Breaking news: USA’s second-largest bank now uses ripple (XRP) technology

Breaking news: USA's second-largest bank now uses ripple (XRP) technology

Bank of America Patent Displays use of Ripple Ledger

Bank of America, the second-largest bank in the US, has apparently secretly carried out a pilot project in collaboration with Ripple (XRP).

Ripple, the company behind the cryptocurrency XRP, apparently has secretly cooperated with Bank of America (BofA). The latter is currently the second-largest bank in the US, surpassed only by JPMorgan Chase.

At the request of CoinDesk, a ripple spokesman recently stated that a pilot has been carried out with BofA. This cooperation had not been announced before and the bank refused to comment.

Signs of cooperation from Ripple and Bank of America

In the past, there were already signs of closer cooperation between BofA and Ripple. In 2016, the major bank was a founding member of the Global Payments Steering Group (GPSG), an organization whose goal was the formalization of standards for the use of the ripple network.

At a seminar of the International Monetary Fund (IMF) in Samoa in December 2018, ripple representative Saga Sarbhai gave a lecture with a strange detail. In its presentation, BofA was named first under the heading “a snapshot of our customers”.

However, when asked by CoinDesk, Ripple recently refused to deny or acknowledge that the bank was one of its clients.

A few days ago, there was also a job advertisement from BofA where they were looking for a “Treasury Product Manager”. His responsibilities include “managing the ripple product and developing skills for further growth”.

What would be the consequences of close cooperation between Ripple and the Bank of America? Let us know your thoughts in the comments column!

About Viktor Sokolov 163 Articles
Nerd, entrepreneur & coffee aficionado. Believes that blockchain infrastructure and bitcoin will be the money system of the coming decades. Trying to make visible what this means for technology, economy, companies and societies.

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