Fake partnerships plague Microsoft, Alibaba, Samsung, SWIFT, Liverpool FC, Facebook, Starbucks and BMW.
Many companies have ridden on the success or failure of a simple announcement, regardless of its integrity.
The blockchain industry is still struggling to balance innovation and regulation. This also applies to partnerships announced by many projects within the industry. One of the fastest ways a project can receive validation is by partnering with a traditional firm. But in this crazy industry it is sometimes easy to pump certain news to more than it really is, or portray a positive meeting as a successful partnership. Whatever the reason, we have seen conflicts arise out of such
Alibaba Denies Lolli Partnership
The most recent of these denials has risen from a miscommunication between Lolli, an Alibaba Sub-contractor and Alibaba Group. It is difficult to say who is to blame here, but there is speculation that Alibaba has concerns about the association with cryptocurrency due to China’s tough stance on anyone utilizing them.
According to Alibaba, there was no direct contact between Alibaba Group and Lolli, they further specify that they don’t work with any bitcoin-related company.
In Lolli’s response, they provided Coindesk with a contractual agreement specifying the permitted use of “Alibaba related keywords” in online materials. To further add speculation, Lolli has been supplying crypto rewards to AliExpress shoppers since May 2019.
SWIFT Denies Ripple Partnership
This confusion was founded from community rumours which may have had nothing to do with either parties actions. The stem of the rumours came from Ripple’s attendance at SIBOS, a global conference organized by SWIFT. The news of two major companies, who were seen as competitors, working together caught major attention and speculation. As a result, SWIFT categorically denied any such partnership, but not before a healthy price pump for Ripple had occurred.
Ripple has been seen as a controversial cryptocurrency for years often dubbed the “Bank’s crypto”.
Facebook Denies Stellar Partnership
Business Insider was the first news publication to mention potential talks occurring between Stellar and Facebook, citing ‘Sources’ from Stellar:
“It would make sense for Facebook to record payments transactions onto a distributed ledger like Stellar.”
This potential partnership was clearly put to rest with a Facebook spokesman stating that the company is “not engaged in any discussions with Stellar, and we are not considering building on their technology.”
Samsung Denies CopPay Partnership
CopPay announced this alleged partnership on their official medium publication in a post that was quickly removed. The partnership would have provided access to samsung customers in three Baltic states to pay with crypto.
Samsung denied the partnership in a clear email stating:
“Our official response is that the rumour is not true.”
CopPay has not responded to the fake rumour nor explained why the post was made initially.
Liverpool FC Denies Tron Partnership
Justin Sun, Tron CEO, is notorious for building hype, even when hype is not called for. In April 2019, Sun tweeted about a future partnership with the British football club, Liverpool FC. As expected the crypto community took this announcement and spread it globally, resulting in it swiftly reaching the ears of Liverpool FC. A spokesperson for the club stated:
“Liverpool Football Club has confirmed that it does not have a partnership with Tron.”
The club later explained that Sun has misconstrued an informal invitation — one that had been sent out to many companies in order to better understand their business
Starbucks Denies Payment Rumour from Bakkt Partnership
This partnership is one of the more interesting ones to date. Originally, Starbucks was known as a founding partner with Bakkt which resulted in the rumour it will be accepting Bitcoin and other cryptocurrencies as payment. Although they did not deny the partnership itself, they did state they are not accepting cryptocurrencies as payment.
Twelve months later, the company has secured a considerable equity in Bakkt, and in return will accept crypto payments indirectly. This highlights the difficulty in presenting accurate news and dispelling unfounded rumours even when the overall partnership is correct.
BMW Denies carVertical Partnership
Crypto Startup carVertical hit the news when they announced a partnership with BMW. It quickly became clear that this partnership was nothing more than an overhyped marketing announcement. BMW quickly responded on twitter explaining that no partnership existed and what the startup was referring to was simply their using the BMW CarData interface, which is “available to any third party.”
In response, carVertical explained that the confusion lay in the different interpretation of the word ‘partnership’. carVertical further explained that they had entered into a contractual relationship with BMW and thus called the relationship a partnership. Despite the denial by BMW, carVertical have continued to make reference to a partnership with a sponsored press release on NewsBTC.
IOTA Clarifies Microsoft Partnership
In late 2017, the price of IOTA skyrocketed on the back of an announcement which was interpreted as an official partnership with Microsoft. In the blog post on IOTA’s medium publication, they quote Microsoft as stating a partnership exists. Shortly after the team spoke to news sources to clarify that no formal partnership existed.
The people want partnerships
The above instances demonstrate the complexity when making simple announcements and the community’s eagerness to create news where news may not fully exist. Some of these miscommunications are clearly attempts by projects to improve their brand image while others are simply rumours taken out of context by avid followers.
Aelf has seen this concern and has specifically adopted a marketing strategy which reduces any possibility for partnership miscommunications. We see this as a critical approach in order to improve transparency and integrity in such a burgeoning industry. Some recent announcements of partnerships and collaborations include Huawei, Orange Teleco, Amaten & Chainlink. Although, there are multiple other million & billion dollar enterprises aelf is currently in discussion with, in order to avoid miscommunication, we choose not to mention these until MoUs or partnership agreements are finalized.
Aelf is also supported on AWS, Microsoft Azure, Huawei Cloud & Google Cloud.