Despite being on a sticky wicket in the wake of an SEC lawsuit , Ripple’s leadership is confident in the future of blockchain and crypto.
According to an article released on the company’s website, RippleNet General Manager, Asheesh Birla says that cryptocurrencies are finally bridging the gap with traditional financial institutions, allowing fintech companies to seize the initiative that now puts them ahead of smaller banks.
He believes that Paypal, Square, and Robinhood’s advent into the cryptocurrency market will play a key role in the industry’s growth because they provide a bigger platform for crypto utility and a viable alternative for millions of people worldwide with no access to conventional banking services.
These fintech giants can also benefit immensely from the influx of crypto enthusiasts. Last year, Square’s CashApp recorded over $1 billion in bitcoin revenue and analysts are already tipping Paypal to surpass this.
“The tide is turning. It’s possible that we could even see a fintech or cryptocurrency company acquire a traditional financial institution this coming year.” Says Birla.
Ripple’s Head of DeFi Michael Zochowski talked about DeFi and its place in the future of blockchain. In 2020, Decentralized Finance (DeFi) became the most talked-about phenomenon in the cryptosphere. It was likened to the ICO boom because of the emergence of many DeFi-based projects. Zochowski expects that only genuinely valuable projects will stand the test of times, while many others will fizzle out.
He further asserted that future DeFi projects may be built on networks other than Ethereum due to its delay in launching ETH 2.0. The highly anticipated ETH 2.0 is a ‘complex upgrade’ earmarked to improve scalability, speed, and efficiency.
“I believe at least 25% of the value deployed in DeFi by the end of 2021 will be on networks other than Ethereum.”
RippleX General Manager Monica Long also expects the year to be an impact-driven one in the crypto world.
“In 2021 we’ll see crypto make good on its original promise to remake finance as more accessible and equitable for the world’s underserved,” She elaborated.