Ripple and Hedera Unite to Enhance the Payments Market

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  • Utopian Lab founder Max Walker-Williams has shared a post on X featuring the CEO of Ripple Brad Garlinghouse, and co-founder of Hedera Dr. Leemon Baird.
  • According to some enthusiasts, there could be a collaboration in the pipeline between the two projects. 

Ripple Labs and Hedera are two top crypto projects with common goals in addition to being members of the ISO 20022 that seek to replace the outdated SWIFT system. Over the years, they have shown resilience in the face of regulatory and market challenges, while unlocking new use cases with groundbreaking partnerships with industry-leading projects.

Interestingly, Utopian Lab founder Max Walker-Williams has indicated on X that he has met the two leaders of these great projects to discuss the future of the industry.

CEO of Ripple Brad Garlinghouse, and co-founder of Hedera Dr. Leemon Baird, at the interview, also discussed the possibility and the impact of collaborations and unity within the crypto sector.

The post shared by Walker-Williams had some crypto enthusiasts speculating about an upcoming partnership between Ripple and Hedera. According to Garlinghouse, that possibility would be considered.

We gonna make sure that we start talking about whether we can collaborate as well.

Prior to that, the Hedera founder had disclosed his interest in talking about tokenization. Garlinghouse also criticized the US Securities and Exchange Commission Chair Gary Gensler on his usual approach against the crypto sector. 

I think Gary Gensler is doing the same thing over and over again and thinks that somehow he’s going to win in court.

Garlinghouse also spoke about the impacts of regulatory clarity on emerging technologies, especially stablecoins. On top of that, he touched on the implications of the current SEC policies on the US economy and the global leadership in the crypto economy. 

Hedera and Ripple Making Impacts in the Cross-Border Payment Sector

Analysts believe that the possible collaboration between Ripple and Hedera could largely enhance the cross-border payment market as both parties have similar interests. It can be recalled that “Shinhan Bank, the leading bank in South Korea, and Standard Bank, the largest bank in Africa,” united in a proof-of-concept on Hedera to consider the reduction of middlemen, cost, and settlement time.

The meeting saw the two Hedera Governing Council members talking about the challenges with legacy cross-border payment systems (SWIFT) while proposing a stablecoin solution on Hedera.

In December 2023, Ripple also announced that it is updating its crypto-enabled cross-border payments solution. The idea was to ensure that the blockchain was taken advantage of to facilitate faster, cheaper, and more efficient cross-border payments. 

Monica Long, president at Ripple stated:

Since the start, Ripple focused on creating products that solve real problems for real customers. This evolution of Ripple Payments represents an extension of our long-running work to optimize the cross-border payments experience through transformative technology.

This market is predicted to value $250 trillion by 2027. 

As of press time, XRP was trading at $0.568153 after surging by 0.67%. Its weekly returns also stand at a decline of 4.8% with a neutral bearish score of 50/100. According to analysts, XRP can go as high as $1.59 this year. 

Hedera (HBAR) was also trading at $0.079434 after surging by 0.6% in the last 24 hours. However, investors had a negative return on their seven-day investment after falling by 3.9%. According to analysts, this asset can go as high as $0.222416 this year. 

 

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