varadhan, SVP of Engineering at Ripple, foresaw a general shift in the market. There will be a shift from highly speculative businesses to ones that use crypto technologies to address real-world issues.
“From Non-Fungible Tokens (NFTs) to Central Bank Digital Currencies (CBDCs) to sustainability, most of the expectations for crypto this coming year involve its application for real-world utility.”
Ripple is optimistic for 2023
Sendi Young, Managing Director of Europe, predicted that the new era of CBDCs will be fueled by a focus on practical applications.
This year, more CBDC pilot projects are anticipated worldwide. James Wallis, VP of Central Bank Engagements, also stated that they will place a “focus on interoperable CBDC solutions that boost cross-border payments.”
According to the Atlantic Council, there are currently 17 countries engaging in a CBDC pilot, and 11 have already launched them.
Crypto utility will also extend to non-fungible tokens, according to the firm.
“While the first wave of NFTs centered around digital art and collectibles, there is already a nascent second wave exploring real-world use cases such as real estate and carbon markets.”
Young also said that institutions would accelerate the long-term adoption of crypto solutions due to the potential gains in efficiency, transparency, and speed.
“Banks and other large financial institutions will invest in new technologies with an expectation of realizing the benefits not in days and weeks, but in years, so we see the embrace of digital assets and blockchain continuing throughout 2023 and beyond,”
Furthermore, Ripple’s VP of Impact, Ken Weber, predicted that large non-governmental organizations (NGOs) would start integrating crypto to better serve the financially vulnerable.
He added that carbon markets would likely emerge as a clear use case for blockchain and crypto.
The Ripple team concluded that the 2022 crypto winter would give way to a utility-focused crypto spring in 2023.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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