Ripple President Monica Long predicted the future of the crypto industry in 2024

Monica Long expects that in 2024 the cryptocurrency market will cease to be “speculative” in the negative sense of the word. Long explained that digital assets are now a mature industry and cryptocurrency services can now be provided on a large scale. Therefore, it is possible that the decentralized finance (DeFi) sector will meet regulatory requirements.

After the fiasco of the FTX cryptocurrency exchange and the multibillion-dollar settlement of the lawsuit against the largest crypto exchange Binance, the industry will regain the trust of governments, Long is convinced. Compliance with the rules set by various regulators will be critical, so the entrepreneur urged the industry to work hard to create tools that will ensure the DeFi sector remains compliant with regulatory requirements.

The Ripple President also suggested that in 2024, major financial institutions such as BlackRock, Fidelity and Visa will continue to integrate different blockchain-based payment solutions. Low fees and instant transfers are attractive to traditional financial institutions, so companies will use cryptocurrencies for payments and settlements. In addition, traditional companies will increasingly rely on their cryptocurrency partners, including Ripple, to manage operations and take advantage of blockchain capabilities, Long said.

A year ago, Monica Long said that even a prolonged crypto winter would not be able to prevent Ripple from scaling its business. In November, the Central Bank of Georgia selected Ripple as a partner to develop and launch a state digital currency.