Ripple exec expects more crypto acquisitions by TradFi in 2023

The cryptocurrency manufacture volition spot accrued consolidation successful 2023 arsenic healthier companies get much crypto and blockchain companies, according to a elder enforcement astatine Ripple.

Sendi Young, Ripple’s managing manager for Europe, took to Twitter connected Jan. 9 to share a acceptable of manufacture predictions for 2023, expressing assurance astir crypto successful the adjacent future.

According to Young’s forecast, the coming twelvemonth volition bring galore acquisitions successful the blockchain and crypto industry, which volition assistance specified companies and startups capable the gaps successful their capabilities. The acquisitions volition further fortify the manufacture successful the aftermath of casualties similar the FTX illness arsenic good arsenic different issues experienced by firms similar Celcius, Voyager, Three Arrows Capital and others, the Ripple exec noted.

Young besides predicted that cryptocurrency and blockchain firms volition beryllium progressively acquired by accepted fiscal (TradFi) companies and different established companies successful 2023.

Cast your ballot now!

Young’s predictions astir the authorities of crypto acquisitions successful 2023 travel amid the expanding involvement by accepted concern giants successful buying subsidiaries of the now-defunct crypto speech FTX. As galore arsenic 117 fiscal and strategical counterparties person expressed willingness to acquisition 1 oregon much of FTX’s branches similar FTX Japan, FTX Europe, LedgerX and Embed, according to a tribunal filing from Jan. 8.

The cryptocurrency manufacture has seen immoderate large acquisitions recently, with Mike Novogratz’s Galaxy Digital acquiring Argo Blockchain’s flagship mining facility Helios for $65 cardinal successful precocious December. According to Novogratz, the Helios mining woody was a transformative acquisition for Galaxy arsenic the steadfast works to summation its vulnerability to the Bitcoin (BTC) mining sector.

Related: Voyager tells tribunal Binance acquisition program is ‘sound concern judgment,’ urgently needed

Among different predictions, Young besides forecasted that 2023 volition spot greater adoption of fiat-backed stablecoins arsenic institutions recognize the benefits of blockchain for real-time merchant settlement.

At the aforesaid time, cardinal slope integer currencies volition besides “come of age,” the exec predicted, adding that the FTX illness has further triggered the request for nations to found a “dependable integer colony plus arsenic a unafraid alternate to different crypto solutions.”