This week, BankSocial’s CEO, John Wingate, ignited discussions across the cryptocurrency community by announcing his meeting with Ripple’s team, dubbing it “possibly the greatest meeting in the history of international settlements.” This bold statement has led to speculation about a potential partnership between BankSocial, Hedera, XRP, and Ripple, although there has been no confirmation of a deal from sources outside Wingate’s close circle.
BankSocial Adds XRP To Roadmap
According to reports, Wingate intends to integrate XRP into BankSocial’s strategic plan while continuing to rely on HBAR as a key component. He indicated that HBAR would function as the backbone for backend operations and state checks, while XRP would be incorporated into the framework, suggesting a dual-chain setup where HBAR manages the core processes and XRP facilitates cross-border transactions.
Just had a meeting with the @Ripple team.
A great meeting. Maybe the greatest meeting in the history of international settlements.@hedera and $HBAR are still a huge part of the strategy.
And now, so is $XRP
You’re not thinking BIG enough. Think BIG – then 1000000000x it.
— John Wingate (@PresidentHODL) May 23, 2025
Three Tokens, Three Roles
Wingate envisions distinct roles for each token within BankSocial’s ecosystem. HBAR will manage the Hedera Consensus Service, ensuring network messaging and state verification, while XRP will facilitate cross-border payments. Additionally, BSL, BankSocial’s proprietary token, will oversee lending, staking, and governance within its decentralized autonomous organization (DAO). In essence, HBAR serves as the operational engine, XRP drives cross-border monetary transactions, and BSL manages the internal functionality of the bank.
Billion-X Ambitions
In his comments, Wingate urged followers to “think BIG, then 1,000,000,000x it,” indicating aspirations for a comprehensive network that connects banks, blockchains, and countries. This ambition hints at plans to tokenize tangible assets for more efficient transfer without the traditional delays or fees. If implemented successfully, it could fundamentally alter how banks leverage blockchain technology, but specific milestones or proof of concepts have not yet been revealed.
Multichain. XRP too
— BankSocial.io (@BANKSOCIALio) May 19, 2025
Unconfirmed Partnership Details
On May 19, BankSocial responded to inquiries about its new platform by stating, “Multichain. XRP too.” This implies that the upcoming system, built on Hedera, could integrate XRP Ledger support. However, there is yet to be any official announcement from Ripple or Hedera confirming their involvement, leaving this as a hot rumor rather than a formal agreement. To date, developers and users have not been provided with access to a test network or demonstration version.
Previously, in March, Wingate alluded to a two-chain strategy, stating that BankSocial collaborates with banking institutions and governments on asset tokenization and transnational cash movement. Both XRP and HBAR were identified as pivotal components of this strategy. He also noted their association with the DeRec Alliance, which focuses on developing open financial tools.
For now, the market keenly awaits developments. Should BankSocial successfully deploy its three-token system, it could create new opportunities for banks to engage with crypto and stocks directly from customer accounts. Until tangible outcomes or formal agreements emerge, this story remains in a state of evolution. Stay tuned for Wingate’s forthcoming updates and any announcements from Ripple or Hedera.
Featured image from Unsplash, chart from TradingView
