Ripple (XRP) has continued to showcase itself as one of the leaders in blockchain technology with several strategic partnerships in the past few years. However, one interesting partnership undertaken by the blockchain company is with Hollywood star Madonna.
Ripple foray into Hollywood has been widely anticipated and the company partnered with Madonna to raise funds for Children in Malawi. This was a show of intent as the crypto seeks to get adoption into the mainstream market.
Despite many financial organizations supporting the Ripple technology for ledger payments, the XRP coin has been majorly overlooked which is why the foray into Hollywood is needed by the company.
After the partnership had been made public, Ripple (XRP) announced on its website that all donations made through the Pop icons facebook page would be matched by the blockchain company.
An initial target of $60,000 was set by both Ripple and Madonna but the fundraiser for Malawi exceeded this value to around $200,000 with over 800 donors. This showed the power of such a partnership.
Analyst Divided On The Effect Of Blockchain Companies Partnerships With Celebrities
According to many analysts, the partnership with Madonna could be a case of the Ripple (XRP), trying to attain popularity within the mainstream media. This is as a result of prior cases of celebrities endorsing crypto projects and ICOs.
However, Ripple transcends beyond that as Hollywood embraced the decentralized payment system for a while, most notably two and a half men star Ashton Kutcher. The Actor donated $4million dollars in XRP on Ellen DeGeneres’s Show.
The donation was to the Ellen DeGeneres Wildlife Fund to help conserve Gorillas around the world. The transaction took less than 15 seconds and was sent directly to Ellen’s Wildlife Fund in Rwanda displaying the power of a decentralized payment platform.
This shows that many of the big hitters in Hollywood are beginning to understand the value of cryptos as the future way of payments. Ripple are also in partnership with Kutcher’s tech investment fun Sound Investments.
Since Hollywood is a multibillion-dollar industry it comes as no surprise that many blockchain companies are targeting Hollywood stars for partnership. Cryptos could be a major part of payments in Hollywood as it is faster and scalable than the traditional payment systems.
Partnering with a megastar like Madonna means Ripple can tap into her worldwide fan base which could increase the user base of the coin. This would definitely increase attention to XRP and boost the platform in the entertainment sector.
A Growing Case Of Cryptos And Charity Organisations
There has been a growing trend between cryptos and charity funds which can be viewed in a positive light. Several blockchain companies have entered partnerships with charity organizations partly for humanitarian assistance and also to boost their profile.
Popular charity website Change.org revealed in July that it had entered an agreement with Monero (XMR) top use the digi coin as its fundraising platform for charity efforts in Brazil.
Ethereum also announced that it had partnered with OmiseGO to donate $1 million to refugees using the GiveDirectly payment platform. Digibyte (DGB) also made huge strides by donating relief materials to Venezuela in the midst of economic crises.
These efforts have portrayed the industry in good light from a public relations perspective despite the relative uncertainty of decentralized system by the mainstream public. If played out well would increase the awareness of the benefits of decentralized payment platforms.
About Ripple (XRP)
Ripple has made leaps and bounds committing many financial institutions to its platform since its launch in 2012.it is one of the most innovative and successful financial system available in this era of digital currency.
Utilizing a credit based platform using peer to peer paradigm, Ripple ensures a high degree of decentralization in the payment process. it uses a distributed payment system which uses the trust of users to complete transactions, unlike the traditional mining system.
Ripple uses a gateway medium which stands as the intermediary between the trust chain and the transaction process. Funds are received via the gateway medium and payment is authorized within this gateway.
The total process usually takes less than 30 seconds to be completed making the XRP one of the fastest payment solutions in the industry.