To bridge the gap in payments, financial institutions will be joining the crypto train for a variety reasons. according A report by Ripple, crypto solutions provider.
The Ripple report, “New Value: Crypto Trends in Business & Beyond,” highlights how the crypto space is revamping the finance landscape. It highlighted the following:
“76% expect to use crypto in the next three years, assuming Regulating It is possible. In a deviation from the pattern of the enterprises being more favorable to digital assets of all types and more optimistic about their benefits, slightly fewer enterprises, at 71%, say they will use crypto in the next three years.”
Crypto is not just a speculative asset for financial institutions, but it can also be used as a payment channel, collateral and an inflationary hedge by them.
Ripple also stated that institutional crypto adoption could be reaching a tipping point.
“A tipping point scenario where institutional adoption begets broader institutional adoption, the speed of which can be fueled by a variety of factors including use for hedging and payments.”
Financial institutions and businesses did not consider sustainability when choosing cryptocurrency.
However, consumers were more interested in choosing sustainable crypto. The report says:
“Over 75% of consumers say they would prefer to buy a cryptocurrency that is sustainable. And more than 20% of global consumers say they would only buy sustainable cryptocurrencies.”
According to consensus, crypto was seen by financial institutions as a way to add equity and inclusion to their enterprises.
According to Checkout.com’s report, cryptocurrency in ecommerce is on the rise because they offer safer and more convenient payments.
Deloitte also shared these sentiments and reported that 87% of merchants were interested in crypto payments based upon the competitive advantage, Blockchain.News reported.
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