Despite the decline in the prices of major crypto assets, adoption has increased and more sectors of the world economy will continue to embrace the use of digital assets in the future. This is confirmed by a recent study conducted by Ripple which showed that 75% of companies in the payment sector intend to use digital assets as means of payment.
The study which involved 22 countries across the world covered 700 companies in these countries that are involved in payments. Speaking on the findings of the research at this year’s swell Conference, the Chief Market Strategist of the company Corey Johnson, said the height of mass adoption for digital assets is at hand.
“The world is used to getting things, right now, on-demand. They aren’t waiting for anything. When we look at blockchain and the solutions it offers in cross-border payments, we have an opportunity to address their needs.”
The report of the study showed that 75% of the 700 companies involved in the survey are eagerly looking forward to adopting at least a digital asset as its payment token. It also revealed that 45 percent are “already in production, piloting or close to signing with a blockchain provider.”
In addition to the findings of its study, Ripple officially announced the launch of its cross border payment product xRapid at this year’s Swell Conference. At the time of the launch, Mercury FX, Cuallix, Catalyst Corporate Federal Credit Union had already indicated interest to use the token.
It is interesting to note that Ripple’s XRP had been doing well, even knocking out Ethereum at a point to take the second place next to Bitcoin on the list of crypotocurrencies. However, it strangely experienced a decline during the Swell Conference which unveiled the launch of its great product xRapid.
The question on many people’s minds therefore is will xRapid increase adoption of XRP and help it to recover and probably rise to be the number one cryptocurrency in the world or will it not impact the market?
Whatever the case, it is clear that xRapid will see mass adoption as it offers an easy and relatively cheap means of cross border payments which the world seeks, according to Johnson.
There is no wonder therefore that a large number of payment companies intend to adopt digital assets for payments. xRapid’s customer base is also likely to increase as more financial institutions spring up in different parts of the world.