Ripple has released a crypto survey that sought the opinions of over 1,000 financial world leaders on their crypto market outlook. Notably, most of these leaders suggested that institutions must look to embrace crypto or risk losing their competitiveness in the market.
Ripple Study Shows Finance Leaders View Crypto as Now Important
Ripple noted that in its survey report, that 72% of respondents believe that companies must offer a crypto solution to remain competitive. Furthermore, these finance leaders revealed similar industry consensus on stablecoins, tokenization, and partner considerations. The crypto firm stated that stablecoins are among the use cases financial leaders are most bullish on.
74% of these financial leaders said that stablecoins can boost cash-flow efficiency and unlock trapped working capital. Additionally, these respondents view stablecoins as tools for treasury management. Meanwhile, the Ripple survey revealed that fintechs have demonstrated crypto leadership among the companies that were surveyed.
More fintechs, 47% of them, than corporates, 14% of them, are also working towards building their own solutions. However, a positive is that 74% of corporates plan to work with partners that offer desired solutions. Meanwhile, banks are also showing interest in tokenizing financial assets as they seek partners to help execute their strategies.
89% of these banks evaluating tokenization partners say crypto and custody are top priorities. Ripple said the key takeaway from the survey is that finance leaders want more from crypto firms offering the solutions they desire. Basically, they want a tech stack that can meet all crypto needs and a “trusted provider to partner with now and in the future as strategies evolve.”
This survey comes as Ripple looks to be the go-to infrastructure for these institutions. The firm currently offers a range of crypto services, including payments, custody, and trading, to institutional investors. The firm has also notably partnered with several TradFi giants to tokenize their real-world assets on the XRP Ledger (XRPL).
Another Major Development For Ripple
Ripple’s survey comes just as the SEC released a token taxonomy that confirmed XRP is a digital commodity, not a security. This vindicates Ripple in its legal fight against the SEC under Gary Gensler, when they claimed that XRP was a security. Meanwhile, crypto pundit SMQKE highlighted arguments from legal experts about why the SEC was wrong to have ever labeled XRP a security.
The argument was that investors do not receive any contract when they buy XRP, especially from exchanges. A contract is considered a key factor under the Howey test in determining what constitutes a security. However, the SEC has noted that a non-security like XRP could become a security if it is used as the basis of an investment contract in which investors expect to make gains from the efforts of others.
Featured image from Peakpx, chart from Tradingview.com
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