Komal Joshi · Oct 29, 2020 . 5min read
Unlocking the Mystery behind BoA and Ripple’s Collaboration
Ripple and BoA's collaboration have been the talk of the town since 2018. It has managed to be the in limelight in Crypto space.
By Komal Joshi · Aug 8, 2020 . 6min read
Ripple and Bank of America’s relationship have been the talk of the town since 2018. They have managed to create a mystery around their collaboration in the crypto and blockchain space. Several rumours about Bank of America adopting Ripple’s payment protocol for real-time settlements have surfaced over the past few years. Although, Ripple protocol or BoA has not officially confirmed any of the rumours.
The Bank of America is an American multinational investment bank and financial services company headquartered in Charlotte. It has central hubs in New York City, Hong Kong, London, Dallas, and Toronto. Moreover, It is the second-largest banking institution in the United States, after JPMorgan Chase. Additionally, its the ninth-largest financial services company in the world (by revenue).
According to an email shared by a twitter user named Panosmek, BoA is already a Ripple protocol partner after joining RippleNet sometime this year. Additionally, the email also elucidates that Banorte Bank and D-Local as crucial additions to the Ripple-powered payment network.
A twitter user shared an Email stating the potential partnership between BoA and Ripple
Confirming BoA and Ripple’s Association?
In 2016, BoA commenced piloting Ripple’s blockchain technology member as a member of an interbank group, named “the Global Payments Steering Group” (GPSG). In 2018, Ripple declared BoA as a “partner” in its presentation for the IMF. Rumours about the potential tie-up started spreading like fire in the forest. However, the exact scope of their association remained undiscovered.
This April, BoA’s senior executive Julie Harris provided year-long speculations of a new life by unambiguously saying that the bank had fabricated association with Ripple and SWIFT on a podcast:
“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.”
Thus, the letter mentioned above seems to be conclusive proof that BoA has entered Ripple’s comprehensive list of clients and Banco Mercantil del Norte (Banorte) and payment provider D-Local. However, we can wait and witness how the collaboration goes.
Follow Cryptodose for more updates.