Rumor: Bank of America will use Ripple technology
XRP and its “parent company”, Ripple, have a lot of interest in cryptomarket. In addition to being the third largest currency by total capitalization, it is a project that draws attention for its focus on institutional investors.
Now the company is making another major breakthrough, as the second largest bank in the United States joins hundreds of other financial institutions interested in Ripple technologies.
According to rumors in the cryptocurrency community, Bank of America tested the Ripple DLT (Distributed Ledger Technology). And so it’s no exaggeration to believe that the bank is planning to adopt the technology.
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In fact, Ripple mentioned the bank as a “customer” during a presentation in late 2018. However, the bank has conducted the tests quite discreetly, something that makes sense, given that the institution has been somewhat apathetic to the new blockchain technology.
Another clear signal that Bank of America is planning to adopt Ripple’s technology came in the form of a job vacancy announced by the bank this month. Apparently, the bank is looking for a good product manager to lead an initiative described only as a “Ripple project”.
According to a bank spokesman, Ripple and Bank of America have been working together since 2016, something that may have led to the current burgeoning relationship between the two.
First, it is fair to note that Bank of America has expressed no interest in adopting the use of XRP as the base currency for faster international transactions. Instead, the bank is currently interested in the Ripple payment solution called xCurrent.
Unlike xRapid, xCurrent does not use XRP as the primary native currency. Other major banks that use the system include Santander, PNC and American Express.
However, it is still possible to assume that the bank wants to use XRP at some point in the future. Just a few weeks ago, the MoneyGram announced that it would use XRP – after years of testing Ripple’s technology behind the cameras.
See also: Did Tether activate the biggest blow in finance history?
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