Could Ripple and the Bank Of America be about to announce a partnership? Rumours suggest so…
One of America’s biggest banks may be about to give an injection of fresh confidence into the blockchain and cryptocurrency sector, with the news that the Bank Of America is apparently closing in on a partnership with Ripple.
Ripple (XRP) has seen its price affected, inevitably, by the sizeable price crash of the past week, but conversely, it’s fared better than most major cryptocurrencies. Furthermore, whilst no official announcement has thus far been forthcoming, rumours are strong that the Bank Of America is about to announce a deal with Ripple, that would see the former actively utilising blockchain technology.
It comes too in a month where Ripple’s boss has declared that he’s gunning for the current incumbent cross-border payment system, SWIFT. He argues that the traditional fiat-backed system isn’t innovating or particularly moving forward, and that as Ripple’s transactions per second rate increases, it has a viable alternative.
Certainly if that’s where the Bank Of America’s interest lies, that’s big news. The Bank Of America is one of the largest banks in the US, and if it did indeed partner with Ripple, that’s a powerful endorsement to have.
That said, until something formal is revealed, there’s still a little guesswork as to how all of this is going to pan out. But what’s clear is that Ripple’s ambitions continue to grow, and that there are signs the traditional banking industry are looking to embrace blockchain, even if they remain wary of cryptocurrency.
More, as always, as we hear it.