“XRP Partnerships: Which Companies Are Backing Ripple?”

Ripple, a prominent player in the blockchain and cryptocurrency arena, has forged numerous strategic partnerships to enhance its global footprint and the adoption of its digital asset, XRP. These collaborations span financial institutions, fintech companies, and academic entities, each contributing uniquely to Ripple’s mission of revolutionizing cross-border payments and blockchain technology.​

1. Onafriq: Bridging Africa with the Global Economy

In November 2023, Ripple partnered with Onafriq, formerly known as MFS Africa, to facilitate digital asset-enabled cross-border payments between Africa and markets including the Gulf Cooperation Council (GCC), the UK, and Australia. Leveraging Ripple’s crypto-enabled payment technology, Onafriq opened new payment corridors, allowing customers of PayAngel in the UK, Pyypl in the GCC, and Zazi Transfer in Australia to make swift and cost-effective remittance and business payments to recipients across 27 African countries. This initiative aims to accelerate financial inclusion across the continent by addressing traditional challenges in cross-border transactions such as lengthy transfer times and high costs. ​Press Release Services+1Ripple+1Ripple+1Press Release Services+1

2. Banco Santander: Innovating International Transfers

Banco Santander, a leading international bank renowned for its focus on innovation, collaborated with Ripple to develop One Pay FX, a cross-border transaction service. Launched in July 2020, One Pay FX utilizes Ripple’s technology to make international payments faster, safer, cheaper, and more transparent. The platform initially covered half of the bank’s annual international transfers and expanded to multiple countries, including all of the Eurozone. Despite the success, Banco Santander has been cautious about utilizing XRP directly, citing concerns about its market liquidity to meet the bank’s needs.​

3. American Express: Establishing Blockchain Payment Corridors

In 2017, American Express teamed up with Ripple to create the first blockchain corridor, connecting Amex US customers to Santander bank accounts in the UK via RippleNet. This collaboration enabled non-card payments through the shared payment network to be processed almost instantly, significantly enhancing the speed and security of cross-border transactions. The partnership marked a significant milestone in integrating blockchain technology into traditional financial services.​

4. Standard Chartered Bank: Enhancing Trade Finance

Standard Chartered, a British multinational bank focusing on Asia, Africa, and the Middle East, partnered with Ripple in 2016 to improve trade finance. By implementing a Proof-of-Concept system using Ripple’s technology, Standard Chartered aimed to achieve cost savings and reduce risks of fraud or loss in trade finance. The initiative sought to combine blockchain technology with trade finance to facilitate safer and faster cross-border transactions.​

5. Futureverse and Yonsei University: Advancing XRPL in Asia

In September 2024, Ripple announced strategic partnerships in South Korea and Japan to strengthen crypto infrastructure for institutional adoption. Collaborating with Futureverse, Ripple integrated Ripple Custody to manage assets securely, enabling compliant access to decentralized finance (DeFi) via the Ottó blockchain. Additionally, Ripple’s University Blockchain Research Initiative (UBRI) added Korea’s Yonsei University as its 58th global partner, supporting academic research in fields like artificial intelligence and finance, and facilitating the launch of an XRPL validator at the university. ​CryptoSlate

6. SBI Holdings: A Strategic Alliance in Japan

SBI Holdings, a major Japanese financial services company, has been a significant investor in Ripple Labs and its cryptocurrency, XRP. With investments surpassing ¥1.6 trillion (approximately $10 billion), SBI Holdings’ involvement underscores the strategic importance of Ripple’s technology in the Asian financial market. However, this substantial investment has attracted attention from asset managers like GAM, urging SBI to adopt a more proactive approach towards its cryptocurrency investments and to establish a clear strategy regarding Ripple’s blockchain technology. ​Financial News London

7. Ripple’s Stablecoin Initiative: RLUSD

In October 2024, Ripple launched a new stablecoin pegged to the U.S. dollar, named RLUSD, aiming to challenge industry leaders like Tether and USD Coin (USDC). Each RLUSD token is 100% backed by U.S. dollar deposits, U.S. government bonds, and cash equivalents, ensuring stability. The stablecoin is available on several platforms, including Uphold and Bitstamp, marking Ripple’s significant entry into the stablecoin market. ​CryptoSlate+2Reuters+2Barron’s+2