July 19, 2024

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Ripple is taking big steps towards adopting decentralized finance

Ripple is taking big steps towards adopting decentralized finance

Ripple is working hard, as can be clearly seen from its roadmap. During the CoinDesk consensus conference, the company’s chief technology officer said: David SchwartzAn insight into Ripple’s strategy. The huge focus on decentralized finance (DeFi) is striking.

One of Ripple’s goals is to enable institutions to create highly regulated financial products, such as traditional loan wallets, that integrate with DeFi ecosystems. An example of this is a regulated financial entity that issues conventional loans for real estate or business purposes. This debt can then be tokenized and made tradable within the DeFi system.

DeFi systems automate many processes that are traditionally manual and time-consuming, such as transaction handling and loan management. This can lead to lower operational costs and increased efficiency for financial institutions.

The path to mass adoption

Schwartz emphasizes that institutions play a critical role in the mass adoption of cryptocurrencies, similar to how the Internet initially leveraged government and military use, eventually leading to widespread adoption by the general public.

He is excited about the trend of organizations not only embracing blockchain technology, but also offering their customers access to blockchain-based services. This means that customers can directly benefit from the benefits of blockchain, such as improved transparency, lower costs, and faster transactions. This may ultimately accelerate the adoption of blockchain technology as more people become familiar with the technology and experience its benefits.

The huge potential of XRP

If XRPL becomes the blockchain on which large companies operate their services, this could lead to a significant increase in the price of XRP. According to cryptocurrency analyst EGRAG, the digital currency has great growth potential. He compares the current investment in XRP to early investments in tech giants like Apple, Tesla, Google, and Amazon.

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EGRAG notes that Apple shares were worth just $0.50 in 1989, but are now worth about $190, an increase of more than 37,500% in 35 years. Google and Tesla saw similarly impressive increases. EGRAG predicts that XRP will be worth more than $105 by 2050 if it is widely adopted. In the short term, he sees a target of $27, which would represent a 5,000% upside.

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