thecoinrepublic.com
Crypto assets have witnessed mainstream adoption over the last year. Several cryptocurrency attracted many investors with their potential and notable growth. Besides, it is also noteworthy that institutions have also jumped in the cryptocurrency wagon. Following the overall market sentiments and potential, many are bullish on 2022 and deemed that there are high expectations within institutions for wide-scale adoption. Notably, recently Wells Fargo underscored that the ecosystem could be hitting an adoption inflection point.
Early stages of crypto transformation
According to Wells Fargo, if we compare the internet adoption in the 1990s, it seems crypto adoption has great pace. Moreover, following the trend, Ripple, one of the leading FinTech firms highlighted that there are high expectations within institutions for wide scale adoption of and impact of the underlying technology of digital assets and the assets itselves.
It is deemed that cryptocurrencies are at early stages of transformations. Indeed, more and more institutions are continuing to explore the ecosystem. At press time, Dara Khosrowshahi Uber CEO underscored that the ride-hailing firm will absolutely accept cryptocurrency in the future.
However, the FinTech firm is itself at the center of the payments revolution. As per Ripples, innovation in payments has been central to the internet of value.
More nations look into establishing CBDC
China is leading with its digital yuan project. Following which many nations are either scrutinizing central bank digital currency, or working on to introduce their digital fiat currency. Notably, the Digital Euro Association (DEA) has also announced a coalition with Ripple as a supporting partner. Jointly, the two will work on CBDCs.
It is worth mentioning that the FinTech firm believes that CBDCs will add to the work already being done by digital assets and stablecoins. And it will boost the flywheel as Non-Fungible Tokens are helping propel such flywheels for consumers.
Cryptocurrencies are maturing with more enterprises
More and more enterprises are leveraging digital assets. Despite no dearth of digital assets exchanges, consumers are very much willing to acquire more crypto from banks. Users believe that blockchain-based use cases and their related benefits continue to multiply at a rapid rate for institutions, governments, and consumers.