The cryptocurrency industry will see increased consolidation in 2023 as healthier companies acquire more crypto and blockchain companies, according to a senior executive at Ripple.a set of industry predictions for 2023, expressing confidence about crypto in the near future.
According to Young’s forecast, the coming year will bring many acquisitions in the blockchain and crypto industry, which will help such companies and startups fill the gaps in their capabilities. The acquisitions will further strengthen the industry in the aftermath of casualties like the FTX collapse as well as other issues experienced by firms like Celcius, Voyager, Three Arrows Capital and others, the Ripple exec noted.
Young also predicted that cryptocurrency and blockchain firms will be increasingly acquired by traditional financial companies and other established companies in 2023.