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Bank of America is Testing the XRPL-Based Product of Ripple

Jamie West by Jamie West
November 4, 2019
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The Bank of America is Ripple’s customer since 2016, and this year, they had begun testing the XRPL-based technology product of Ripple, their representative had confirmed.

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Hitherto, in a report by the U. Today, it says that the Bank of America (BoA) was looking for a Treasury Product Manager for their ‘Ripple Project.’

After confirmation with the spokesperson of Ripple, the CoinDesk had verified the abovementioned information.

Bank of America teams up with Ripple

Bank of America applied for a patent for its blockchain-based product they called ‘Ripple’ in the summer of 2019. It stirred controversies within the community, and there has been a discussion regarding the issue.

According to the report of CoinDesk, the spokesperson of Ripple has verified that the Bank of America is one of Ripple’s customers despite the lack of announcement in the early years.

“Bank of America has been part of Ripple’s Global Payment Steering Group since 2016, and we did a pilot with them.”

Ripple did not release any further information about the issue, and the Bank of America remained silent as well.

In the previous time, the Bank of America is only known as a contributor to a group that helps in RippleNet advising when it comes to issues that deal with standards.

Early in October, Bank of America can be seen hiring a team lead that can help them to operate the ‘Ripple Project.’ This project indicates that the association between Ripple and the BoA is more than just a pilot.

BoA has no plans in utilizing XRP yet

It seems that the Bank of America had already tested the xCurrent system of Ripple, which does not use XRP in powering another product from them. Ripple has rebranded, and now the community believes that xRapid is changed into On-Demand Liquidity.

Aside from the Bank of America, other big-time customers of Ripple that utilize xCurrent includes American Express, PNC, and Santander.

With regards to the XRP and xRapid, the MoneyGram, a global payment network, is considered as their biggest player.

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Jamie West
Tags: how does ripple workripple banks listripple blockchain explorerripple connectripple revenue
Jamie West

Jamie West

Jamie is an XRP veteran & keeps his finger on the pulse when it comes to all things crypto.

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XRP News – Keeping You Up To Date With All Things XRP & Ripple

In the rapidly evolving world of digital finance, XRP stands out as a pioneering force, reshaping the landscape of cryptocurrency and blockchain technology. As a core product of Ripple Labs, XRP is not just a digital currency; it’s a breakthrough in how we perceive and engage with global financial transactions. This article delves into the essence of XRP, exploring its distinctive features and the reasons behind its growing popularity.

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Low Transaction Costs

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Scalability and Sustainability

Scalability is a critical factor in the cryptocurrency world, and XRP excels in this aspect. Designed to handle a large volume of transactions without compromising speed or cost, XRP is well-equipped to meet the demands of a growing digital economy. Additionally, its consensus protocol is less energy-intensive than the traditional proof-of-work used by many cryptocurrencies, making XRP a more environmentally sustainable choice.

Broadening Financial Access

XRP is not just a tool for efficient transactions; it’s a catalyst for financial inclusion. By simplifying and reducing the cost of cross-border payments, XRP has the potential to open up global markets to individuals and businesses who previously found these transactions prohibitively expensive or complex. This democratization of financial services is a cornerstone of XRP’s vision.

The Ripple Effect

Ripple Labs, the company behind XRP, is continually expanding its partnerships with financial institutions worldwide. These collaborations are not only a testament to the reliability and practicality of XRP but also a driver for its adoption in mainstream finance. As more banks and payment providers integrate XRP into their systems, its impact and relevance continue to grow.

A Community of Innovators

The XRP community is a vibrant and dynamic force, comprising developers, entrepreneurs, and enthusiasts. This community is at the forefront of exploring new use cases for XRP, pushing the boundaries of what’s possible in the realms of digital payments and blockchain technology.

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