In 2023 companies are going to adopt crypto for its real-world utility, as more institutional investment is expected.
Ripple, one of the world’s leading blockchain firms, has recently published a blogpost that discusses crypto market outlook for 2023. In the post the firm stated that crypto will see monumental growth in the year as contagions from 2022 fade away. 2023 will mark the end of crypto winter, and welcome the spring, hoped Ripple.
Senior Vice President for Engineering at Ripple, Devraj Varadhan, mentioned that in the coming times crypto will transition to being a real-world product; used to provide solutions for real-world problems. Varadhan stated:
“From Non-Fungible Tokens (NFTs) to Central Bank Digital Currencies (CBDCs) to sustainability, most of the expectations for crypto this coming year involve its application for real-world utility.”
The blogpost specifically discussed prospects of CBDCs (Central Bank Issued Digital Currencies) in 2023. According to an Atlantic Council’s report 17 countries around the world are currently engaging with CBDCs on different levels, while 11 countries have already launched their respective CBDCs. Sendi Young, Managing Director of Europe at Ripple, stated that crypto’s real-world use will promote the new CBDC era. In this regard, the post also included a statement from Central Bank Engagements’ Vice President James Wallis. Wallis stated that in 2023, CBDC’s real focus will be interoperability of distinct systems that will enhance cross-border payments.
Further, the NFT market will also see a change in 2023, as companies use the market to solve issues in the real estate sector. To conclude, according to Ripple the blockchain technology will now be used to improve companies’ efficiency, transparency, and speed of their different functions, which in turn will expedit crypto’s institutional adoption.
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Author: Tabassum Naiz