The cryptocurrency industry will see further consolidation in 2023 as more crypto and blockchain companies are acquired by healthier companies, according to a senior Ripple executive.

Sendi Young, Ripple’s CEO for Europe, took to Twitter on Jan. 9 to Share a set of industry predictions for 2023, expressing confidence in cryptocurrencies in the near future.

According to Young’s forecast, the coming year will bring many acquisitions in the blockchain and cryptocurrency industry, helping these companies and startups to fill gaps in their capabilities. The acquisitions will further strengthen the industry after accidents like the FTX collapse, as well as other problems experienced by companies like Celcius, Voyager, Three Arrows Capital and others, the Ripple executive noted.

Young also predicted that cryptocurrency and blockchain companies will increasingly be acquired by traditional financial firms (TradFi) and other established companies by 2023.

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Young’s predictions about the state of crypto acquisitions in 2023 come amid growing interest from traditional financial giants to buy subsidiaries of the now-defunct crypto exchange FTX. As many as 117 financial and strategic counterparties have expressed their willingness to buy one or more of FTX’s subsidiaries such as FTX Japan, FTX Europe, LedgerX, and Embed, according to a Jan. 8 court filing.

The cryptocurrency industry has seen some big acquisitions recently, with Mike Novogratz’s Galaxy Digital acquiring Argo Blockchain’s flagship Helios mining facility for $65 million in late December. According to Novogratz, the Helios mining deal was a transformative acquisition for Galaxy as the company works to increase its exposure to the Bitcoin (BTC) mining sector.

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Among other predictions, Young also forecast that 2023 will see increased adoption of fiat-backed stablecoins as institutions realize the benefits of blockchain for real-time merchant settlement.

At the same time, central bank digital currencies will also “come of age,” the executive predicted, adding that the FTX collapse has further triggered the need for nations to establish a “trustworthy digital settlement asset as a secure alternative to other cryptographic solutions”. ”