The entire cryptocurrency space is constantly evolving with new technologies and ideas being implemented every month. However, one of the strongest driving forces behind a cryptocurrencies ascension is the really big partnerships that the project can land. Here are 4 cryptocurrencies with some really big partnerships that you should be aware of.
Ripple Partners With MoneyGram and 200 Other Banks
In June 2019, Ripple had announced that they would be partnering with the giant money transfer company, MoneyGram. Ripple stated that they would be the key partner for cross-border payments and foreign exchange settlement using digital assets. One extremely important factor regarding this partnership is the fact that MoneyGram will be making direct use of the XRP token. They will be making use of the token through the xRapid platform, a solution created by Ripple for on-demand liquidity that acts as a bridge between the two required fiat currencies in the transfer.
Having such a powerful partnership with a giant in the money transfer company is ideal for Ripple. MoneyGram operates globally in more than 200 countries as they are one of the leading players in the $600 billion a year money transmitting service industry.
Furthermore, Ripple has managed to partner with over 200 strong financial institutions and bank which is a very comprehensive list of partners. Some large names include PNC, Santander and American Express. See all the major Ripple partnerships here.
Ethereum Partners With Ernst & Young and Also Has Its Own 200 Partners
In March 2017, a group of blockchain start-ups, research groups and fortune 500 companies banded together to create the Enterprise Ethereum Alliance (EEA). The EEA was created to drive the use of Ethereum blockchain technologies as an open standard to empower all enterprises. The alliance was created by 30 members but has since grown to over 200 organisations involved which include the likes of JP. Morgan, Intel, Microsoft, Toyota and Santander.
Top 4 accountancy firm, Ernst & Young, have also established somewhat of an important relationship with the Ethereum exosystem after releasing their tool known as Nightfall. Nightfall is intended to be a privacy tool which employs Zk-SNARKS that can be used for private transaction on the Ethereum network.
Nightfall uses a set of smart contracts and microservices, as well as implementing Zk-SNARKS, to achieve this level of privacy on the Ethereum blockchain. The protocol was created for use cases such as supply chains, food tracking and public finance. However, the development team over at Nightfall decided to make their code open-source in the aim to help speed up adoption of blockchains. This is a common theme in the crypto industry as many top projects are all open-source. Those that are closed-source tend to receive a lot of flack as transparency is a cornerstone feature in cryptocurrency.
IOTA Secures Ties With Jaguar Landrover
In April this year, the IOTA Foundation had announced a new partnership with Jaguar Land Rover to create “Smart Wallet” technilogy that will be implemented into their cars. The Smart Wallet will be using the Tangle technology behind IOTA for data and value transfer across the network. The Smart Wallet is already equipped on research vehicles such as an F-Pace and is functioning very well.
The whole idea of this project is that users can start to earn whilst they drive around. They will earn by sharing traffic-related information to the relevant authorities. For example, if there is heavy traffic, this can be shared with GPS providers so others can choose alternate routes. Another example put forward is if a driver sees a pothole on the road, this information can be sent directly to the relevant authorities who will be notified that the pothole needs fixing before it damages any vehicles. In reality, the possibilities are pretty much endless as to what information can be shared to allow users to earn whilst they drive.
IOTA has also managed to secure a partnership with the City of Austin. The cities Transportation Department have teamed up with IOTA to bring transport issues on top of the blockchain and develop a more interoperable transport ecosystem.
VeChain & BMW - Sitting In A Tree
At the blockchain summit in San Fransisco, VeChain had announced that they had secured a partnership with BMW to help tackle the problem of mileage fraud. It has been said that milage fraud accounts for around one-third of all the cards in Germany, which is a staggering statistic.
The two teams have come together to release VerifyCar, an application that will be run on the VeChain Thor Network. VerifyCar is pretty much a digital passport that monitors usage and maintenance history of the specific vehicle. As everything on the blockchain is immutable, this will surely tackle the problem of milage fraud as everything is traceable and trusted.