Ripple, a prominent player in the cryptocurrency and blockchain spheres, has released a comprehensive report shedding light on the evolving dynamics of the crypto industry. The report, titled “Crypto Trends in Business and Beyond,” explores crucial aspects of cryptocurrency adoption and sentiment around the world over the past twelve months.
One of the report’s key findings spotlights the importance of ease of use for organizations seeking to facilitate cryptocurrency payments. It underscores that user-friendliness is the number one requirement in enabling customers to transact with digital currencies seamlessly.
This can be linked to traditional payment systems being easier to use, as they have integrated parameters into most online platforms – for example, the use of email addresses. However, in the realm of crypto, wallet addresses and keys are part of the payment systems.
This makes it difficult for users to interact with crypto platforms, especially first-timers who complain about the complexity or the potential of losing assets due to the omission of a character in the address given. Therefore, streamlining the user experience is a critical aspect of introducing users to crypto infrastructure.
Faster transactions and sustainability in the crypto market
Furthermore, the report indicates that businesses find faster payment settlement times and cost savings to be the most significant benefit with integrating cryptocurrencies into cross-border payments. This observation holds regardless of the region and the level of familiarity with crypto among enterprises and financial institutions.
A look into this shows that while the average traditional remittance system takes at least a day to send forex across continents, sending USDT, one version of the US dollar on the blockchain, across continents does not take more than 30 minutes.
This presents businesses with a strong ground to choose crypto-based payment systems over traditional infrastructures.
Additionally, , Ripple notes that while sustainability is a central concern for global financial leaders, it holds less significance in their business decisions. “It’s not a key consideration for companies when selecting a crypto technology,” Ripple said.
Why users hold crypto
According to the report, Cryptocurrency serves a dual role as both a medium of exchange and a hedge against inflation. Among the top reasons cited for holding digital assets are their utility for making payments and their effectiveness as a safeguard against the eroding effects of inflation.
Interest rates and concerns related to costs are identified as significant barriers when it comes to borrowing, capital-raising, and executing cross-border payments.
Despite occasional turbulence and negative press in the crypto landscape, the report points out that favourable sentiment toward the industry and confidence in its long-term potential remains largely unshaken.
It suggests that any uncertainty may have been influenced by isolated incidents involving bad actors, rather than inherent flaws in the underlying blockchain technologies.
In August 2023, the total amount of crypto theft reached $43 million, while the entire crypto space saw approximately $1 billion stolen from January till August of 2023.
