Did Amazon Strike A 5 Billion XRP Deal With Ripple? Expert Answers | Bitcoinist.com

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Crypto expert Crypto Sensei has drawn attention to rumors that Amazon struck a 5 billion XRP deal with Ripple. The expert explained what the deal is really about and what Ripple’s end goal is using the altcoin

Expert Clarifies Rumors Of Amazon’s 5 Million XRP Deal With Ripple

In an X post, Crypto Sensei addressed whether rumors that Amazon struck a 5 million XRP deal with Ripple were true. The rumors surfaced as Kendra Hill claimed that Ripple’s endgame is to run the entire derivatives market using the altcoin and that the cross-border transactions are simply a test

Related Reading: XRP Rising Against All Odds: Ripple CEO Celebrates These Achievements

However, Crypto Sensei noted that there is no public evidence of Ripple’s 5 million XRP deal with Amazon and that there has been no public announcement from the crypto firm. As such, the expert remarked that this rumored deal remains pure community speculation

Meanwhile, he explained that Hill’s core claim was that cross-border payments are just a testing ground and that Ripple ultimately intends to use XRP to process 100% of the transactions on the global derivatives market. Notably, the global derivatives market is said to be a trillion-dollar industry, meaning this move could boost adoption significantly

Meanwhile, as to how a rumored Amazon relates to this, Crypto Sensei explained that a screenshot of an old Amazon partnership had resurfaced. Furthermore, Hill had allegedly claimed that another partnership between the two firms has yet to be revealed. Amazon’s AWS had, in 2020, revealed that it was integrating Ripple’s payment system for its rewards program

Crypto Sensei also mentioned that Ripple’s CTO, David Schwartz, has stated that there is no evidence that Amazon owns this amount of XRP. There is also no evidence on the XRP Ledger that the company holds this amount in escrow.

Major Adoption News For The Token

In an X post, Hex Trust announced a partnership with LayerZero to launch wrapped XRP (wXRP) across multiple networks, starting with the Solana network. This is expected to boost the altcoin’s adoption as it gains new holders and new liquidity flows into it. Hex Trust noted that the wXRP is designed for DeFi use across these networks

Related Reading: Ripple Secures 4 Groundbreaking Wins That Mark An Exciting Phase For XRP

The firm has launched this Wrapped XRP with over $100 million in Total Value Locked (TVL). Hex Trust also explained that the wrapped token’s utility is that it makes it easy to trade XRP alongside Ripple’s RLUSD stablecoin as a trading pair on supported chains. As such, the firm believes this move could expand liquidity and utility between XRP and RLUSD. Notably, there are also plans to launch this wrapped token on Ethereum soon

At the time of writing, the XRP price is trading at around $2.03, up in the last 24 hours, according to data from CoinMarketCap.

XRP trading at $2.03 on the 1D chart | Source: XRPUSDT on Tradingview.comFeatured image from Adobe Stock, chart from Tradingview.com Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.