Ripple: 76% of financial institutions plan to use cryptocurrencies

Most businesses intend to accept digital assets as a means of payment

15.07.2022 - 08:15

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1 min

What’s new? According to a survey conducted by payment protocol developer Ripple, 76% of financial institutions worldwide plan to start using cryptocurrencies in the next three years. For other types of businesses, the figure is 71%. Most respondents want to use digital assets as a means of payment. Also, some of those surveyed emphasized that cryptocurrency is good as an investment to protect against inflation.

Ripple's survey

What else does the report say? The survey was conducted among 800 company heads and 800 investors from 22 countries. 65% of consumers surveyed said they were interested in buying cryptocurrency directly from banks. Among experienced investors, the figure is as high as 81%.

The study also showed a 38 000% increase in the volume of trading in non-fungible tokens (NFTs) between 2020 and 2021. More than $10 billion worth of NFTs were traded in the third quarter of 2021 alone. The primary motivation for buying tokens is their functionality, not the “emotional aspect.”

Earlier, a Paxos survey of 1 000 gold owners from the United States, Britain, Singapore and Germany showed that more than a third of respondents considered bitcoin a better alternative to the precious metal and planned to invest in it. At the same time, most investors were concerned about rising inflation, so they would continue to buy gold.

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