Ripple President Monica Long has shared her take on how crypto and blockchain technology will change commerce and consumer behavior in 2024 and beyond.
Monica Long featured in the New York Times’ special series on how macroeconomic factors can impact consumer behaviors in the coming years. As an advocate of blockchain, Monica posits that the global economy is changing in the financial world, as current infrastructure cannot power a dynamic marketplace.
Monica Long on Crypto Takeover
To solidify her thesis, the Ripple President pointed out the ongoing “Cryptoization” of many developing economies.
With macroeconomic instability and high inflation ravaging many developing countries, some citizens in countries like Nigeria, Zimbabwe, and Argentina have had to embrace cryptocurrencies in place of their weakening fiat currencies.
Monica highlighted how these crypto and stablecoins are helping to power savings and retail purchases, a trend that shows how the fast-evolving digital world cannot rely on the slow settlement and high-cost infrastructures that most financial institutions are still using to date.
The Ripple executive said that blockchain technology and crypto have the tendency to make the financial ecosystem internet native. This feature will not just be accessible to everyone, it will be cheaper compared to existing alternatives.
With commerce cited as one of the key industries that will benefit from the ongoing crypto takeover, Monica Long said the financial landscape, dominated by a few mega-banks, can no longer serve the needs of a digital-first world.
Ripple Labs Piloting the Move
With different innovative solutions ranging from RippleNet to On-Demand Liquidity (ODL), Ripple is bringing seamless payments that can truly power the ongoing financial revolution. The company is inking the right partnerships to achieve this goal.
Besides its retail and consumer leaning, Ripple is also aligning its focus for the future with its role in helping some partner countries in their Central Bank Digital Currency (CBDC) pursuit.