Ripple in its blog discusses the prospects for the cryptocurrency sector in 2019. Devraj Varadhan, SVP of Engineering for the blockchain company, anticipates a general shift in the business.
According to him, this would involve switching from highly speculative businesses to ones that use crypto solutions to resolve actual issues and satisfy unmet consumer demand.
This shift to the utility would include NFTs.
Then Ken Weber, vice president of impact at Ripple, forecast that significant non-governmental organizations [NGOs] will start incorporating cryptocurrency into their programming to better serve the financially vulnerable, such as refugees and internally displaced people.
This as per him would serve as a cross-border payment mechanism when conventional payment channels are compromised or ineffective.
The blog then cited examples of crypto’s real-world utility in impact-oriented and sustainability-oriented initiatives. In Ukraine, where more than $50 million in cryptocurrency donations have bolstered relief efforts and strengthened its defense against Russia.
The development of CBDCs in the future will also benefit from an emphasis on practical applications. The potential for CBDCs to strengthen the function of central banks and increase financial inclusion.
According to Sendi Young, managing director of Europe, this will prompt more non-eurozone European countries to declare CBDC pilots in 2023.
Young also took to Twitter on Jan. 9 to share a set of industry predictions for 2023, expressing confidence about crypto in the near future.
Ripple’s Future Outlook Includes These
He predicted that the blockchain and cryptocurrency sector will see a lot more acquisitions in the upcoming year, which will assist businesses and startups fill in the holes in their skills.
In the wake of tragedies like the FTX collapse and other problems faced by companies like Celsius, Voyager, Three Arrows Capital, and others, the Ripple executive stated that the acquisitions will further strengthen the sector.
The top exec also anticipated that in 2023, organizations in the conventional finance [TradFi] sector and other well-established businesses would buy cryptocurrency and blockchain startups.
Among other things, the Ripple MD forecasted that as institutions come to understand the advantages of blockchain for real-time merchant settlement, fiat-backed stablecoin use will increase in 2023.
As reported by TronWeekly, the San Francisco-based crypto firm has filed its response opposing SEC’s Motion to seal certain documents filed in connection with the parties’ Cross-Motions for Summary Judgment.