Ripple’s president has shared her crypto predictions, stating that 2024 could mark “the breakout moment where institutional adoption for real-world utility takes off.” She emphasized: “The industry needs to build compliance tooling in a decentralized environment. It’s the next frontier of innovation in blockchain.”
‘We Reached the Tipping Point for Crypto to Be Recognized as Mainstream’
Ripple’s president, Monica Long, shared several predictions regarding the future of crypto and blockchain over the next 12 months on social media platform X Tuesday.
“Within the past couple of years, we’ve seen many more traditional financial players such as Fidelity, Blackrock, Paypal, and Visa integrating or partnering with crypto-native companies to offer crypto and blockchain services and products,” she described. “The way forward is a happy marriage — blockchain will not replace banks. The ability to settle payments instantly, across borders, without the need for a middleman charging exorbitant fees has benefits for both merchants and consumers alike — and crypto can provide this unparalleled utility for institutions,” she foresees.
The executive continued: “Most of the companies that we work with at Ripple love the benefits that they get from crypto, but ultimately don’t want to be experts in it. They just want it to work. A crypto revolution cannot require billions of people to self-custody their assets, secure their secret keys, and trade on decentralized exchanges.” Long emphasized:
We reached the tipping point for crypto to be recognized as mainstream, but we have yet to hit the breakout moment where institutional adoption for real-world utility takes off — 2024 can be that moment as long as we proceed with a compliance-first mindset.
Moreover, she detailed: “In 2024, crypto will break the speculative hype cycles that have defined the booms and busts for the industry since Bitcoin’s invention — before the next ‘crypto summer.’ We as an industry will break the cycle by paving the foundation for real-world utility at scale, which entails solving for compliance, usability, and integration with existing systems.” The executive predicted: “The biggest breakthrough in 2024 will be pioneering compliance for decentralized finance.”
The Ripple president opined: “This ‘crypto winter’ is in fact a great season for serious builders (especially those who know modernizing the world’s financial infrastructure with blockchain is inevitable) to work on solving serious, real-world problems.”
Regarding compliance and transparency, the executive stressed: “In 2024, it’s not enough to be compliance-conscious — the industry must be compliance-first to keep our customers and users safe, gaining back the trust we’ve lost following some major industry blowback.” She elaborated:
The industry needs to build compliance tooling in a decentralized environment. It’s the next frontier of innovation in blockchain.
Other Ripple leaders that have shared their 2024 crypto predictions include Chief Legal Officer Stuart Alderoty and Senior Vice President of Product Drien Treccani. In addition, several other firms have shared their crypto outlook for 2024, including asset management firms Bitwise and Vaneck.
What do you think about the crypto predictions by Ripple’s president? Let us know in the comments section below.
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