Ripple President Monica Long thinks 2024 will be a “breakthrough moment” for the crypto space, especially the decentralized finance (DeFi) sector.
Long say crypto is poised to break the “speculative hype cycles” that the industry has been chained to since the origins of Bitcoin (BTC).
“We as an industry will break the cycle by laying the foundation for real-world utility at scale, which means finding solutions for compliance, usability and integration with existing systems. The biggest breakthrough in 2024 will be groundbreaking compliance for decentralized finance.”
The Ripple President argues that the industry should focus on building compliance tools for decentralized environments.
“In 2024, it is not enough to be aware of compliance; the industry must meet compliance first to keep our customers and users safe and regain the trust we lost after a major industry setback.
The industry needs to build compliance tools in a decentralized environment. It is the next frontier of innovation in blockchain.”
Long predicts that 2024 will increase the overall usefulness of the crypto industry. She argues that digital assets will not become mainstream if people have to hold their assets themselves and trade on decentralized exchange platforms.
“We have reached the tipping point where crypto is recognized as mainstream, but we have yet to reach the breakthrough moment where institutional adoption for real utility kicks in – 2024 could be that moment, as long as we continue with a compliance-first mentality. .”
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