Brad Garlinghouse, CEO of Ripple has made bold claims that crypto adoption in 2020 will increase insignificantly.
He made this revelation alongside other bold predictions regarding digital assets in his official blog post, Ripple Insight.
Looking ahead into 2020, Brad believes that as sceptics and critic still view digital assets a game of Jenga waiting for a wrong move and see it all eventually crumble.
Ripple, on the other hand, see digital assets as a set of Legos and carefully piecing it together as 2020 would reveal new technologies applications for digital assets.
This new tech would, in turn, produce tangible change across a wide range of industries and enable them to create a new world.
One significant claim Brad posited is that more than half of the top banks in the world would be involved in crypto transactions.
If this prediction, however, comes to pass, then, crypto adoption across the globe will significantly improve no doubt.
Many of the top financial institutions in the world will adopt cryptocurrency for transactions in 2020 Brad said.
He further mentioned that out of the top 20 largest banks in the world, by next year over half of them would actively be trading in digital assets.
Brad also posited that many central bank digital currencies are coming in 2020 as the foremost amongst them would be China’s digital Renminbi.
China is making strident efforts to launch its digital Yuan and give a direct competition to the global US dollar hegemony.
Struggling Facebook libra is next as it still struggles with regulatory concerns in many countries which have to be sorted out before it is launched.
South Korean digital currency is on the way too as South Korean telecommunications giant KT is planning to launch its virtual currency before 2020.
European Central Bank and Russia are also not left out as they are planning similar events in the coming year.
Outside crypto, XPR, another digital financial product to make headway
It is also believed that XRP another digital asset custom-designed to facilitate cross-border payments would be adopted too by more financial institutions.
With several companies, including MoneyGram and goLance, endorsing and using this case, Ripples anticipate even more financial institutions will join the adoption curve over the coming year.
Ripple SVP of Product Asheesh Birla predicts that mobile wallets will enter the blockchain and crypto industries in a big way.
Birla believes that adoption of digital assets and blockchain technology among mobile wallets and apps like Gojek, Grab and PayPal will become more mainstream.
These mobile wallets look to expand their services to keep up with customer demand and compete with digital banks.
According to Asheesh, that adoption will continue expanding to include new credit and loan products.