The major challenge facing the cryptocurrency industry has been a lack of mass adoption. This is also responsible for the lack of interest from institutional investors, according to the head of research at Fundstrat, Tom Lee, the market is still too small for big institutions to invest in which is why even the launch of Bakkt, a platform designed for institutions, did not yield the expected results.
It is, therefore, necessary for the market to grow as a condition for the big money to flow in, but how? CEO of Coinfield Bob Ras says the industry must merge with big traditional markets for significant adoption to occur which will lead to the growth that institutional investors are looking for. He said there are 16 major stock exchanges that account for over 87% of the stock market and these are the ones the crypto industry needs to merge with.
Only XRP and ETH needed
Maybe most people will agree with Ras’ position that major markets need to be integrated into the crypto industry, but he also says only XRP and ETH need to integrate with such markets to get the required results.
Although it is not clear why he said so, some people have interpreted it to mean that only payment speed and smart contracts which the two cryptocurrencies represent are important for mass adoption.
Ripple, the company behind XRP is into real-time transactions across borders. This has been fairly successful as the company claims to have several institutional clients including banks which use its service to make payment easier. Ethereum, the blockchain network behind ETH, on the other hand, is well known for smart contracts and dapps.
Although there are other smart contract platforms such as Tron and EOS, Ethereum has managed to stay ahead as the number one platform upon which all ERC-20 tokens were created. All these sound good but do you believe only XRP and ETH are the only two that are needed for mass adoption to happen?