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Shawn Oroogle, a member of the World Economic Forum, recently raised awareness about rumors suggesting a potential announcement regarding an alliance between XRP, Hedera (HBAR), and Goldman Sachs.
While Shawn acknowledged that it was just a rumor and stated that he was “gathering more evidence,” he did not provide any concrete foundation for the speculation.
🚨Rumours of a big announcement about a potential Goldman Sachs, $HBAR & $XRP partnership.
Currently gathering more evidence.
— Shawn (@oroogle) November 18, 2024
Nevertheless, his tweet sparked interest within the crypto community, especially among the XRP Army. Many expressed excitement that something “big” may be coming for XRP.
To fuel the speculation, some have pointed to a past conversation between Ripple CEO Brad Garlinghouse and Hedera Co-Founder Leemon Baird, during which they discussed a possible blockchain collaboration.
However, while Ripple and Hedera may have some connection, the potential involvement of Goldman Sachs in such a partnership remains unconfirmed as of press time.
Meanwhile, this speculation coincided with news that Goldman Sachs is pursuing new ventures in the blockchain space.
Goldman Sachs’ Latest Move in Crypto
Yesterday, Bloomberg reported that Goldman Sachs Group is in talks with potential partners to spin off its digital asset platform into an independent entity. This new entity would focus on enabling large financial institutions to create, trade, and settle financial products using blockchain technology.
For context, Goldman Sachs established its Digital Assets Platform in 2022 to facilitate the issuing of traditional financial products via blockchain. Since then, the platform has been involved in several high-profile transactions, including bonds for the European Investment Bank.
While the new independent entity will eventually own the platform, Goldman Sachs will retain its digital assets team and continue to expand its broader operations in the digital assets sector.
Essentially, this newly announced move from Goldman Sachs has no direct connection to Ripple or XRP.
Ripple and Hedera’s Collaboration
Meanwhile, Ripple and Hedera do have some established connections. In May, XRPL Labs and Ripple joined Hedera and other industry leaders as founding members of the DeRec Alliance.
The DeRec protocol aims to simplify the recovery and security of digital assets, accounts, and private keys by enabling users to securely recover secrets through a network of trusted helpers.
Additionally, in September, Ripple and Hedera became founding members of the MiCA Crypto Alliance, which aims to help blockchain projects comply with the EU’s Markets in Crypto-Assets (MiCA) regulation.
As part of this alliance, the two companies will collaborate to meet MiCA’s requirements for transparency, consumer protection, and sustainability, particularly concerning climate impact disclosures for crypto service providers.
The Bottom Line
While rumors about a potential partnership between XRP, Hedera, and Goldman Sachs have generated excitement in the crypto community, there is currently no concrete evidence to support the speculation.
Goldman Sachs’ recent move to spin off its digital assets platform is unrelated to Ripple or XRP. However, Ripple and Hedera continue to collaborate on various initiatives in the blockchain space.