The finance industry has been very hesitant to embrace of adopt cryptocurrency in any forms. The major figures within the industry claim that Bitcoin and other digital assets are simply speculation tools used by investors to turn quick profits. In a new analysis, the Ripple CEO claims that half of the top 20 banks in 2020 will use cryptocurrency in a new era of digital finance.
As a leader in the industry, the Ripple CEO Brad Garlinghouse came with a prediction for how big banks will take to cryptocurrency next year. If he is proven correct, we could see the nascent technology going on the verge of a massive global adoption.
The Ripple CEO claims were made official as part of a blog post on Ripple’s website which is titled “2020: The Year of the Digital Asset.” In it, the fintech company says that it will be primarily focused on increasing the ease of usability for digital assets via wallets.
The Senior Vice President of Product at Ripple, Asheesh Birla, predicted that the mobile wallets and payment apps like PayPal will be the drivers of new blockchain news and stimulate the world of cryptocurrency to better compete with digital banks.
“Adoption of digital assets and blockchain technology among mobile wallets and super-apps like Gojek, Grab and PayPal will become more mainstream as they look to expand their services to keep up with customer demand and compete with digital banks,” he explained.
The boldest prediction came from Garlinghouse. As it stands, the Ripple CEO claims that half of the top 20 banks in the world will actively hold and trade digital assets in 2020.
“CEO Brad Garlinghouse is even bolder, predicting that half of the top 20 biggest banks in the world will actively hold and trade digital assets in 2020. He is also one of many on the team that believes fiat currencies will go digital in the next year,” the company announced.
This prediction is definitely not unprecedented as many banks have already forayed into the crypto markets. JPMorgan was one of them, recently announcing the release of their own digital currency used for intra-bank transfers.
The Ripple news today show that XRP is not stable and is trading at $0.19 with a market cap of $8.4 billion.
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