The Bank of America started piloting Ripple’s technology using its Global Payments Steering Group. Last year, there were rumors that the BoA hired an executive that specializes in Ripple’s blockchain technology.
At the time, the job posting was as follows;
“This role leads the product management team for the Ripple Project, a decentralized ledger technology-based solution to cross border payments marketed to GTS clients. The incumbent will be responsible for driving product strategy and growth, overseeing daily product management routines, and overseeing the development of new initiatives that result in an innovative and highly-competitive product offering.”
Despite the fact that the COT of BoA has expressed her distrust of blockchain technology on several occasions, a senior executive at the company put new life into the rumor a few months ago. Part of the podcast was as follows;
“It’s not about our platform and our capabilities, it’s about you as a client and the infrastructure you have and the ability for us to integrate, whether that’s with platforms and capabilities that we built or partnerships that we have with the likes of Ripple or Swift”
The aforementioned letter appears to be definitive proof that BoA has indeed joined Ripple’s extensive list of clients together with Banco Mercantil del Norte (Banorte), and payment provider D-Local. All of them were described as “key additions.”
In other news, the XRP token has fallen below the support at $0.3000. At the time of writing, the price of the token was $0.296540. It was down by 1.96% against the USD and down by 2.59% against Bitcoin BTC. The trading volume over a 24 hour period is $2,350,425,635 and the market capitalization is $13,303,571,368.
Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.
- Bank of America May Have Entered a Partnership with Ripple and Joined the RippleNet network
- Ripple XRP Falls Below the Support at $0.3000 as Bearish Pressure Intensifies
Ripple has managed to convince more than 300 financial institutions across the globe to come under the RippleNet umbrella. However, most of these companies are payment service providers and not banks.
A while ago, the rumor in the cryptocurrency community was that Ripple has convinced the Bank of America to join the RippleNet family. According to a company email that leaked on the internet, the rumor may be true.
Ripple Gets in Bed with Bank of America
The Bank of America is the second-largest bank in the United States and it has assets of $2 trillion under its care and counting. The banking giant allegedly joined the RippleNet family secretly earlier this year. Keep in mind that this isn’t the first time rumors of a partnership between Ripple and the Bank of America are circulating.
In 2018, Ripple referred to BoA as its partner during a presentation with the IMF. At the time, Ripple didn’t give details about what the collaboration involves or say that the Bank of America was making any plans to join the RippleNet community.