Rajarshi Mitra
Independent Analyst
- As per Coinspeaker, BOA could potentially be using one of Ripple’s flagship products, xCurrent.
- Ripple now has more than 200 financial institutions as customers.
Bank of America, one of the major banks in the United States, is apparently adopting blockchain technology followed by the testing of Ripple’s Distributed Ledger Technology (DLT) in its banking system. The turn of events is not sudden but has been in process for a long while. Recent advancement gives us a clue that Bank of America will be the next big institution to use Ripple’s flagship product.
Ripple’s xRapid product was designed to reduce liquidity and make cross border payments easy. Presently, more than 200 financial institutions, including Euro Exim Bank and TAS group, are signed in as Ripple’s customers. TAS group publicly adopted Ripple’s payment system back in 2013. Notably, a spokesperson from Ripple did not give any information regarding their partnership with Bank of America. Instead, they said:
“Bank of America has been part of Ripple’s Global Payment Steering Group since 2016, and we did a pilot with them.”
As per Coinspeaker, Bank of America will likely use one of Ripple’s flagship products, xCurrent. Bank of America is silent on the issue owing to its previous hard stance on blockchain-related services. Interestingly, the bank listed a job posting in search of a “Ripple project product manager.” This makes it pretty evident that they are serious about blockchain and, specifically, Ripple adoption. The Bank of America seems to have only tested Ripple’s xCurrent. However, xCurrent lacks XRP, which is used in another Ripple product called xRapid.
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