- Ripple released a survey analyzing the influence of the crypto and blockchain industries in business and finance.
- The report stated that the financial leaders’ confidence in cryptocurrencies has increased greatly over the past six months.
- The research also highlighted the growing significance of decentralized finance in the business sector.
Ripple recently released a survey, entitled “2023 New Value Report: Crypto Trends in Business & Beyond,” analyzing the influence of cryptocurrency and blockchain industry in the business and finance sectors. According to the report, more than 90% of global financial leaders believe that blockchain technology would significantly impact business and finance in the next three years, indicating a substantial increase in their confidence in virtual currencies over the past six months.
On July 25, Ripple took to Twitter to share its analysis regarding the massive hike in the financial leaders’ confidence in cryptocurrencies. The exchange stated that more than 70% of the leaders have confirmed that their confidence in the industry has remarkably increased, adding that half of them “plan to leverage crypto for payments.”
Despite the challenging conditions of the long crypto winter in 2022, the survey participants’ positive responses indicate the prevailing enthusiasm and wider acceptance of digital currencies, recognizing their potential. A massive 79% of the business executives conveyed their interest and confidence in adopting cryptocurrencies in their business activities, marking an optimistic approach to the crypto space.
While considering various means to embrace cryptocurrencies, 44% of the financial leaders selected payments as a better avenue. Financial institutions and enterprises also shared a similar view, acknowledging the seminal role of cryptocurrency in cross-border payments and the acceptance of crypto payments from customers. While crypto’s quick and time-saving payment makes some integrate crypto into their business, others consider cost savings as one of its main positive aspects.
The research has also shared insights on the growing significance of decentralized finance (DeFi) among finance leaders. More than 76% are interested in institutional DeFi as a strategy to bring innovation in different areas. The potential of the DeFi ecosystem is largely recognized by the leaders as they appreciated the capacity of DeFi to provide financial flexibility, enhance operational efficiency, and help access the active markets.
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