- There is currently a rumor in the crypto-community that VeChain and Ripple might entering into a partnership, however, there is currently no hard evidence.
- Nevertheless, VeChain CEO Sunny Lu recently stated in an interview that both companies “could be good partners”.
Already a few days ago, a rumor came up in the crypto community that probably flew under the radar for many, but at the same time could be exciting for many crypto enthusiasts if it turns out to be true: a possible partnership between VeChain and Ripple. As “Crypto Eri” reported via Twitter, SBI Holdings is planning to build a traceability system for agriculture based on the VeChain blockchain:
SBI Holdings is getting into the #VeChain space. Traceability as a service. Building a supply chain platform for agricultural products utilizing blockchain/distributed ledger technology.
Crypto Eri cited an article from the Japanese Bittimes as a source. However, there is no clear indication in the article that SBI Holdings relies on VeChain’s technology, which makes it unclear how Crypto Eri gets the information. The article simply states that SBI Holdings will build a blockchain solution in cooperation with CTIA Co, Ltd, which handles the blockchain business, and Hakusho Market Co, Ltd, which exports Japanese rice:
Once the proof experiment is complete, SBI Holdings and CTIA will build a supply chain platform for rice export, and Hakusho Market will export and sell rice to North America, Hong Kong and Singapore.
It is therefore questionable which source Crypto Eri is referring to. The exact source Crypto Eri uses is therefore questionable. The origin of the rumor could however be a “like” of the investment incubator CREAM, which is a strategic partner of VeChain, as another Twitter user remarked:
— Crypto_Ed_NL (@Crypto_Ed_NL) July 3, 2020
What is exciting about the speculation is that SBI Holdings is known to be an investor in Ripple. The group of financial services companies based in Tokyo is undoubtedly one of Ripple‘s most important partners and has launched various projects in Japan in the past to promote the adaptation of XRP. In addition to MoneyTap, SBI recently announced Japan’s first crypto fund, which will hold 50% XRP.
VeChain’s CEO can imagine a partnership with Ripple
However, another indication of a partnership could also come from VeChain CEO Sunny Lu himself. Around the same time the rumor was spread by Crypto Eri, Lu spoke in an interview with the “Digital Asset Investor” on YouTube about VeChain’s biggest challengers. In this context Lu explained that VeChain and Ripple could be good partners.
Well, let’s make it Ripple, XRP. Well, I mean, we could be good partners in the future I would say because we are focused on different things. We are focused on business activities, non-financial applications, while XRP is focused on payment solutions which could be a good combination.
Whether he has already spoken with Ripple about a partnership, Lu said:
Well, I have some friends that I am really connected to them, but for right now my mission and vision is on building the environment and ecosystem first. When time arrives, I would say we could definitely connect to each other.
— Digital Asset Investor (@digitalassetbuy) July 2, 2020
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