Is Bank Of America Currently Running Tests With Ripple’s XRP? Here’s What We Know
Crypto pundit X Finance Bull has alleged that the Bank of America (BofA) is operating assessments for cross-border funds utilizing Ripple-linked XRP. This follows an earlier assertion from Ripple’s President, Monica Long, concerning the financial institution and the potential adoption of crypto.
Crypto Pundit Alleges That Bank of America Is Using Ripple’s XRP
In an X post, X Finance Bull claimed that the Bank of America is already operating assessments with Ripple and that cross-border funds are being rewritten. He added that Ripple provides the technology, the financial institution runs the assessments, and the U.S. ensures legality. In line with this, he remarked that XRP is changing into the core monetary plumbing.
In a video shared by crypto pundit Xaif final yr, Ripple President Monica Long had talked about that Bank of America was one among their early companions after they had been growing the messaging software program on-line fee resolution. However, she didn’t say whether or not the partnership nonetheless exists until now.
Bank of America notably filed a patent for real-time web settlement utilizing a distributed ledger system, which seemed to be primarily based on Ripple’s fee community. This plan has since been deserted because the financial institution by no means moved ahead with the appliance. The financial institution has, nevertheless, opened as much as crypto because it now permits its wealth purchasers to allocate as much as 4% to crypto. The bank is also exploring issuing its stablecoin, which might make it a direct competitor to Ripple.
Meanwhile, Long additionally talked about how a number of banks had contacted Ripple for funds and custody providers after Donald Trump received the U.S. presidential elections. Ripple’s CEO, Brad Garlinghouse, had additionally previously mentioned that they secured extra partnerships following Trump’s victory, because the U.S. president paved the best way for a extra regulatory-friendly atmosphere.
Ripple’s Major Existing Banking Partners
Ripple has notably secured partnerships with different main banking establishments in latest occasions, as a number of nations present a extra regulatory-friendly atmosphere. The crypto agency has partnered with Bank of New York Mellon (BNY), which is the biggest custodian. The financial institution serves as the first reserve custodian of Ripple’s RLUSD stablecoin.
Furthermore, Ripple recently announced that its Ripple Prime is an early adopter of BNY’s tokenized deposit providers for institutional purchasers. These tokenized deposits function on the financial institution’s non-public blockchain and don’t contain the XRP Ledger or XRP. Other main banks comparable to AMINA Bank, Absa, and SBI have additionally partnered with Ripple.
AMINA just lately grew to become the primary European financial institution to combine Ripple funds into its operations. SBI has additionally adopted Ripple funds. Meanwhile, the crypto agency gives custody providers to Absa, one among South Africa’s largest banks.
At the time of writing, the XRP value is buying and selling at round $2.10, down over 3% within the final 24 hours, in accordance with data from CoinMarketCap.