Ripple has released what the cryptocurrency community should expect come 2020. Ripple CEO Brad Garlinghouse and a host of others working in the blockchain firm and closely working on improving the company’s native digital token have looked deeply into the 2019 happenings, resulting in them making some bold predictions on what will definitely happen to the digital currency space come 2020.
The CEO of the blockchain enterprise firm boldly claim nothing less than 10 of 20 biggest banks across the globe will make use of cryptocurrency. His prediction indicates that around half of the top 20 biggest banks across the globe will be an active partakers in the cryptocurrency industry.
Brad says this top banks will trade and hold digital assets in 2020, putting it straight that fiat currency will go digital in the next year. Brad prediction is not farther from the truth as firms are already buying into blockchain ideas and delving into cryptocurrency on a large scale. Also, big organizations are making use of blockchain technology at the moment.
Ripple says it hopes 2020 will be a year of innovation and applications centered on cryptocurrencies, which have the potential to lead changes across notable industries.
Ripple’s Ripple SVP of Product Asheesh Birla, in his predictions, believes mobile wallets will enter the blockchain and crypto industries with full force.
Birla says the “adoption of digital assets and blockchain technology among mobile wallets and super-apps like Gojek, Grab and PayPal will become more mainstream as they look to expand their services to keep up with customer demand and compete with digital banks.”
Cryptocurrency adoption, according to him, will keep on expanding to include new credit and loan products, but he hopes these will begin in countries like Nigeria, Kenya and some countries in Latin America where the idea is mostly required.
As well, Ripple SVP of Customer Success Marcus Treacher foresees that international and micropayments expanding to facilitate new consumer uses.
Marcus sees a possibility in the designing of purchase solutions for travelers and tourists who do not fancy the use of card rails.
“Imagine if a Japanese tourist visiting Thailand could buy goods using a mobile app or QR code, triggering an immediate cross-border payment from their Japanese yen account to a Thai baht merchant’s account. If more consumer purchase solutions start leveraging blockchain technology in the same way, the payoff will—quite literally—be huge!”