Will BlackRock Apply for an XRP Spot ETF as the Next Step? All Rumors Regarding the Bitcoin to XRP Shift and Their Implications Unveiled

  • Market players shut down rumors claiming that BackRock might be ditching Bitcoin for XRP. 
  • On the other hand, Ripple is strengthening its position in the market by establishing a new partnership with Tranglo & SBI Remit.

Rumors have been circulating that leading asset manager Blackrock is shifting from Bitcoin and opting for a Ripple-backed digital asset.

The rumor was started by a post shared on X, formerly twitter when a user wrote that Big Financial Giants like BlackRock might be reconsidering their stance on Bitcoin and maybe eyeing alternatives like XRP.

The tweet rides on the back of a recent article shared by a crypto media outlet Coinpedia. The piece pointed to certain unverified sources and speculations as evidence to back up the rumors. Another article on Investing.com also backed up these claims.

Explaining why the rumor is harmful, the data scientist
is quoted stating “It spreads misinformation and confusion among crypto investors and enthusiasts. It could create false expectations and hype around XRP, which is still under regulatory scrutiny by the SEC.”

The analyst explained that the rumors are false, as he shares that BlackRock has yet to confirm or deny any plans to invest in the XRP token or divest from Bitcoin. Notably, Larry Fink, the CEO of BlackRock referred to Bitcoin as a great asset class, while asserting its global relevance in the market.

Vyas went on to suggest that market players maintain caution when consuming information with such significance in the crypto space.

“Always do your own research and verify the sources of any news or rumors before making any investment decisions. Follow reputable and reliable crypto media outlets and experts. Don’t let fear, greed, or FOMO influence your judgment or actions.” He wrote.

Ripple strikes new partnership with SBI Ripple and Tranglo

Meanwhile, Ripple seems to be making strides in the industry, as it continues to expand its reach through new partnerships and collaborations. Recent reports reveal that Ripple, Tranglo, and SBI Remit have announced a joint venture, SBI Ripple Asia.

At the core of this partnership is the introduction of Ripple’s XRP-enabled remittance solution to bank accounts in the Philippines to bank accounts in places like the Philippines, Vietnam & Indonesia starting this month.

From as far back as 2017, SBI Remit has utilized Ripple and its groundbreaking technologies to facilitate different cross-border transactions. In 2021, SBI Remit introduced a unique Ripple-powered cryptocurrency solution, designed to carry out money transfers between Japan & the Philippines.

The expansion of the service is mainly focused on countries with large remittance corridors. Going further, the initiative will tap into the benefits of Tranglo, a platform that enables secure and seamless cross-border payments to thousands of banks, cards, wallets, cash, and mobile operators at a global scale.

Tranglo will make it possible for Ripple (XRP) to be adopted as an intermediary currency to facilitate speed, cost-efficiency, and enhanced scalability in global transactions.

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About Author

Olivia Brooke has been writing about cryptocurrencies since 2018. She’s currently fascinated by NFTs, and she remains committed to learning and writing about the broader cryptocurrency industry.

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