Ripple’s Partnerships Just Duds?

By Vince • June 26, 2023 12:33 pm • Comments

A recent report from Protos claimed that many Ripple partnerships are simply duds that never come to fruition.

The outlet explained that partnerships reliant on non-binding agreements and ‘memorandums of understanding’ are commonly used throughout the crypto industry and often amount to nothing. …

According to Protos, partnerships with Helium (HNT), SBI, MoneyGram, the Digital Pound Foundation, the nation of Palau, and Travelex Bank have either gone nowhere or have been incredibly underwhelming.

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One influencer offered this counter-perspective, citing both Ripple’s extensive partnerships and the backfiring of the SEC lawsuit:

“While everyone is so focused on the U.S market & what happens next around the XRP case, nations are moving faster than ever on crypto.

How many partnerships/expansions did Ripple announce in the past 2.5 years while being in the middle of this lawsuit?

In my opinion, this lawsuit was utilized to slow Ripple & XRP down, but it seems to have accelerated it. In the U.S it might have slowed Ripple & XRP’s price has been suppressed, which is a huge opportunity for investors, but outside of the U.S not at all.

While this lawsuit has been ongoing major nations are restructuring/planning an upgrade of their financial infrastructure. This is a crucial step toward the evolution of our global financial system. To me, this is why we are seeing regulators trying to pump the brakes. It’s not only to give control to traditional players/central bankers, it’s also to ensure the proper infrastructure is in place.

A globally harmonized approach to crypto/digital assets is being created by the FSB, instructed by the G20, in collaboration with the BIS/IMF/& other major organizations. We might be months away, we might be years away, it doesn’t matter, things are happening behind the scenes.

The number one thing to do at this moment is to stay involved, research, learn, study, & focus heavily on this digital revolution happening in real-time.”

 

Ripple Labs continues to announce new partnerships with both private firms and sovereign nations. In a recent tweet, the company states:

“Ripple and Peersyst are partnering with Colombia’s Banco Republica in conjunction with the Ministry of Technology and Communication of Columbia to pilot use cases that will enhance Colombia’s high-value payment system.”

 

Protos claimed this about the partnership between Ripple Labs and MoneyGram:

MoneyGram began using XRP Ledger technology in June 2019 in what Ripple called a “strategic partnership.”

In reality, MoneyGram only used XRP technology because Ripple was subsidizing its otherwise unprofitable use. Specifically, Ripple paid MoneyGram tens of millions of dollars in “market development fees” which Moneygram initially booked as revenue and only later reclassified as “contra expenses.”

MoneyGram eventually ended the deal altogether after Ripple stopped paying and the SEC filed its complaint alleging that Ripple offered unregistered securities to US investors.

Ripple CEO Brad Garlinghouse had this to say during a 2018 financial conference:

In April of 2023, Ripple Labs claimed that it’s University Blockchain Research Initiative has partnered with 45 universities across 20 countries, with over 340 fintech courses offered, and over 1020 blockchain research projects funded :

Ripple’s University Blockchain Research Initiative (UBRI) supports a diverse portfolio of blockchain research, technical development, and innovation at universities around the world.

Academic research is crucial for blockchain technology innovation

UBRI helps prepare the next generation of the global fintech workforce, including engineers, entrepreneurs, and other global change makers. This propels blockchain and crypto as a force for inclusive economic growth, and positive social and environmental impact for decades to come.

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