Ripple President Brad Garlinghouse revealed some pretty important 2024 predictions. Check out the latest reports about this below.

2024 important predictions

According to Ripple President Monica Long, the crypto space, especially the decentralized finance (DeFi) sector, will experience a “breakout moment” in 2024.

Long believes that the crypto industry is poised to move beyond the “speculative hype cycles” that have dominated it since the inception 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 president of Ripple is arguing that the blockchain industry should prioritize the development of compliance tools for decentralized environments.

The goal is to shift from being compliance-conscious to compliance-first in order to regain the trust of customers and users.

The industry needs to focus on creating compliance tooling in a decentralized environment, as this is the next innovation frontier for blockchain technology.

According to Long, the year 2024 will witness significant advancements in the overall crypto industry’s usability.

She believes that digital assets would not become mainstream if individuals have to self-custody their assets and trade on decentralized exchange platforms.

Long argues that while we have reached a tipping point, where crypto has been recognized as mainstream, we are yet to experience the moment where institutional adoption for real-world utility takes off.

She predicts that 2024 will be that moment, provided we proceed with a compliance-first mindset.

Ripple Labs has announced that its subsidiary Ripple Markets Ireland Limited has been granted a license to operate as a Virtual Asset Service Provider (VASP) by the Central Bank of Ireland.

This means that the company can now offer various digital asset services in Ireland, including transactions involving cryptocurrencies, such as exchanges, transfers, wallet custody, and other crypto-related financial services, on behalf of its clients.

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