Three-quarters of institutions to use crypto in the three years: Ripple
A whopping 76% of surveyed financial institutions plan on using crypto within the next three years, according to the report. Ripple's new report highlights trends in the adoption and utilization of emerging technologies like crypto and blockchain in enterprise and financial institutions.
Both financial institutions and enterprises are understanding the benefits of internal crypto usage. The most common reason is that crypto gives more people access to more financial services, says 42% of financial institutions and 41% of enterprises.
According to the survey, portfolio management and payments come forward as the most valuable additions to the enterprise world. Portfolio management is detailed as hedging against inflation, hedging against other asset types and asset appreciation. Participants said data security and quality are two major benefits of blockchain and crypto usage for payments.
Related: A mandate for blockchain businesses is to rebuild global trust
Nonetheless, as this is an emerging technology, adoption is still an uphill battle for large institutions. According to the report, enterprises and financial institutions both find that a general lack of understanding is one of the biggest challenges.
However, the report also stressed that the slow-moving process of regulations surrounding the industry stirs up hesitation from potential users. Regulations from countries across the globe have been in constant flux as officials rush to keep up with the fast-paced crypto scene.
Recently, regulators in the United States came under scrutiny from the U.S. Congress for their “non-judicial actions” against crypto companies. The Securities and Exchange Commission (SEC) of the U.S. is in the throes of implementing effective crypto
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