Several companies from the traditional financial space have been stepping into the crypto-sphere. They’ve been doing so in a host of ways—right from investing in assets in order to bolster their financial position, to broadening their offerings to customers and tying up with crypto-related companies. Evidently, TradFi jumping into crypto has been helping in boosting the confidence of the masses. In turn, the investor appetite is seemingly increasing.
Ripple’s latest New Value Report analyzed the crypto trends associated with businesses. Over 70% of finance leaders feel that their confidence in the crypto industry has increased in the past six months. In fact, more than 90% of them believe that this technology will have a significant or massive impact on business, finance, and society within the next three years. This in turn points towards the “overwhelming enthusiasm” pertaining to the prospects for crypto and other digital assets.
Well, hacks and attacks are quite common in the space. However, they have not essentially dented the optimism of stalwarts. According to Ripple’s report,
“Rather than allowing a few bad actors to shake their long-term confidence in crypto, the sentiments of global financial leaders portray an industry leaning into the technology to help realize and fulfill crypto’s full potential.“
Ripple’s 2023 New Value Report is here. This year’s report surveyed over 1,700 global finance leaders on institutional DeFi, tokenization, CBDCs, payments, and more.
— Ripple (@Ripple) May 24, 2023
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DeFi: Another area that businesses are looking into
According to Ripple’s survey results, 79% of the respondents are either “very or extremely confident” about integrating crypto solutions into their businesses. In fact, the words most used to describe how they feel about crypto included “excited,” “confident” and “optimistic.” Companies are also eying DeFi and its potential to improve operational efficiency, data management, and financial flexibility. The report pointed out,
“This year’s findings make it clear that finance leaders are keeping a close eye on institutional DeFi and many have already begun to explore or integrate DeFi solutions within their organizations.“
In fact, 76% of the respondents said that they’re interested in institutional DeFi. Specifically, they’re eying it “as a means to drive innovation for their business.” Specifically, the targeted areas include risk management, liquidity, and identity.
Well, the adoption of crypto and its use cases is expected to rise gradually with time. Market trends, maturation of the industry, and technological innovation will play crucial roles in shaping the same, according to Greg Waisman, Co-Founder, and COO at payments infrastructure platform Mercuryo. Elaborating on the current state of affairs, Waisman told Watcher Guru via a textual commentary,
“As consumer interest is on the rise, both TradFi and crypto providers are putting more focus on launching new products or expanding their existing offerings to fulfill the growing demand. I believe this trend is here to stay.“
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