Cryptocurrency critic X Finance Bull argues as follows. Bank of America (BofA) is running a test of cross-border payments using XRP linked to Ripple. This follows an earlier statement by Ripple President Monica Long about banks and the potential for cryptocurrency adoption.
Crypto expert claims Bank of America is using Ripple’s XRP
in ×postX Bull Finance claimed that Bank of America has already conducted tests with Ripple and that cross-border payments are being rewritten. he added: Ripple provides the technologythe bank will conduct the inspection and the US will guarantee the legality. In line with this, he said that XRP is becoming the core financial plumbing.
in video Last year, cryptocurrency critic Zaif shared, Ripple President Monica Long He said that when he was developing an online payment solution for his messaging software, Bank of America was one of his early partners. However, he did not say whether the partnership continues to this day.
Specially submitted by Bank of America patent It is a real-time online payment using a distributed ledger system and is believed to be based on Ripple’s payment network. The plan was then abandoned when the bank did not proceed with the application. However, the bank is now open to cryptocurrencies, allowing high-net-worth clients to allocate up to 4% to cryptocurrencies. of Banks are also considering issuing That stablecoin could become a direct competitor to Ripple.
Meanwhile, Long also mentioned how several banks approached Ripple about payment and custody services after Donald Trump won the US presidential election. Brad Garlinghouse, CEO of Ripple, also mentioned before It said it secured more partnerships following Trump’s victory as the US president paved the way for a more regulation-friendly environment.
Ripple’s existing major banking partners
Ripple has recently especially secured partnerships with other large banking institutions, as some countries offer a more regulatory-friendly environment. The cryptocurrency company has partnered with the largest custodian, Bank of New York Mellon (BNY). Banks act as primary custodians for the following reserves: Ripple’s RLUSD stablecoin.
moreover, Ripple recently announced The company, Ripple Prime, is said to be an early adopter of BNY’s tokenized deposit service for institutional customers. These tokenized deposits run on the bank’s private blockchain and do not involve the XRP Ledger or XRP. Other major banks etc. Amina BankAbsa and SBI have also partnered with Ripple.
AMINA recently became the first European bank to integrate Ripple payments into its operations. SBI has also introduced Ripple payment. Meanwhile, the cryptocurrency company provides custody services to Absa, one of South Africa’s largest banks.
At the time of writing, XRP price is trading at around $2.10, having fallen more than 3% in the past 24 hours, according to . data From CoinMarketCap.
Featured image from Peakpx, chart from Tradingview.com
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