The famous blockchain company Ripple expects cryptocurrencies and blockchain technologies to really come into their own in 2023. Here are the expectations of some executives with important duties at Ripple regarding cryptocurrencies in the new year…
Ripple executives talked about what will happen in 2023
According to Ripple’s blog post, they expect the industry to shift from speculative businesses to businesses using crypto technologies to address real problems and unmet consumer demands. They also predict an increase in the use of CBDCs and NFTs. There will be a growing interest in crypto’s environmental impact and sustainability, and its continued adoption by institutions is expected.
Sendi Young, Managing Director of Ripple Europe and the UK, believes that CBDCs will expand their position as central banks empowerment and a driver of financial inclusion. He also believes that it will accelerate institutions’ long-term adoption of crypto solutions despite the market decline due to potential improvements in efficiency, transparency and speed.
Positive prospects for NFTs, CBDCs and Ripple’s payment network
Ripple’s vice president of central bank contracts, James Wallis, said the company plans to launch more pilot projects with CBDCs around the world to test innovative ways to increase cross-border payments. Ripple CTO David Schwartz predicts that next-generation NFTs will highlight practical applications in areas such as the real estate and carbon markets. He says these applications will decide the success of the use cases and whether NFTs become a permanent fixture as they promote efficiency and transparency in ownership.
Brooks Entwistle, Senior Vice President and Managing Director of Ripple APAC, likens the current state of the cryptocurrency industry to a “dotcom bubble.” Ken Weber, Ripple’s Vice President of Impact, believes that crypto can serve as a cross-border payment mechanism when traditional financial corridors are compromised or ineffective, so large nonprofits (NGOs) are using crypto to better serve the financially vulnerable. waiting for it to start.
Sendi Young detailed her predictions
On January 9, 2023, Young posted his 2023 predictions in more detail on Twitter. According to Young, despite the current bear market, institutional adoption of blockchain technology and crypto assets is expected to increase as companies continue to explore and launch pilot programs. The industry may see consolidation as financially stable companies make acquisitions to fill gaps in their own capabilities and as a result of the recent collapse of FTX and other companies. Additionally, according to Young, there could be an increase in the number of crypto and blockchain firms being acquired by traditional financial service providers and established companies from other industries.
As consumers and policymakers place greater emphasis on sustainability, the environmental impact of Blockchain and the energy consumption of Blockchain solutions will be further examined. To address this, tokenization of carbon credits and adoption of less energy-intensive Blockchain systems may become more common. Also, according to Young, stablecoin usage is likely to increase in 2023 as institutions seek to leverage the benefits of blockchain technology, such as real-time trade agreements.
Regulation of the crypto industry is expected to come to the UK and Europe. After the UK’s Financial Services and Markets Act comes into effect, regulators will develop a clear regulatory framework to support the development of the crypto-asset sector. Meanwhile, cryptocoin.com As we have reported, the EU’s Crypto Asset Markets Act (MiCA) is expected to pass the European Parliament.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.