No, Saudi Aramco Is Not Working With XRP Ledger (XRPL) - Coinspeaker

Key Notes

• New revelations show that the alleged partnership between Saudi Aramco and XRP Ledger is non-existent.
• Unknown actors tried to impersonate officials to make a purported White Network partnership legitimate.
• The XRP ecosystem is trending, making it a prime target for bad actors in recent times.

Barely 24 hours after news began to spread about the partnership between Saudi Aramco and XRP

XRP $2.20

24h volatility: 4.3%

Market cap: $129.27 B

Vol. 24h: $3.06 B

, the oil giant has publicly announced that it is not working with the XRP Ledger (XRPL) blockchain. Those behind the supposed project only used the company’s name to give the impression that it is a government-owned initiative.

Misinformation and Fake Signature in the Saudi Aramco Deal

The XRP ecosystem has been in the spotlight recently for a number of reasons, including a supposed project with Saudi Aramco, a state-owned oil company in Saudi Arabia. A document claiming that Saudi Aramco is working with White Network to tokenize oil using the XRPL had been making the rounds online this week.

According to an X post from BULLRUNNERS on X, to further authenticate it, readers were made to believe that a government official named “Sheikh Abdullah bin Khalid Al-Falih” appended his signature to the document. This information was included to make people think it was a government-backed project. On a closer look, it turned out that no Saudi official goes by such a name.

Khalid bin Abdulaziz Al-Falih, Saudi Arabia’s Minister of Investment, was previously the Minister of Energy. This is the closest match, but it does not offer credence to the document’s claims. In addition to this discovery, a similarity has been spotted between the signature on the document and that of Mahtab Keramati, a well-known Iranian actress.

This is a case of misinformation, promoted by the hype and excitement in the XRP community. Some bad actors are leveraging this momentum to spread false information. Saudi Aramco is recognized mainly for its expertise in bond sales and international energy deals. It has not recently mentioned an interest in blockchain or the tokenization of oil.

Aramco Partnership With Japanese DBI Group

In 2023, Aramco partnered with SBI Group, a prominent Japanese financial leader and Ripple partner.

Together, they explored digital asset investments, but this did not involve XRP or the XRPL and was not connected to oil. Similarly, WhiteRock has an existing association with the XRPL, but it has not released any statements around oil tokenization.

Two months ago, WhiteRock launched its platform on the XRP Ledger mainnet. This singular action allowed institutions to trade tokenized securities like stocks and bonds. It has successfully gathered up to $71 million in assets.

DLD and VivoPower to Leverage XRP Ecosystem

Meanwhile, the XRP ecosystem has recorded impressive results in the past few days. Less than a week ago, the Dubai Land Department (DLD) decided to utilize the XRPL as the blockchain infrastructure for its inaugural $16 billion Real Estate Tokenization Project. The alliance intends to harness XRPL’s decade-long reliability and stability to manage this transition.

More recently, Nasdaq-listed VivoPower International launched the world’s first XRP-based crypto asset treasury strategy among publicly listed companies. This followed the company’s initial agreement with investors regarding a private capital raise priced at $6.05 per share.

It is worth noting that most of these developments and partnerships have not been sufficient to trigger a major price rally for XRP. When writing, the top coin was changing hands for $2.178, down 5.02% in 24 hours.

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