Ripple (XPR) executive predicts that crypto acquisitions will strengthen the industry in 2023, despite major collapses like FTX.
Sendi Young created the Twitter thread to make a couple of industry predictions. One of the prognoses was made about crypto acquisitions. According to the Ripple executive, the crypto industry is expecting to experience increased consolidation in 2023, and further adoptions by companies will bolster the market position in the upcoming year.
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According to the forecast made by Young, the coming year will see numerous acquisitions within the blockchain and crypto industry by traditional financial companies (TradFi), which will help them fill gaps in their abilities.
This, in turn, will further reinforce the industry after events such as the collapse of FTX and similar issues faced by companies such as Celcius, Voyager, Three Arrows Capital and others.
Young’s predictions weren’t only for the general situation of the industry but also for the regulatory institutions all over the world. The director said:
“Crypto regulation will arrive in the UK and Europe. After the UK’s Financial Services and Markets Bill comes into force, regulators will develop an actionable crypto regime to enable the UK to support the development of its crypto asset sector.”
Young also suggested that in 2023, institutions will become more aware of the advantages of blockchain technology for instant merchant settlements, leading to greater adoption of fiat-pegged stablecoins, as part of other predictions.
In other news, the CEO of Ripple is interested in acquiring some companies in the FTX Group.