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An anonymous investigator called "Crypto Reckoning" has published a video containing the allegations that three banking partnerships declared by Ripple, the world's second largest cryptocurrency project by market capitalization, are somewhat subtle.
The creators of Ripple came from banks and, second Cryptocurrencyfacts.com, determined to create Ripple as a "real-time gross settlement system" that would allow banks to make quick and convenient international remittances and currency exchanges.
The project has been loudly criticized as a sell-off by supporters of the early crypto, in particular Bitcoiners, which claims that blockchain technology is not suitable for private businesses and that Ripple executives simply found a way to print and sell securities unauthorized.
Second The Motley Fool site, Ripple created 100 million tokens and maintained 60% for the project's founders, and the other 40% of tokens is now in circulation.
In May of last year, a Ripple investor launched a lawsuit against Ripple stating that the company continues to dilute the value of the token invested in possession by selling its stock exchange reserves.
Video interview Ripple's established bank partners say the company's documents show that it sold $ 400 million in the first 8 months of 2018.
"XRP is unique among cryptocurrencies because its value proposition is largely based on its use by banks," says the narrator, who then proceeds to telephone three of Ripple's alleged banking partners: Cuallix, Mercury FX and Catalyst.
The first call goes to Catalyst, where the call center operator says that the company uses a system called "Transat" to access the SWIFT system at its correspondent bank, Chase.
The telephone representative said that the only cryptocurrency transaction he knew of was not allowed to proceed "according to Chase's policy" (probably this was an attempt by a customer to send money to an exchange of cryptocurrency).
The investigator then called Cuallix and had difficulty reaching them.
After a day of trying to call, "Crypto Reckoning" apparently reached someone at the number of Cuallix in Mexico, who said that "currently the intersections with external banks do not work properly … we are only having for now transfers between accounts of Cuallix. "
The call center operator was not able to provide information on when the external transfer system would be backed up.
The Mercury FX website claims offices in London, Cape Town and Hong Kong, but Crypto Reckoning says that it is not possible to reach people live in any of these offices.
At the end of the video, "Crypto Reckoning" concludes:
"After doing this research, it's hard not to think that Ripple executives are selling a fake reality, dramatically exaggerating the value of these partnerships in order to pump up the price of XRP, which then sell large amounts of personal profits."
"Crypto Reckoning" promises more revealing information on Ripple in the next videos.
I spent some time checking Ripple's claims on the use of XRP. The results are … not surprising. Https: //t.co/HnyXTBDfiB
– CryptoReckoning (@CryptoReckoning) January 16, 2019
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