Ripple released a crypto survey seeking the opinions of more than 1,000 financial leaders their view of the crypto market. Notably, most of these leaders suggested that institutions must consider accepting crypto or risk losing competitiveness in the market.
Ripple Study Shows Financial Leaders View Crypto as Important Now
Ripple noted that in it research reportthat 72% of respondents believe that companies should offer a crypto solution to remain competitive. In addition, these financial leaders expressed the same consensus of the industry stablecoins, tokenizationand consideration of partners. The crypto firm said that stablecoins are among the use cases that financial leaders are working on the most.
74% of these finance leaders say stablecoins can increase cash flow efficiency and unlock pent-up working capital. Additionally, these respondents view stablecoins as tools for wealth management. Meanwhile, Ripple’s survey revealed that fintechs showed crypto leadership among the companies surveyed.
More fintechs, 47% of them, than companies, 14% of them, are also working to develop their own solutions. However, the good news is that 74% of companies plan to work with partners who offer desirable solutions. Meanwhile, banks are also showing interest in branding of financial assets as they seek partners to help execute their strategies.
89% of these banks surveyed tokenization partners say that crypto and storage are priorities. Ripple said the key takeaway from this research is that financial leaders are looking for more from crypto companies that offer the solutions they desire. Basically, they are looking for a technology stack that can meet all crypto needs and a “reliable provider to work with now and in the future as strategies evolve.”
This study comes as Ripple appears to be the infrastructure used by these institutions. The company currently provides a wide range of crypto services, including payments, custody, and trading, to institutional investors. The company has also notably partnered with several TradFi giants to brand their real-world assets XRP Ledger (XRPL).
Another Big Development for Ripple
Ripple’s survey is just coming up The SEC released a taxonomy of tokens that confirmed XRP is a digital assetnot collateral. This vindicates Ripple in its legal battle against the SEC under Gary Gensler, where they claim XRP is a security. Meanwhile, a crypto pundit SMQKE is highlighted arguments from legal experts about why the SEC was wrong to label XRP a security.
The argument was that investors are not getting any contract when they buy XRP, especially in trading. The contract is considered essential under the Howey test in determining what constitutes a collateral. However, the The SEC commented that a security like XRP can become collateral if used as the basis of an investment contract where investors expect to benefit from the efforts of others.
Featured image from Peakpx, chart from Tradingview.com
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