Dream Big? Amplify It a Billionfold — XRP Linked to ‘Most Significant’ Global Event: CEO

The CEO of BankSocial, John Wingate, generated buzz recently by announcing his meeting with Ripple’s team, describing it as potentially “the greatest meeting in the history of international settlements.” This raised questions about a possible collaboration involving BankSocial, Hedera, XRP, and Ripple. However, there has been no confirmation of a deal from sources outside of Wingate’s inner circle.

BankSocial Integrates XRP Into Its Strategy

Reports indicate that Wingate continues to regard HBAR as a vital element in BankSocial’s strategy. He stated that HBAR would support backend functions and state validations, while also incorporating XRP into the framework. This suggests a dual-chain approach where HBAR manages core operations while XRP facilitates cross-border transactions. Wingate made it clear that while HBAR remains essential, XRP is also taking on an important role.

Distinct Functions for Three Tokens

Wingate explained that each token serves a specific function. HBAR is responsible for operating the Hedera Consensus Service for state verification and message management. XRP focuses on transferring money across borders, particularly to specific regions. BSL, which is BankSocial’s proprietary token, is intended for lending, staking, and operating the bank’s decentralized governance. In essence, HBAR acts as the system’s backbone, XRP handles the financial transactions, while BSL manages the internal features of the bank.

Aspirations of Billion-Dollar Scale

Wingate urged his followers to “think BIG, then 1,000,000,000 times bigger,” expressing his vision for an extensive network interlinking banks, blockchains, and nations. This ambitious vision aims at tokenizing tangible assets and enabling their transfer without traditional delays or costs. Should this endeavor succeed, it could fundamentally alter the banking industry’s approach to blockchain. However, he did not provide any timeline or evidence of a working prototype.

Ambiguous Partnership Indications

On May 19, BankSocial responded to speculation concerning its new platform by stating, “Multichain. XRP too.” This implies that their forthcoming system, grounded in Hedera, may incorporate XRP Ledger functionality. Nevertheless, there has been no official announcement from Ripple or Hedera confirming their participation, making this more of a well-covered rumor than a solid agreement. There’s been no sight of a test network or demonstration available for developers or users.

In March, Wingate alluded to this dual-chain concept, discussing BankSocial’s collaborations with financial institutions and government entities on asset tokenization and international money transfers. He identified both XRP and HBAR as “key elements.” Additionally, he remarked on their participation in the DeRec Alliance, which aims to develop open financial applications.

For the moment, the industry is closely observing the situation. If BankSocial can successfully implement a three-token model, it might pave the way for banks to manage cryptocurrencies and equities directly from user accounts. Until there is tangible code or an official announcement of partnerships, this narrative remains ongoing. Stay tuned for further updates from Wingate and any developments from Ripple or Hedera.