Home Tech Tencent Denies $2 Billion Ripple Investment Plans

Tencent Denies $2 Billion Ripple Investment Plans


China: According to multiple sources, there are speculation that Tencent was looking to invest upwards of 2 billion dollars in Ripple Token. However, the Chinese tech firm stated that it has no relevant investment plans for Ripple. The firm declared that the report released on Friday that it is thinking of investing in Ripple are fake news.

Zhang Jun, Tencent’s public relations director, said on his Sina Weibo account:

“Pony [Ma Huateng] said the initial coin offering model and cryptocurrency have many risks… So this is definitely fake. We are not interested.”

This comment came after internet news site ripplenews.tech reported on Wednesday that Tencent might invest in Ripple, a US firm that offers a convenient way to send money globally by using blockchain technology. The report further stated that Tencent will offer $2 billion, which is expected to be converted to XRP. The report said the first billion will be announced in July 2018.

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However, the official response from Tencent said that the news is not true. A likely response was initially found from a tweet by a journalist, Lulu Yilun Chen, who tweeted:

The Ripple community had a mixed reaction towards this news. Huong Bao, a Ripple investor says,

“Whales just spreading rumors feels like. Drop it till you can, buy cheap then pay some more and hype up the prices. Tencent just hasn’t confirmed anything yet. Doesn’t mean its not true”

Kevin Smith, head of operations at Metero says:

“XRP folks are just blinded by their lust for XRP to hit 5 dollars. Peeps need to understand that there is xcurrent, xvia and xrapid, all are different. When you hear a ‘ripple partners with….’ please read about what the partnership is for”

Though this rumors are far from being put to rest. However, once we hear back from Tencent, we would publish an update or release a new article about it.

Source: cryptona.co