Ripple has published a cryptocurrency survey collecting the opinions of over 1,000 global financial leaders their prospects for the cryptocurrency market. Notably, most of these leaders suggested that institutions must start using cryptocurrencies or risk losing competitiveness in the market.
Ripple research shows that financial leaders consider cryptocurrencies vital today
Ripple noticed that in his research reportthat 72% of respondents believe that companies must offer crypto solutions to remain competitive. Moreover, these financial leaders revealed a similar industry consensus on the matter stablecoins, tokenizationand considerations of the partner. The crypto firm said stablecoins are among the utilize cases where financial leaders are most positive.
74% of these financial leaders said that stablecoins can boost cash flow efficiency and unlock trapped working capital. Additionally, respondents perceive stablecoins as a tool for: treasury management. Meanwhile, the Ripple study revealed that fintechs showed leadership in the cryptocurrency industry among surveyed companies.
More fintechs, 47% of them, than corporations (14% of them), are also working on building their own solutions. However, the positive thing is that 74% of enterprises plan to cooperate with partners offering the desired solutions. Meanwhile, banks are also showing interest tokenization of financial assets looking for partners who will lend a hand them implement their strategy.
89% of those banks evaluating tokenization partners say cryptocurrencies and custody services are top priorities. Ripple said a key finding from the survey is that financial leaders expect more from crypto companies that offer the solutions they want. Essentially, they want a tech stack that can handle all of their cryptocurrency needs and “a trusted provider to work with now and in the future as your strategy evolves.”
The survey comes at a time when Ripple appears to be the infrastructure these institutions are using. The company currently offers a range of crypto services to institutional investors, including payments, custody and trading. The company has also partnered with several TradFi giants to tokenize its real-world assets XRP Ledger (XRPL).
Another vital development for Ripple
The Ripple survey comes the same The SEC has published a taxonomy of tokens this confirmed XRP is a digital commoditynot a security. This justifies Ripple’s legal battle with the SEC led by Gary Gensler when it claimed that XRP is a security. Meanwhile, a crypto expert SMQKE emphasized legal experts’ arguments as to why the SEC was wrong to classify XRP as a security.
The argument was that investors are not getting any contract by purchasing XRP, especially from exchanges. Contract is considered a key factor in the Howey test in determining what constitutes a security interest. However, The SEC took notice that a non-securities instrument such as XRP can become a security if used as the basis for an investment contract in which investors expect to profit from the efforts of others.
Featured image from Peakpx, chart from Tradingview.com
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