Mar 20, 2018 by Jake

Ripple attracted a lot of partnerships lately, but the rumors about the companies interested in the XRP token are even more spectacular. Obviously, our recommendation is to not believe everything that appears online, even though it sounds very interesting.

A rumor which can be considered part of this last category is the fact that Chinese technology giant Tencent is ready to invest an incredibly big amount of money in Ripple: $2 billion.

Tencent currently denies everything

According to a report from GlobalCoin, Tencent actually said that they don’t have any plans of investing in the currency for the moment, but some people believe that a trace of truth could exist here.

The story started a few days ago, as multiple sources started speculating about this. Basically, it was believed that Tencent would buy huge stakes in Ripple, just like it did with companies like Snapchat, Spotify, and Tesla. Sure, you just can’t compare Ripple with these three, but it would still be something huge.

The main reason behind this partnership would be to go past the mobile payments competition, by integrating the Tencent messaging app WeChat into the Ripple technology. Some people think that there will be way more advantages than this, so they are looking forward to seeing an official announcement.

Until this happens, Tencent denied everything officially, claiming that all these rumors are based just on fake news.

“Pony [Ma Huateng] said the initial coin offering model and cryptocurrency have many risks… So this is definitely fake. We are not interested,” said public relations director Zhang Jun on his Sina Weibo account.

Ripple, loved by banks

Until now, over 80 banks and money remitting service providers from all over the world have signed up for Ripple services, some of the most notable being Moneygram and Western Union.

The number one reason why the token is attractive to banks and other companies is that the payments made using it are secure on the blockchain, very cheap, at just $0.0004 per transaction, and incredibly fast, as just 3.3 seconds are needed for one to be completed.