13 Bold Predictions: The Future of Crypto Payments in 2024
Nilos Team
September 29, 2023

The world of crypto payments is evolving at a breakneck pace, and as we look ahead to 2024, it's clear that the crypto landscape will continue to undergo profound transformations. Drawing inspiration from A16z's 'value chain desegregation theory,' which explains how markets spawn specialized incumbents, we've ventured into the future of crypto payments to predict the emergence of key players and innovations. Here are 13 predictions of new businesses for the crypto payment industry in 2024:

1. Crypto Payment Processing Orchestrators: These specialized entities will act as the orchestrators of crypto payments, simplifying the complex web of transactions for businesses and users new to the crypto world.

2. Wallet Real-Time Compliance Monitoring Software: Advanced software will scan the source of funds in real-time within crypto wallets, ensuring compliance with regulatory rules and alerting users if any discrepancies arise.

3. Cybersecurity Auditing Algorithms for Protocols: Smart contract code will be fortified with algorithms that identify vulnerabilities before audits, enhancing the security of crypto protocols.

4. Crypto-Backed Credit Card Providers: Enterprises will offer crypto-backed credit cards, enabling seamless crypto-to-fiat transactions, akin to traditional credit cards.

5. Real-Time Wallet Hacking Vulnerability Monitoring APIs: These APIs will keep a vigilant eye on crypto wallets, promptly notifying users of any unusual transfers or suspicious activities.

6. Cross-Crypto/Fiat ERP Systems: Bridging the gap between crypto and fiat finance, these systems will streamline financial operations for businesses operating in both realms.

7. United Payments API Across Crypto and Fiat Rails: Similar to Rapyd, these APIs will serve as unified payment gateways, enabling businesses to accept payments in both crypto and fiat currencies effortlessly.

8. Crypto Checkout as a Service for Fintechs: Fintech companies will embrace white-label crypto payment processing engines, making it easier for them to integrate crypto payments into their services.

9. Specialized Digital Asset Data Providers: Businesses like Kaiko will thrive, offering comprehensive data services tailored specifically for the unique needs of the crypto industry.

10. KYB as a Service Businesses: Combining compliance solutions like ComplyAdvantage and ubble, these services will provide Know Your Business (KYB) verification as a seamless service for crypto companies.

11. Real-Time Crypto Payment Analytics Software: Bridging the gap between crypto and fiat payments, software like Pigment will provide real-time analytics, empowering businesses to make data-driven decisions.

12. Verticalized Tokenization Platforms: These platforms will facilitate compliant tokenization of specific assets, opening up new avenues for asset-backed tokens.

13. Digital Wallet as a Service for Marketplaces: Services like Swan will offer digital wallet solutions tailored to the unique needs of online marketplaces, simplifying transactions and enhancing user experiences.

But the crypto payment landscape is ever-evolving, and these predictions may just scratch the surface. As we move closer to 2024, we can expect even more exciting innovations and players to emerge, transforming the way we interact with and use cryptocurrencies in our daily lives. The future of crypto payments is bright, and the possibilities are boundless. What else do you envision?

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