Ripple President Monica Long has hinted at 2024 as a pivotal year in the institutionalization of cryptocurrencies.
In a recent tweet, Long stated that 2024 was quickly shaping up to be the year of crypto institutionalization on a macro scale, while also noting that several TradFi companies launched crypto access and tokenization products in previous bear markets.
One of the key factors that would spur crypto institutionalization is the increasing adoption of blockchain technology by major financial institutions and corporations. As more entities recognize the potential benefits offered by blockchain networks, they are actively seeking ways to incorporate digital assets into their operations.
Along these lines, the Ripple president referred to her recent attendance at the Newcomer Banking Summit to discuss what has changed since the SVB banking crisis a year ago, as well as how blockchain and crypto can fundamentally improve access to financial services in collaboration with banks and traditional institutions.
This comes at a time when the digital currency landscape is witnessing unprecedented levels of interest from retail and traditional financial institutions.
As previously reported, toward the close of 2023, Long highlighted the potential of cryptocurrencies to transform finance and the global economy. She referred to the "cryptoization" of developing economies, in which people have begun to choose cryptocurrencies over local currencies as a result of macroeconomic instability and loose inflation controls.
Long sees even greater potential, leading up to the macroscale institutionalization of crypto and bringing on vast benefits.
Ripple continues to expand its frontiers in payments, clinching the FinTech Breakthrough Award 2024 for the best cross-border payment platform and the best DeFi infrastructure platform.