- The claims about Saudi Aramco utilizing XRPL for oil tokenization were also debunked, owing to a false name and misused celebrity signature.
- There has been no confirmation from Saudi Aramco or WhiteRock of any oil-related blockchain project or partnership using the XRP Ledger.
- VivoPower’s $121M XRP treasury and Dubai’s real estate tokenization move are XRP’s real growth.
A recent document circulating on social media claiming that Saudi Aramco would launch a tokenization project on XRP Ledger was proven false. The document, claiming to be signed by “Sheikh Abdullah bin Khalid Al-Falih,” seemed to state that Aramco would partner with WhiteRock to tokenize oil assets on XRPL. However, the name does not match any known Saudi government official.
Saudi Arabia’s minister of investment and former minister of energy, Khalid bin Abdulaziz Al-Falih, is the closest verified match. But his identity is not linked to the fake document. Furthermore, the signature on the letter has proven to be a match for Iranian actress Mahtab Keramati, further proving the fabrication.
The documents’ claims have no validation by any official source from Saudi Aramco or WhiteRock. Aramco has not commented on whether or not it was involved with oil tokenization on the blockchain or is also a player in the XRPL use cases space. Though active in tokenized finance, WhiteRock has never mentioned a project involving oil.
WhiteRock’s Focus Is Institutional Securities
While WhiteRock recently deployed its tokenization platform on the XRP Ledger mainnet, it’s been focusing only on securities. Institutions can tokenize and trade financial assets like stocks and bonds on the platform.
It currently supports over $71 million in assets and processes near instant settlements. No public data links WhiteRock to oil markets or Saudi Aramco. Perhaps the confusion was due to WhiteRock having been previously associated with XRPL, coupled with the timing of other XRP-related news.
Real XRP Projects Signal Institutional Momentum
Despite the false reports, XRP has become the talk of the town due to several legitimate developments. One of the first government-backed property ventures on the network, the Dubai Land Department, confirmed that it would use the XRP Ledger for real estate tokenization.
Additionally, Vivopower, a Nasdaq-listed firm, has a $121 million plan to invest in an XRP-driven treasury strategy. The move places it among the few public companies that make XRP part of their core digital reserve. Saudi Prince Abdulaziz bin Turki Abdulaziz Al Saud led the fundraising charge, which contributed $100 million, according to a press release.
According to Prince Abdulaziz, his investment is in line with the long-term vision for XRP and expects to support the XRPL ecosystem. He said Eleventh Holding, of which he is chairman, has been in the digital asset space for over a decade.
According to an SEC filing, VivoPower plans to sell 20 million ordinary shares for $6.05 each. The company also announced the appointment of former SBI Ripple Asia Executive Adam Traidman as chairman of its board of advisors.
China’s AI mobility startup, Webus, is reportedly looking to raise $300 million to hold a similar XRP reserve. This seems to be a growing trend of interest in XRP as a treasury reserve globally.
