Ripple the leading payment crypto project is accused of faking its claim of over 200 institutional clients. According to a report published on McTrollface’s blog, all the top clients Ripple boasts of are not established institutions but rather simply very small startups some of which do not have offices. A section of the article read:
“Ripple has sold over half a billion US dollars worth of XRP coins to clueless bagholders. With that kind of money, it could create 200 real financial institutions out of thin air, sign them all up as clients, and make claims that couldn’t be debunked using just a modicum of common sense.”
Speaking about some of the major clients, the author said Sendfriend has nothing but one landing page on its website which offers nothing more than a sign-up. Another client Financial Transaction Control Systems (FTCS), a Swedish fintech startup that has an e-wallet (Intergiro) to boast of. A venture capital fund that invested in FTCS has lost its funds according to the author, and the company’s turnover was just $1 million in 2017 which is not significant for a remittance company.
Another client Ripple boasts of is Ahli Bank of Kuwait. There is no information on the partnership between Ripple and the bank according to the article while Transpaygo based in Austria can only boast of 78,000 views as its achievement which McTrollface claims is even inflated. In fact, it is doubtful if Transpaygo has a website at all.
That’s right, Ripple. Your client, a “financial institution” focusing on sending money over the Internet, doesn’t have a webpage for sending money over the Internet.
Also among the major clients of Ripple that McTrollface talked about is JNFX. Apparently, the company only boasts of its location as being “in the heart of the City” and that is about all it has. Established in 2007, the company’s office is at an address that several other companies use as their address, suggesting it does not really have one. The company is also said to have no revenue.
Looking at all the points raised by the author, it is questionable if Ripple actually has the number of clients it claims to have. Could it be that Ripple is only using inconsequential “institutional clients” just to publicize its products and services as McTrollface claims?