The cryptocurrency market is maturing, although perhaps not as fast as some would like. Still, the adoption rate of cryptocurrency is increasing. Global financial institutions are using crypto to increase their access to financial services and speed up transactions. They are also exploring crypto as a way to reduce costs and friction in the financial sector.
BanklessTimes.com, using data from a study by Ripple, that 76% global financial institutions intend to use crypto in the next three years. This shows that crypto is becoming more popular in the global financial system. Many financial institutions are beginning to recognize the potential of cryptocurrency and its potential to revolutionize our financial system.
Major banks like JPMorgan, Goldman Sachs and others are making inroads into the cryptocurrency space. JPMorgan launched JPM Coin and Goldman Sachs opened a bitcoin trading desk in response to increased demand from institutional clients.
According to LinkedIn, Financial service firms added three times more crypto jobs in 2015 than 2015. As more institutions enter the crypto space, the demand for talent will only grow.
There is a growing interest in cryptocurrency from the general public, as well as global institutions. Analytics Insight data has shown that worldwide searches for “Bitcoin” have reached an all-time high. This shows that Bitcoin and cryptocurrency are gaining more interest.
The road to widespread adoption of cryptocurrency is still long, despite institutional adoption. The regulatory framework around crypto is one of the greatest obstacles.
Many countries are still in flux with crypto regulations. Therefore, it is difficult for businesses to fully commit to crypto use due to the uncertain regulatory environment. Until there is global acceptance, adoption is going to remain difficult.