- Following the recent XRP tweets by Velo Labs, an analyst has explored some of the possible developments that could be in the pipeline.
- Ripple seeks to expand its services across different platforms and countries as it recently announced a partnership with Mercado Bitcoin.
Web3 platform Velo Labs has, on multiple occasions, mentioned the incredible use cases of XRP and the XRP Ledger on its X handle. Fascinatingly, this has sparked speculations of a possible partnership, while a section of the XRP community finds this as a mere engagement strategy.
[Speculation] Something interesting happening with Velo & #XRP? Over the past week, their account has tweeted positively about #XRP and Ripple 3x. Just engagement, or is something more happening? A few things to consider –
1/5https://t.co/7aZh8nmrCU— WrathofKahneman (@WKahneman) December 9, 2024
What Could be Happening?
Assessing the possible reasons for these repeated mentions, an analyst identified as WrathofKahneman has highlighted some of the key direct and indirect relationships that could push Velo to consistently create a buzz around XRP.
Firstly, WrathofKahneman described Velo Labs as a key component in the Web3 industry that uses blockchain protocols to enhance cross-border remittances. Meanwhile, it is working directly with Lightnet. According to the analyst, Lightnet has partnered with Siam Commercial Bank (SCB). Research also shows that SCB is a user of Ripple. Its flagship initiative – Outward Remittance Service via SCB EASY, was developed in partnership with Ripple, which indicates an overlapping business ecosystem.
Additionally, Velo Labs and Securitize have collaborated on tokenized financial solutions. Meanwhile, Ripple has a deep relationship with Securitize, which, according to Wrath of Kahneman, raises questions of further intersection.
Finally, the analyst highlighted the Velo usages of Stellar and how multiple assets, including Tron and Solana, have been integrated into its ecosystem. According to WrathofKahneman, this could suggest that Velo may be on the verge of using XRP or RLUSD in its framework. In all, he clarified that the recent tweets on XRP could also be far from any hints of collaboration.
Lots of connections between these networks with shared financial goals, but it’s just tweets. Is it also priming for an announcement Velo is connecting to Ripple Net or using XRP as an additional asset in its ecosystem? Lock in.
Ripple and Mercado Bitcoin Collaboration
In the past few months, Ripple has been sealing partnership agreements with leading payment infrastructures, including Mercado Bitcoin. As we formerly reported, this collaboration was to enable Mercado’s customers to use Ripple’s solution to improve its internal treasury operations between Brazil and Portugal. According to the press release, Ripple was supposed to offer a suite of benefits to the Brazilian business, including trust and security, streamlined onboarding, one integration and global access, as well as 24 liquidity.
Head of Banking at MB Jordan Abud commented on this:
The idea is to provide a simplified transfer through the expertise of Ripple, our international partner specializing in cross-border payments. At the same time, this partnership enables Mercado Bitcoin to take another step towards internationalizing its services. The possibility of facilitating this type of operation, offering lower costs, and making the platform even more complete shows our commitment to customers while expanding the portfolio of products we offer today.
At press time, its native asset XRP was trading at $2.19 after declining by 10% in the last 24 hours.
