• 19 June, 2024

Ripple to Focus on Real-World Utility of Crypto in 2023

Ripple executives have communicated their focus in 2023 would be on “utility.” The real-world utility and applications of CBDCs, cryptocurrency, and NFTs is on Ripple’s agenda. Devraj Varadhan, SVP (Engineering), Ripple, anticipates

general shift in the marketplace from highly speculative companies to companies that harness crypto solutions to solve real-world problems and address unmet customer needs.

A real-world application focus would also boost the adoption of CBDCs, says Sendi Young, Managing Director (Europe), Ripple. Young believes CBDCs would augment central banks’ role whilst also initiating financial inclusion. This, Young believes, would also make non-eurozone European nations to consider CBDC pilots in 2023.

James Wallis, VP, Central Bank Engagements, Ripple, also anticipates a rise in CBDC pilot programs globally in 2023. He expects a rising importance of interoperable CBDC solutions boosting cross-border payments.

Ripple executives believe a utility shift is also imminent to NFTs. NFTs debuted as digital art and collectibles. The next NFT wave would focus on real-world use cases—real estate, carbon markets, etc., states Ripple. David Schwartz, CTO, Ripple, says applications strengthening ownership efficiency and transparency would decide use cases’ validity.

Institutional adoption of cryptocurrency and blockchain also signals a utility orientation of the technology, Ripple believes. As per Brooks Entwistle, SVP & Managing Director (APAC), Ripple, liquidity issues would eliminate crypto companies that depend upon “hype cycles.” Possible efficiency, transparency, and speed benefits are believed to boost crypto solutions’ institutional adoption, says Sendi Young.

Young believes,

Banks and other large financial institutions will invest in new technologies with an expectation of realizing the benefits not in days and weeks, but in years, so we see the embrace of digital assets and blockchain continuing throughout 2023 and beyond.

Blockchain projects are reportedly en route at Barclays, Goldman Sachs, JP Morgan, Mastercard, Morgan Stanley, SBI, and Visa. Services reportedly on offer at these institutions would be crypto custody and trading, payments, and trade execution.

Ken Weber, VP (Impact), Ripple, believes major non-governmental organizations (NGOs) may serve the financially vulnerable via crypto integration. Carbon markets’ also have a clear use case for blockchain and crypto.

Crypto Climate Accord and Change the Code work towards reducing the environmental impact of Bitcoin mining. Ripple has reportedly pledged $100 million for voluntary carbon markets already. As per Eric Van Miltenburg, SVP (Strategic Initiatives), Ripples, by 2025, various global universities would have blockchain, cryptocurrency, and web3 in their core business and finance curriculum.

Varadhan says customer experience (CEX) would be a 2023 priority, “bridging the worlds of crypto and fiat.” He states CEX

is a major hurdle in crypto utility today and that those companies able to master the on-ramps and off-ramps to crypto will earn a significant competitive advantage for years to come.

Stu Alderoty, General Counsel, Ripple, believes the ongoing XRP case would have its decision delivered in 2023, in Ripple’s favor. He says, “we’ve fought this case on behalf of the entire crypto industry and American innovation so we can gain the regulatory clarity we desperately need for crypto innovation to flourish in the United States.”

Ripple’s Policy Director, Susan Friendman, expects the U.S. Congress to frame fresh legislative solutions to safeguard consumers, establish spot markets’ control, and clearly classify tokens.

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