Ripple announced its partnership with Bank of America (BoA) on its website. After years of speculation and secret pilot projects, the rumors were confirmed by a statement made by Ripple.
Ripple has confirmed its collaboration with Bank of America (BoA). The payment solutions company updated its website to confirm that Bank of America is one of its main customers on RippleNet. Bank of America will now benefit from RippleNet technology like many financial institutions.
The following expressions are used in the area of Bank of America’s logo on RippleNet’s website:
“RippleNet Membership is a network of leading financial institutions that partner together to manage and develop RippleNet collectively and democratically. These institutions work to standardize global cross-border transactions. ”
This membership, Ripple explains, allows RippleNet participants to adhere to and participate in Rulebook governance processes, RippleNet Rulebook, a common framework that ensures operational consistency and legal clarity for each transaction. As members’ use of RippleNet increases, it creates a regional and global community where they can learn and share insights and best practices, and establish new business relationships with other members.
Partnership Has a Long Story
As reported by CNF, the partnership between Ripple and the second largest bank in the US has a long history. Rumors about the partnership were leaked during the 2020 Swell Conference in October. Reportedly, pictures from a presentation showed an application operated by Bank of America based on RippleNet. However, it was estimated that the bank’s customers would be able to send money internationally instantly at low costs and fees. However, this remained just a rumor. Ripple has confirmed this today.
XRP Price Rally Continues
The price of XRP has been on the rise for the past few days. At the time of writing, the cryptocurrency was trading at $ 0.52, up 22% in the last 24 hours. According to CoinMarketCap data, the crypto currency has gained 84% in the last 7 days.