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Ripple is shaping to be one of the most popular crypto companies among corporations, mainly financial institutions. Over the years of its existence and the display of its potential in 2017, Ripple has formed quite a lot of partnerships with big-name companies. However, not every partnership was directly beneficial. The early ones more of a desperate gamble to popularize the coin as much as possible. But there are 4 partnerships, among which 1 had the potential to start a new page in Ripple’s history. Let’s see what they are.
SBI Holdings was a major leap for Ripple as it was one of the few partnerships it formed outside of the United States. Integrating itself in Japan was a direct challenge to Bitcoin which was gaining more and more popularity for the local population. It was so useful that nearly everything could have been purchased with bitcoin, and Ripple wanted a piece of that cake.
Thanks to the fact that SBI Holdings is a financial service company, it was able to provide the much-needed liquidity to Ripple outside of the US. The partnership was formed to provide the gateway for customers to exchange XRP into Yen. Later on, the company developed an App that was a direct move towards adopting the xRapid system to provide even more liquidity and speed for offshore transfers.
Needless to say, Ripple’s daily traded volume increased through this partnership.
Western Union first tried out xRapid back in 2018, when the market was relatively low. Due to the increased interest in institutional customers for crypto companies, finding common ground with WU, which was responsible for nearly $300 billion offshore transactions was quite easy.
However, the partnership started off on the wrong foot. There were claims that WU didn’t commit enough resources to promote the xRapid option on its platforms, which led to only 10 payments being made during the testing period.
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Soon after, the partnership was revoked as it was not producing the quality WU was hoping for. However, there are still rumors that a pilot project for the Asian region is in development.
2020 Olympic Games
Although this was not a successful partnership, due to the fact that it never formed, it still had much potential as it had the backing of the crypto community.
There were multiple promotions about the petition, which was requesting The 2020 Olympics to feature XRP as its main currency during the event.
Experts were saying that it would push the value of XRP by more than 200% due to the usage volumes increasing overnight. Unfortunately, however, the Olympics Committee didn’t see the value in adding XRP as the main currency, as it would cause mass confusion with willing spectators that had no knowledge about the blockchain.
The petition is currently closed, but there is still potential for XRP to be featured as a supporting currency rather than the dominant one during the event.
Euro Exim Bank
Euro Exim Bank was the first financial institution to have fully implemented the xRapid system. It was one of the first major successes that the Ripple team managed to achieve, and it was great timing.
The future payment industry is set to reach nearly $2 trillion by 2020, which creates massive operational strain. In fact, the operations are going to become so frequent that processing payments for more than 24 hours are going to become impossible.
The addition of xRapid by EEB was a clear message for customers saying that, while others would struggle with their payments and make them wait for days, they’d be able to do it within seconds.