Ripple's 2023 New Value Report, an annual thought leadership report, has been released, providing a comprehensive overview of global sentiment and perspectives towards cryptocurrency, digital assets, and blockchain technology.
The report, now in its second year, continues to track awareness, interest, and activity in crypto and blockchain solutions that drive real business value.
The report is divided into three primary sections—Tokenize, Manage, and Move—and surveyed over 1,700 global finance leaders across financial institutions and enterprises.
The survey covered topics such as institutional decentralized finance (DeFi), tokenization, Central Bank Digital Currencies (CBDCs), payments, and more.
Here are the top five crypto trends in business for 2023:
Crypto outlook remains overwhelmingly positive: Despite a challenging 2022 for the crypto industry and a somewhat rocky start to 2023, the report finds overwhelming enthusiasm around the prospects for crypto and digital assets.
More than 90% of global finance leaders believe that the technology will have a significant or massive impact on business, finance, and society within the next three years.
High expectations are translating into real-world deployments: 79% of all respondents are either very or extremely confident about integrating cryptocurrency solutions into their businesses.
More than three-quarters of respondents are open to exploring crypto and digital asset technologies like NFTs or stablecoins over the next few years.
Anticipation for tokenized real-world assets continues to grow: According to Boston Consulting Group (BCG), the tokenization of global illiquid assets could be a $16 trillion business opportunity by 2030.
This potential is reflected by the 72% of respondents that expect to use tokenization in their business as a way of driving innovation over the next three years.
Payments is the top use case for holding crypto: Crypto-enabled payments is one of the technology’s most mature use cases, with 44% of global finance leaders seeing payments as the most likely gateway to crypto adoption.
More than half of global payments leaders see faster payments as the top value proposition for integrating crypto into cross-border payments.
DeFi is coming to an institution near you: Despite being fairly nascent, 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.
While interest in crypto and digital assets is high and adoption trends are positive, challenges still lie ahead. For crypto-enabled solutions to become the standard across industries, reported concerns around privacy, regulatory clarity, risk management, and price volatility must be addressed.
However, as evidenced in this year’s study, crypto adoption is being driven by growing consumer demand, tangible use cases for businesses and financial institutions, and an industry-wide shift towards real-world utility.
The report concludes that it's no longer a question of if, but when, financial institutions and enterprises will benefit from crypto’s speed, transparency, and cost savings.
Educating financial institutions, governments, and businesses on the potential and importance of crypto is critical to accelerating the Internet of Value. [pc]
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