- Ripple expects mobile wallets to enter in a big way, expansion of micropayments, big tech companies to continue to enter the payments space, a wave of institutional adoption, and one currency to become fully digitized next year.
- CEO Brad Garlinghouse makes the boldest prediction of them all.
- 2019 is coming to an end and 2020 is just around the corner.
This year we saw speculation subsiding and specialized use cases in the space emerging that helped demonstrate value in digital assets beyond trading. Ripple's projection for next year says,
“While skeptics and critics might still view digital assets as a giant game of Jenga, just waiting for a wrong move to send all the blocks tumbling down, we here at Ripple see the future of digital assets as more like a vast set of Legos.”
The US-based fintech company Ripple expects three major themes to develop in the first year of the new decade that it says will lead to a “more mainstream embrace of digital assets.”
Mobile Wallets will Enter in a Big Way – Asheesh Birla
goLance and Ripple’s latest partner MoneyGram have been already using XRP to facilitate cross-border payments but the company anticipates more companies to join this adoption curve.
Other digital assets and use cases are expected to find traction according to Ripple SVP of Product Asheesh Birla. Birla said,
“Adoption of digital assets and blockchain technology among mobile wallets and super-apps like Gojek, Grab and PayPal will become more mainstream.”
The adoption will further expand to include new credit and loan products and in developing markets like Kenya, Nigeria, and parts of Latin America. These applications, Birla says will be aided by friendlier regulations attracting more tech companies.
Micropayments & Big Tech Companies – Marcus Treacher
Meanwhile, Ripple SVP of Customer Success Marcus Treacher expects the expansion of international and micropayments, particularly purchase solutions for tourists.
He also predicts big tech companies to continue to enter the payments space that will hasten the growth of micro and wallet payments.
A Wave of Institutional Adoption – Breanne Madigan
Breanne Madigan, Ripple’s Head of Global Institutional Markets anticipates a wave of institutional adoption in 2020 and more traditional firms deploying digital asset and blockchain-based solutions. Breanne says,
“The presence of recognized players will increase institutional confidence in the space and pave the way for greater institutional adoption next year.”
10 of top banks to hold & trade crypto – Brad Garlinghouse
The boldest of them all prediction is made by CEO Brad Garlinghouse who says half of the top 20 biggest banks in the world will actively hold and trade digital assets in 2020.
He also believes fiat currencies will go digital next year. Brad forecasts at least one non-G20 currency to become fully digitized.
At least one central bank is expected to launch a tokenized representation of their fiat currency, according to Ethan Beard.
Consolidation & Crypto Pump
While Breanne sees consolidation driven by interest from institutional brands, predicting “subdued retail interest in exchanges and the appearance of more institutional grade exchanges,” Garlinghouse expects to see consolidation among crypto companies.
The shutdown of crypto companies that started this year Brad expects it to continue into 2020. And these trends are expected to fuel the “next major pump.”
Growing institutional comfort level with cryptocurrencies use cases combined with increased regulation clarity in the US and Bitcoin halving in May 2020 will “lead to the next large adoption cycle,” projects Breanne.
Another reason for boost could also be “a flight to crypto as the safer asset class” as per Ethan.