Sponsoring a college sports program with the XRP logo on the jersey doesn’t make much sense if you think Ripple’s primary business is selling financial technology to banks But it makes perfect sense when you understand Ripple is really in the business of selling a premined, bank-themed memecoin to retail Coins they sell to fund corporate acquisitions and equity buybacks of Ripple Labs stock, building enterprise value for the sole benefit of shareholders at the direct expense of token holders Ripple’s private round valuations are tied to the treasury value of their zero cost basis XRP stash and their ability to extract from it for shareholders, every other business line is a rounding error in comparison Ripple vs XRP is the most egregious example of the token vs equity misalignment problem in the crypto industry(Zach Rynes | CLG)