One of the benefits of blockchain technology that has drawn so many to it is its ability to foster fast and cheap payments across the globe. This is due to the challenges of cross-border payments settlements and has made companies such as Ripple and R3 prominent across the globe. Now it seems that Ripple will be getting yet another boost.
Ripple Partnering with Bank of America?
According to an August 7, 2020 tweet by Panos Mek, a financial analyst, Ripple has reportedly confirmed a partnership with Bank of America. The tweet included a screenshot from Ripple which appeared to confirm the news.
“Got an email by #Ripple. It is now 100% confirmed that Bank of America is a Ripple partner and RippleNet member. Banorte bank is also a new addition and it’s the 4th largest bank of Mexico. $XRP #XRP,” his tweet said.
In the email screenshot, the sender says that they are part of Ripple’s sales organization for European banks and offered an update on the network’s progress. The email then states that Ripple has brought on some new partners, including Banorte Bank, D-Local, and Bank of America. Allegedly, the various institutions are increasing their Bank network and thus, are offering through Ripple’s global and standard API.
Implications and Past Rumors
This possible new development with Bank of America is quite significant for Ripple. The bank is the second largest in the United States in terms of total assets and is among the top ten in the entire world. Bank of America also boasts of 66 million users.
This means that should they partner with Ripple and make use of its API, the Ripple network will see an unprecedented amount of use across the globe.
Interestingly, this is not the first that Bank of America is being linked to Ripple. In February 2020, it was announced that the bank would be partnering with Ripple to ensure efficient cross-border payments to the United States.
The partnership was to begin with Mexico and then expand to other parts of the world such as Latin America and Europe. However, the announcement of the partnership was removed, and no follow up was made.