After a turbulent year for the whole cryptocurrency sector in 2022, caused mainly by unsettling macroeconomic circumstances and blowouts at crypto companies, Ripple has provided an optimistic prediction for 2023.
In a tweet, the blockchain payments startup offered its forecasts for the next year, 2023. It is important to note that the post was first published on the Jan. 10.
In the blog post, officials from Ripple underlined their excitement over the sector and compared the year 2022 to an essential process of refining, which will result in a more robust business focused on real-world application.
Ripple: 2023 is the year for CBDC adoption, not forgetting NFTs
Ripple officials believe there will be an increase in the number of central banks’ digital currency pilot projects in 2023, with a particular emphasis on interoperability for international payments. This is what James Wallis, who is the vice president of central bank engagements, says.
Notably, executives believe that the change toward utility would be the driving force behind this surge in CBDC development.
Simultaneously, the chief technological officer of Ripple, David Schwartz, forecasts that non-fungible tokens will not be excluded. Schwartz believes that although NFTs rose to prominence due to digital collectibles, they will establish a more stable footing in the financial world due to their applications in the carbon and real estate markets.
According to Sendi Young, Managing Director of Europe for Ripple, the company believes that institutions will increase their investments in the nascent market rather than withdraw from the industry as a whole in the aftermath of the problems that occurred in 2022. Still, they will do so with an eye toward the long-term benefits.
As per the site article, organizations are rapidly establishing crypto strategies despite the pessimism previously held. Brooks Entwistle, the Senior Vice President and Managing Director of APAC for Ripple stated that he anticipated liquidity concerns would further expose those riding the hype train. Additional cryptocurrency firms may still fail before the end of the year.
Other executives’ prediction
Executives also anticipate greater incorporation of cryptocurrency for advancing social causes and pursuing sustainability objectives. In addition, they predict that an increasing number of universities will begin to offer courses in cryptocurrency and blockchain technology.
According to Eric Van Miltenburg, the Senior Vice President of Strategic Initiatives for Ripple, at least half of the world’s universities will offer courses in cryptocurrency and blockchain technology to satisfy the growing demand for talent in the job market.
In addition, executives believe that a focus on customers will lead to the creation of improved on- and off-ramps, which will ultimately result in increased adoption.
The CEOs are optimistic that the young industry will acquire greater regulatory clarity around the globe, resulting in the case brought against Ripple by the United States Securities and Exchange Commission playing a significant role in the United States. It was stated by the general counsel of Ripple, Stuart Alderoty, that he anticipates a judgment in favor of Ripple in the first part of the year.
In the end, executives continue to have a positive outlook on the developing business. The senior vice president of engineering at Ripple, Devraj Varadhan, forecasts the emergence of industry giants comparable to those of Apple and Amazon. He feels this will transpire due to a healthy obsession with the quality of the client experience.
Notably, Ripple is continuing to broaden the market reach of its solutions for cross-border payments while also establishing itself as a major adviser in the development of CBDC and a solution provider for CBDC interoperability.
The Prime Minister of Montenegro said that his country has recently established a stablecoin pilot program with the assistance of Ripple while also dropping hints about a potential agreement to develop an equitable digital payment infrastructure.