Top executives at San Francisco payments company Ripple think utility will be one of the most important factors for the crypto and blockchain sector in 2023.
In a new series of predictions, Ripple execs say they think non-fungible tokens (NFTs) and central bank digital currencies (CBDCs) will both take more prominent roles this year.
Sendi Young, Ripple’s managing director of Europe, predicts more non-eurozone European nations will announce CBDC pilots in 2023. The company’s executives think the NFT sector will continue to expand into more real-world use cases like real estate and carbon markets.
They also predict institutions will continue to adopt crypto despite the dramatic implosions across the space in 2022.
“Banks and other large financial institutions will invest in new technologies with an expectation of realizing the benefits, not in days and weeks, but in years, so we see the embrace of digital assets and blockchain continuing throughout 2023 and beyond.”
Ripple general counsel Stu Alderoty predicts the company’s ongoing case with the U.S. Securities and Exchange Commission (SEC) will resolve in the first half of 2023 with an outcome “favorable to Ripple.” The SEC sued Ripple in December of 2020, alleging Ripple illegally sold XRP as an unregistered security for years, and that XRP remains a security to this day.
Alderoty also believes the case’s decision will “be the catalyst needed to push the US crypto industry forward and to stop businesses from offshoring their crypto work.”
Overall, Ripple execs think the ongoing crypto winter will end with a “crypto spring.”
“Ultimately, the entire Ripple team is optimistic that the crypto winter will give rise to a crypto spring–that 2022 will prove to have been a crucible year with the industry emerging stronger and more focused on real-world utility because of it.”
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