Benzinga - Speaking at Benzinga’s Future Of Digital Assets event in New York on Tuesday, Brendan Berry, who leads payment products at Ripple (CRYPTO: XRP), expressed his enthusiasm for the growing trend of tokenization, saying, “I am really excited about it.”
“There's a lot of data that shows the rise of tokenization. You can look at any number of publications that are citing, you know, $10 trillion of assets that will be tokenized by 2030,” he said.
Berry elaborated on why tokenization is a trend that's gaining momentum, attributing it to blockchain technology's foundational principles like security, transferability, transparency, and liquidity aggregation. He pointed out that tokenizing any asset provides consumers with various new access methods.
The discussion was moderated by Feroz Lakhani from Tron Network and featured Joshua Pulman from Truist Ventures and Josip Rupena's from Milo is a Miami-based financial technology company.
Berry further highlighted a notable instance of tokenization, referring to HSBC's announcement. He described it as a scenario where "a large financial institution has announced a partnership with a digital asset custody partner Medeco in order to provide their customers tokenized securities and tokenize gold more broadly," illustrating how major players are embracing this trend.
He explains that those who have never thought about investing in gold, for example, can now gain access through tokenization.
According to analysts at the consulting firm Roland Berger, "asset tokenization will grow to become a market worth at least $10 trillion by 2030, representing a 40-fold increase in the value of tokenized assets from 2022 to 2030. This would mark a significant rise from the current value of around $300 billion."
Read also: These Wall Street Firms Are Ramping Up Efforts To Tokenize Assets
Photo: Piboon Thongtanyong
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.