Breanne Madigan, Ripple’s head of global institutional markets, says the institutional-grade crypto-asset platform is on the right track to a turning point at the moment when critical mass acceptance on the financial markets will grow exponentially.
Madigan said: “XRP has boasted tremendous growth as a global payment asset in the last year or two… However, the growth potential of transformational technologies tends to unfold exponentially. Therefore, the markets tend to overestimate the impact in the short term, but underestimate it in the long run. As institutional-grade infrastructure continues to be built, and real-world problems are increasingly solved using digital assets like XRP, the tipping point to critical-mass adoption is constantly moving closer.”
Madigan’s outlook points to prominent market players like TD Ameritrade, JP Morgan, and Fidelity as some of the big institutional names to trigger the next wave of participants and investors in crypto, and deliver new financial instruments like futures and derivatives.
For now, digital asset markets are still catching up with the buzz around companies like Ripple seeking transformation of payment industry.
The real-time gross settlement company is trying to exploit its strategic investments and partnerships over the past two years to fuel XRP’s development as a global asset until conducting near-instant, cross-border transactions.
US Treasury Secretary Steve Mnuchin, an outspoken critic of Bitcoin, is starting to see the benefits in the space. Writes Madigan,
“At the 2020 World Economic Forum, Secretary of the Treasury, Steve Mnuchin, referenced this progress. He spoke about the impact of digital assets: ‘There are benefits to cross-border payment systems in lowering costs for consumers and businesses. We absolutely support companies working on this.”
It is worth noting that, two officials at Coinbase and Ripple are leading a campaign for smart crypto legislation and accountability that would drive growth and boost blockchain technology.