Ripple has shared its expectations for 2024, highlighting the shift from speculation to utility, compliance, and integration in the crypto industry.
The crypto payments company that operates the XRP Ledger and the XRP token has unveiled its 2024 vision for the crypto industry based on the insights of its president, Monica Long, and other key executives.
Ripple’s 2024 vision is based on the premise that the crypto industry will move away from the speculative hype cycles that have historically driven its booms and busts and towards the realization of large-scale, real-world utility. The vision focuses on three critical areas that will shape the future of the crypto industry: compliance, usability, and integration.
Ripple believes that compliance is a key factor for restoring investor trust and ensuring industry stability, especially in the decentralized finance (DeFi) sector, which has been plagued by security breaches, scams, and regulatory uncertainty. Ripple aims to foster innovative technologies that comply with the existing and emerging regulatory standards, such as anti-money laundering (AML), know-your-customer (KYC), and consumer protection.
Ripple’s Chief Legal Officer Stuart Alderoty is optimistic about resolving the ongoing lawsuit with the U.S. Securities and Exchange Commission (SEC), which accuses Ripple of selling unregistered securities in the form of XRP. He also expects increased legislative engagement with the crypto industry in the U.S., which could provide more clarity and guidance for crypto businesses and users.
Ripple also believes that usability and integration are essential for increasing the adoption and value of crypto assets and applications. The payments platform aims to improve the usability of its products and services, such as RippleNet, a global network of financial institutions that use XRP for cross-border payments, and RippleX, a platform that supports developers and entrepreneurs who build on the XRP Ledger.
Ripple aims to integrate its technology with the existing financial system rather than disrupt or replace it. Ripple’s president, Monica Long, said that blockchain technology can enhance the efficiency, transparency, and inclusiveness of the traditional finance sector and that Ripple can act as a facilitator of synergy between crypto and traditional finance.
The crypto payments platform also seeks to collaborate with other crypto projects and ecosystems, such as the Republic of Palau, which has partnered with Ripple to develop its own national digital currency on the XRP Ledger.
