Fact Check: Is Ripple Really Partnering With a Swiss Bank on Digital Identity?

A new rumor is circulating in the crypto community about Ripple. According to the claim, Ripple, a Swiss bank, and a U.S.-based blockchain company are working together to build a new network that combines digital identity, compliance, and tokenized assets, with XRP acting as the bridge currency.

The rumor started after a post from CoinBureau on X claimed this partnership was in the works. Since then, speculation has grown, but the big question remains: what’s fact, and what’s fiction?

What Actually Happened?

No Official Claims Made By Ripple: 

Ripple’s CEO, Brad Garlinghouse, has opened up about the company’s ongoing efforts in expanding XRP Ledger’s capabilities. It seeks to increase institutional adoption and enhance identity verification, regulatory compliance, tokenization, and interoperability by partnering with other blockchains. But it does not claim collaboration involving a Swiss bank and a U.S. blockchain firm to merge digital ID, compliance, and tokenized assets. 

JPMorgan Calls Digital ID the “Foundation of Web3:

JPMorgan recently called digital identity the “foundation of Web3,” pointing to a real need in the market for secure, regulated digital identity solutions. JPMorgan’s statement is closely related to the rumour because both entities seek to establish a secure digital identity system for the future, where more things happen online and on blockchains. 

What’s At Stake Here?

XRP is already one of the top cryptocurrencies right now. But if the rumors were true, it would have boosted XRP’s utility as the bridge for tokenized stocks, real estate, commodities, and many more things. 

Summary Table: Coinpedia’s Fact Check

Conclusion

Never Miss a Beat in the Crypto World!

Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more.

Subscribe to News