BankSocial CEO John Wingate Recently Confirmed a Strategic Shift

BankSocial CEO John Wingate recently confirmed a strategic shift that includes XRP and HBAR in the blockchain roadmap.

BankSocial, the blockchain-based financial network, is expanding its strategy to include XRP in addition to HBAR, according to CEO John Wingate.

This follows a meeting with Ripple to discuss interoperability and collaboration.

BankSocial is building its core platform on Hedera Hashgraph, using HBAR for backend services and consensus operations. Hedera’s Consensus Service provides fast state verifications and supports real-time application network functions for BankSocial. This backend system strengthens reliability while meeting financial institutions’ speed and security requirements.

HBAR remains a foundational part of BankSocial’s system for managing internal processes and backend settlements. Its enterprise-grade speed and finality ensure efficient operations. These features are essential for institutions and governments partnering on regulated blockchain services.

BankSocial leverages HBAR’s efficiency to support its native BSL token, which powers decentralized governance, lending, and staking across its platform. The combined setup forms a reliable infrastructure for handling financial workflows. It also sets the stage for seamless integration with other blockchain systems.

Now, BankSocial is adding XRP to enhance international money movement and expand jurisdictional coverage for global payments. XRP is known for enabling fast cross-border transactions with minimal fees.

According to Wingate, XRP will focus on external-facing transactions, particularly when bridging currencies across different financial zones. This positions XRP as the liquidity engine driving international fund transfers through BankSocial’s new settlement rails. The aim is to build a compliant, real-time bridge between jurisdictions using XRP Ledger’s proven efficiency.

By using XRP for liquidity and HBAR for backend operations, BankSocial aims to establish a scalable multichain ecosystem. Each blockchain provides a distinct role within a shared framework focused on real-world utility. This separation of functions ensures optimal performance across financial applications.

BankSocial’s BSL token supports governance, lending, and rewards within its decentralized finance structure. It serves as the operational utility token for users engaging with the platform’s financial services and acts as a control mechanism within the decentralized autonomous organization (DAO).

BankSocial users can stake, vote, and participate in community-driven decision-making through BSL. This governance model ensures decentralized control while supporting regulatory compliance across integrated services. BSL’s role continues to expand as BankSocial broadens its multichain offerings.