Ripple's Annual Report - After a long wait, Ripple finally released its annual report on May 23. The report, titled "2023 New Value Report: Crypto Tre
Ripple’s Annual Report – After a long wait, Ripple finally released its annual report on May 23. The report, titled “2023 New Value Report: Crypto Trends in Business and Beyond,” throws more light on global sentiment and perspective toward crypto.
The new report also paints a confident picture of the future of crypto, digital assets, and blockchain. Running for its second year, the report continues to follow crypto adoption, awareness, and blockchain solutions in businesses.
Furthermore, it highlights areas such as decentralized finance (DeFi), tokenization, and central bank digital currencies (CBDCs) as the main propellers in the crypto sector. The report also studied the evolution of crypto and how is it creating long-lasting business solutions.
The general future of cryptocurrency and its technology remains positive. Over 90% of world finance leaders forecast significant business and society impacts in the next three years. Positively, over 79% are optimistic about introducing cryptocurrency and blockchain solutions to their businesses.
This year, Ripple’s annual report studied over 1,700 world finance leaders across various financial institutions and enterprises. Given its potential to promote innovation and open up new business possibilities, asset tokenization is attracting attention across a variety of industries, including banking, manufacturing, and media, according to 72% of respondents.
Crypto trends in businesses
The report divided the top crypto trends in businesses into 5. Firstly, it suggests that the crypto outlook remains very positive despite a challenging 2022 and a “rocky start” of 2023. The report finds immense keenness around cryptocurrency and digital assets. The opinions of top financial figures throughout the world show an industry pushing into the technology to help realize and fulfill crypto’s potential, as opposed to allowing a few bad actors to undermine their long-term faith in the asset class.
Secondly, according to the reports, real-world deployment of the technology is on the rise. It asserts that 79% of all the persons interviewed are very confident about introducing cryptocurrency and blockchain solutions into their businesses. It indicated that words like “excited,” “confident” and “optimistic” are words used to describe their feelings towards crypto.
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Thirdly, the report points out that there is a steady growth in the anticipation for the tokenization of real-world assets. According to Boston Consulting Group (BCG), in 2030, the tokenization of global illiquid assets could rise to be a business opportunity worth $16 trillion.
Fourthly, the report revealed that 44% of global finance leaders see payments as a major gateway to cryptocurrency adoption. While 50% of global treasury executives think cost reductions are a more urgent advantage, more than half of global payments leaders see quicker payments as the top value proposition for integrating crypto into cross-border payments.
Lastly, the survey explored decentralized finance (DeFi). According to the report, despite the fact that DeFi is still in its early stage, global finance leaders are still paying close attention to it, with many of them already integrating distributed ledger technologies into their businesses.
About 76% of respondents said they are interested in institutional DeFi as a way to advance innovation for their company in fields including risk, liquidity, and identity management.