Ripple has updated its website to confirm its partnership with Bank of America (BoA).
After years of speculation and hinting at secret pilot projects, the rumor has been confirmed, although a statement from Ripple is still open.
By Shaukat Goraya
Ripple has confirmed its collaboration with Bank of America (BoA). By updating its website, the payment solutions company has identified Bank of America as one of its main customers on RippleNet alongside Banco de Santander, Standard Chartered, Nium, SCB, Moneynet, and others.
The long history of a partnership between Ripple and Bank of America
As reported by CNF, the partnership between Ripple and the second largest bank in the United States has a long history of hearsay. It wasn’t until October, during the Swell conference, that images related to the partnership leaked. As reported, pictures of a presentation showed an application operated by Bank of America, which is based on RippleNet. With it, it was speculated that the bank’s customers would be able to send money internationally at low cost and fee.
This remained a rumor, however, and other images tracing the application back to Fast Remit were also released. Earlier this year, an alleged leaked document also suggested that Bank of America had joined RippleNet. The rumors were based on the fact that the BoA was supposedly testing Ripple’s products in a secret pilot project.
However, the rumors date back to 2019. That year, Bank of America filed a patent based on Ripple’s distributed ledger technology. Another important fact is that the second largest bank in the United States has been part of Ripple’s Global Payments Management Group since 2016.
In an interview earlier this year, BoA board member Julie Harris praised the company’s payment solutions products. There she also pointed out that as a partner, Ripple had met the legal standards of the banking institution:
“[…] es geht nicht um unsere Plattform und unsere Fähigkeiten, es geht um Sie als Kunde und die Infrastruktur, die Sie haben, und um die Fähigkeit für uns, uns zu integrieren, sei es mit Plattformen und Fähigkeiten, die wir aufgebaut haben, oder mit Partnerschaften, die wir mit Ripple oder Swift haben. Dies sind Fintechs, mit denen wir zusammenarbeiten. Sie haben all unsere strengen rechtlichen und Compliance-Anforderungen erfüllt, und wir sind in der Lage, unser Bankgeschäft als Plattform zu nutzen, um Ihnen dies zu bieten.“
The XRP price rally continues
The price of XRP has seen a massive rally in the past few days. The XRP price is currently at $ 0.46 with an increase of 2.68% in the last 24 hours. In the weekly and monthly charts, XRP shows price gains of 71.5% and 81.8% respectively and thus recorded the highest weekly end of the year yesterday. XRP’s market cap has risen to $ 20 billion.
According to analyst Credible Crypto, XRP could see a significant price spike in the current bull cycle. The trader expects XRP to hit a price of $ 25-30. The news of the confirmation of the Bank of America collaboration could certainly fuel the rally. Therefore, it doesn’t seem unlikely that XRP will continue to rise in the short term.
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