NewsBTC
25 May 2025
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BankSocial CEO Hints at XRP Partnership Following Meeting with Ripple

BankSocial's CEO, John Wingate, announced a meeting with Ripple, describing it as potentially significant for international settlements. Speculation arises about a collaboration involving BankSocial, Hedera, and XRP.

BankSocial Integrates XRP

  • Wingate confirmed that HBAR will support backend operations and state checks.
  • XRP is now included in BankSocial’s strategy, suggesting a dual-chain approach.
  • HBAR will perform core functions while XRP facilitates cross-border payments.

Token Roles Defined

  • HBAR: Manages the Hedera Consensus Service for state checks.
  • XRP: Handles cash movement across borders.
  • BSL: BankSocial's token for lending, staking, and DAO operations.

Ambitious Vision

  • Wingate aims for a network connecting banks, blockchains, and countries.
  • The goal includes tokenizing real-world assets to improve transaction speed and reduce fees.
  • No timelines or proof of concept have been provided yet.

Partnership Status

  • On May 19, BankSocial hinted at adding XRP Ledger support but no formal partnership has been announced.
  • This remains a rumor without confirmation from Ripple or Hedera.
  • Developers have not accessed a test network or demo of the proposed system.

BankSocial continues to explore its three-token setup, which could facilitate direct handling of crypto and stocks through customer accounts. Further developments are anticipated from Wingate and updates from Ripple or Hedera.