Are Ripple and Vechain becoming partners?

The cryptocurrency market has evolved significantly over the past few years. Following the initial launch of Bitcoin, the world’s first decentralized cryptocurrency, not many people believed in Blockchain or the crypto sector. However, more than 10 years on, we can all see how much the industry has grown, becoming one of the most attractive investment opportunities globally. Bitcoin is no longer the sole major digital currency as it is joined by hundreds of others, like XPR.

The latter is a cryptocurrency, sometimes dubbed ‘the real cryptocurrency’, that uses the Ripple network and the system which enables transfers of money between different currencies. After its launch, XPR has become incredibly popular and is used by many companies and sectors. Unlike Bitcoin, XPR’s price is more affordable while being quite stable. Because of these characteristics, it has gained momentum among certain businesses.

XPR is heavily used in online gambling. This sector is growing with a geometrical progression as a soaring number of people prefer staying at home and playing various games in a more comfortable and homely environment. Representatives of a leading casino say that XPR transactions are on a steep increase all around the world. This gambling operator is present in numerous countries globally and is good evidence of how much XPR has achieved by being useful to many sectors, including online gambling.

The exciting rumor has been spread through Twitter

At the beginning of July, a Twitter user ‘Crypto Eri’ announced in a Tweet about the exciting news. Yet, before getting any further, it is with nothing that none of these have been confirmed by official sources or either side of the story. However, the Japanese media source and the user state the following:

“SBI Holdings is getting into the #VeChain space. Traceability as a service. Building a supply chain platform for agricultural products utilizing blockchain/distributed ledger technology.”

The article is in Japanese and represents a local source, considering that SBI Holdings is a Japanese bank. According to the article, SBI Holdings in cooperation with CTIA Co, Ltd will build a blockchain solution. CTIA Co, Ltd handles blockchain businesses and entities. The process will also involve Hakusho Market Co, Ltd, a major Japanese rice exporter. The latter is a major industry in Japan, generating billions of dollars in revenues annually.

“Once the proof experiment is complete, SBI Holdings and CTIA will build a supply chain platform for rice export, and Hakusho Market will export and sell rice to North America, Hong Kong, and Singapore”

Following these statements, the rumor was born that Vechain and Ripple are planning on entering the exciting and highly anticipated partnership with each other. Besides the article and the Twitter post, one of the major reasons for the rumor was a Tweet like by CREAM (CREAMethod on Twitter). The Twitter user Crypto_ED_NL replied to the original tweet by Crypto Eri:

“@CREAMethod I noticed you liked this tweet. I don’t see any mention of $VET in the press releases….

Should we consider your like as a “yes” because of NDA?”

What is crucial in this rumor is what SBI Holdings holds a 10% stake in Ripple. The Japanese-based major bank is headquartered in Tokyo and has a significant revenue along with a good reputation. It has been working on promoting Ripple and its products in Japan, as well as in other countries in the region. More specifically, SBI Holdings has initiated a number of important projects, supporting and advertising XPR adoption in the country. Moreover, SBI Holdings recently announced that they will be launching the first Japanese crypto fund of which 50% will be XPR.

VeChain CEO Sunny Lu bolsters the rumors in an interview

Besides the Tweet and the rumors, the Vechain’s CEO, Sunny Lu has also made some interesting statements about the possible partnership. Recently, approximately the same period the rumor arose for the first time, he went on an online show on YouTube called “Digital Asset Investor”. There, in an interview, he stated that Ripple and VeChain could become good partners.

“Well, let’s make it Ripple, XRP. Well, I mean, we could be good partners in the future I would say because we are focused on different things. We are focused on business activities, non-financial applications, while XRP is focused on payment solutions which could be a good combination.”

This rumor could have been missed by many people within the crypto community. Even in this small community, this news was not easy to acknowledge. There are many actors and stakeholders in this story, making it extremely difficult to understand what truly is happening. However, if this turns out to be true, we will witness unprecedented partnership, featuring some of the brightest businesses in the sector.