World Economic Forum (WEF) Names Ripple As Official Partner

Ripple (XRP) has been named an official partner of the World Economic Forum. 

The international non-government organization made this known on its website. According to the information contained on the WEF website, the NGO described Ripple as a company that is “doing for value what the internet did for information.” 

Image source: https://www.weforum.org/organizations/ripple

The WEF added that the Silicon Valley tech company is also dedicated to creating powerful gains in financial equity, efficiency, as well as inclusion. 

“Ripple is developing and enabling future use cases that will catalyze the new digital economy for governments, businesses, and consumers,” the World Economic Forum noted in a statement on its website. 

A partnership between Ripple and the World Economic Forum was expected to happen soon after the blockchain company’s CEO Brad Garlinghouse spoke at the WEF 2022 panel discussion held in Davos, Switzerland. 

During the conference, Garlinghouse spoke on several topics, including the state of cryptocurrency regulation in the United States. 

Upon further search, The Crypto Basic found that Ripple is included in the partner list.

Image source: https://www.weforum.org/partners#R

It is not surprising to see Ripple labeled as a World Economic Forum partner. Ripple has earned quite a reputation in the global financial industry via its efficient payment solution, RippleNet. 

The solution has prompted many financial companies, including banks, to partner with Ripple to leverage the tech for real-time cross-border settlements. 

Some of the fintech companies that have tapped Ripple for cross-border settlements include Tranglo, SBI Asia, FINCI, the National Bank of Australia (NAB), the Canadian Imperial Bank of Commerce (CIBC), and a host of others. 

While Ripple relies on Tranglo to conquer the Southeast payment sector, the blockchain company hopes to dominate the Eastern Europe payment sector via its partnership with FINCI. 

Recall that in 2015, Ripple Labs announced that they were named as one of the World Economic Forum’s “Technology Pioneers” for their distributed ledger technology.

With Ripple named as a WEF partner, many would expect the value of XRP to spike following the news. However, XRP did not react positively to the news. 

XRP has been down nearly 8% in the past seven days to $0.34. The cryptocurrency is also stagnant, like most digital currencies in the top 10 crypto rankings in the last couple of days. 

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