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- Ripple has updated its website to confirm its partnership with Bank of America (BoA).
- After years of speculation and indications of secret pilot projects, the rumor has been confirmed, although a statement by Ripple is still open.
Ripple has confirmed its cooperation with Bank of America (BoA). By updating its website, the payment solutions company has revealed Bank of America as one of its main clients in the RippleNet along with Banco de Santander, Standard Chartered, Nium, SCB, Moneynet, among others.
Source: https://ripple.com/ripplenet-committee/
The long story of a Ripple and Bank of America (BoA) partnership
As reported by CNF, the partnership between Ripple and the second-largest bank in the United States has a long history of hearsay. It was only in October, during the 2020 Swell Conference, that images related to the partnership were leaked. As reported, pictures of a presentation showed an application operated by Bank of America based on RippleNet. With it, it was speculated that the bank’s customers will be able to send money internationally instantly with low costs and fees.
However, this remained a rumor and other images that attributed the application to Fast Remit were leaked. Also, earlier this year, an alleged leaked document indicated that Bank of America had joined RippleNet. The rumors were based on the fact that BoA was testing Ripple’s products in a secret pilot project. However, the rumors date back as long as 2019. In 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 this year, BoA executive Julie Harris praised the payment solutions company’s products. There she also indicated that Ripple has met the legal standards of the banking institution as a partner:
[…] 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. These are Fintechs that we’re partnering with. They’ve come through all of our rigor of legal and compliance and we’re able to leverage our banking as a platform to deliver that to you.
The XRP price rally continues
XRP’s price has been on a rally over the last few days. It currently stands at $0.46 with a 2.68% gain in the last 24 hours. In the weekly and monthly charts, XRP records gains of 71.5% and 81.8% respectively with the highest weekly close of the year. The market capitalization of XRP rose to $20 billion.
According to the credible analyst Crypto, XRP could have a significant price increase in the current bull cycle. The trader expects XRP to reach a price of $25 to $30. The news of the confirmation of the cooperation with Bank of America will surely add fuel to the rally. Therefore, it is possible that the digital asset will continue to rise in the short term.