NEWSROOM

A new report published on cryptocurrency and blockchain technologies sheds light on the thoughts of finance professionals regarding the future and benefits of these technologies. According to the report, 97% of the 300 participants said that blockchain would play a significant role in developing faster payment infrastructures.

TURKEY — An updated report has been published that sheds light on the future of cryptocurrencies, which have been on the agenda since they were included in the financial system. Ripple recently came to the fore with a court decision that was considered a partial victory over the US Securities and Exchange Commission SEC. The technology company announced the research it conducted in partnership with the US Fast Payments Council. Almost all (97%) of the 300 respondents from 45 countries said that blockchain technology will play an essential role in facilitating the creation of faster payment systems over the next three years.

$10 billion savings potential

The research, conducted with finance professionals, focused explicitly on the effects of cryptocurrencies and blockchain on international money transfers and cross-border payments. One of the striking findings of the report, which focused on the use of crypto in the payment sector, was the forecast for financial institutions' savings. According to the report, the impact of blockchain will go beyond faster payments, while financial institutions that adopt this technology have the potential to save approximately $10 billion in cross-border payment costs by 2030.

Gate.io Turkey Country Manager Kafkas Sönmez shared his evaluations on the subject, “We are talking about digital assets that are adopted all over the world and whose value is protected by mathematical trust. Cryptocurrencies, which have managed to go beyond the transportation problems that are the disadvantage of gold, which protects its value in every geography, will play an important role in the future of finance. Blockchain will make it easier to build ecosystems that can help reduce costs and improve user experience.”

SMBs will start accepting crypto payments in three years

Noting that the acceleration in e-commerce in recent years has also removed the barriers abroad in accessing products and services, Kafkas Sönmez said, “It is estimated that global cross-border payment flows will reach a size of 156 trillion dollars by 2030. While businesses of all sizes benefit from this growth, blockchain is expected to be positioned as a facilitator in these processes. The predictions of the aforementioned report show that one in every 2 SMEs will accept payments in cryptocurrencies in the next three years. It is not far away that cryptocurrencies and blockchain, which stand out as a global currency, whose value is determined by the international community, are an integral part of daily life.”

“The waters will not calm down in August either”

Gate.io Turkey Country Manager Kafkas Sönmez stated that optimistic predictions about crypto are also faced with the cautious attitude of traditional financial authorities regarding the possibilities of this technology, and concluded his evaluations with the following statements:

“Although the future points to the blockchain, it looks like it will need a little more time to set the pieces in place. A request by the SEC, which brought the tension with a cryptocurrency exchange to the top, marked the last days of July. It is possible to say that the waters in cryptocurrencies will not calm down in August. While the hesitancy of financial authorities towards crypto and blockchain has caused fluctuations in investor confidence, a consensus will be reached when the world decides exactly what cryptocurrencies are. This will lead to the construction of a collaborative, community and user-oriented financial environment. As Gate.io, we give more than 13 million users a say in the design of this new financial universe, with more than 1,700 listed cryptocurrencies and a transaction volume of over $3.75 billion in 24 hours. As Gate.io Turkey, we bring together many investment products with the importance we place on security, regulations and compliance.”