Ripple President Monica Long thinks 2024 will be a “breakout moment” for the crypto space, particularly the decentralized finance (DeFi) sector.
Long says crypto is primed to break the “speculative hype cycles” that the industry has been chained to since the origin of Bitcoin (BTC).
“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 biggest breakthrough in 2024 will be pioneering compliance for decentralized finance.”
The Ripple president argues that the industry needs to focus on building compliance tools for decentralized environments.
“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.
The industry needs to build compliance tooling in a decentralized environment. It’s the next frontier of innovation in blockchain.”
Long predicts that 2024 will heighten the overall crypto industry’s usability. She argues that digital assets won’t go mainstream if people have to self-custody their assets and trade on decentralized exchange platforms.
“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.”
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