FinTech Ripple expects 2023 to be the year when cryptocurrencies and blockchain technologies genuinely come into their own.
According to Ripple’s blog post, they expect the industry to shift away from speculative businesses toward ones that employ crypto technologies to address actual problems and unfulfilled consumer demands.
Moreover, they foresee a rise in the use of non-fungible tokens and digital currencies issued by central banks (CBDCs). There will be a heightened interest in crypto’s environmental impact and sustainability, and adoption by institutions is anticipated to continue.
Sendi Young, Managing Director of Europe and UK at Ripple, believes CBDCs will expand their position as an amplification of central banks and a driver of financial inclusion. She also believes that institutions will hasten their long-term adoption of crypto solutions despite the market slump due to the potential improvements in efficiency, transparency, and speed.
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James Wallis, Ripple’s vice president of central bank engagements, says the company plans to launch more pilot projects with CBDCs worldwide to test innovative ways to enhance cross-border payments.
David Schwartz, CTO at Ripple, predicts that the next generation of NFTs will emphasize practical applications in areas such as real estate and carbon markets. These applications, he says, will decide which use cases are successful and if NFTs become a permanent fixture on the market because they promote efficiency and transparency in ownership.
SVP and Managing Director of APAC at Ripple, Brooks Entwistle, likens the current state of the cryptocurrency industry to the “dotcom bubble,” which experienced rapid growth, a subsequent crash, and eventual industry maturity. He predicts that this state of affairs will continue to eliminate crypto companies relying purely on hype.
Since Ripple’s VP of Impact, Ken Weber, believes that crypto can serve as a cross-border payment mechanism when traditional corridors are compromised or ineffective, he expects large non-governmental organisations (NGOs) to start using crypto to serve better the financially vulnerable, such as refugees and displaced persons.
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