A new study from Ripple (XRP) has looked into the ongoing adoption of cryptocurrencies in the world. The report states that in just a few years, the vast majority of all financial institutions will be using crypto for payments.
What percent of financial institutions are interested in using blockchain for payments? ➡️ 70%
In our New Value Report, enterprise respondents agreed that data security and quality are key benefits of using blockchain and crypto for payments. Learn more: https://t.co/3KR5s6lk3i
— Ripple (@Ripple) August 11, 2022
Ripple research
In the research Ripple has discovered that three quarters of all financial institutions are planning to use cryptocurrencies as a means of payment in the relatively short term. According to Ripple, that would mean that by 2025 at least 76% of all these institutions will have embraced the use of cryptocurrencies.
According to Ripple, the main reason for considering crypto payments is the fact that the crypto industry is becoming more mature. cryptocurrencies are seen less and less as the ‘Wild West’ and more and more as a fully-fledged new industry. This means that more and more companies and institutions will be willing to make use of blockchain technology.
Crypto as a means of payment
In particular, the use of cryptocurrencies as a means of payment attracts the attention of a majority of all financial institutions, Ripple says. In second place is the use of cryptocurrencies as an investment.
Ripple also specifically asked about the benefits why these agencies want to use cryptocurrencies. The most common reason is that crypto gives more people access to more financial services, say 42% of financial institutions and 41% of enterprises. It was also often mentioned as a hedge against sky-high inflation
When asked what they think are the main benefits of using crypto for payments, the financial institutions indicated that data security and privacy are especially important factors.
In addition, 65% of those surveyed also indicated that they would buy cryptocurrencies from banks if given the opportunity to do so. Only 17% indicated that they do not trust banks enough to purchase various cryptocurrencies here in the future.
