Bank of America has also appreciated the ability of Project Ripple.
Lately, Bank of America has mentioned its praise on cryptocurrency and many other similar projects by Ripple.
Bank of America has also appreciated the ability of Project Ripple. And its integration and other services associated with traditional banking.
BoA Julie Harris claims that it’s not about the platform or the capabilities of the same, it is more about how the infrastructure is designed and used. Therefore, she ensured that the emerging discussion of payment options for banking will improve and provide security to the clients.
The Bank is partnering with Fintechs. After much research and rigor testing. Ripple’s platform delivers a legal and secure banking platform.
No Details of Partnership:
Although, there are no specific announcements by both the companies about their partnership. But one can only assume, that collaboration is near based on multiple meetings and comments by heads of Ripple.
What is Ripple (XRP)
It is one of the largest cryptocurrencies. It is one of the top 10 virtual currency companies. Thus, XRP is the largest digital asset of the 21st century. It originates from the XRP Ledger. The sole purpose of this system is to make payments.
XRP is opensource, decentralized blockchain technology. It can settle transactions in seconds.
XRP is sent directly without the need to run through a central intermediary. This makes it a bridge between the two different currencies.
RippleNet: A Platform used by More than 20 Banks
RippleNet clients can use this technology for cross-border transactions. The pre-funding and instant settlement of the transaction with a low exchange fee have made RippleNet so famous.
The company’s major focus is on unleashing new technology to provide utility for XRP and Thereafter, transform the global payment tradition.
If BoA collaborates with Ripple, there are the following 5 major benefits for the users:
Fast: Settlements under 4 seconds
Scalable: Can handle throughput like Visa, with 1500 per second.
Distributed: Runs on Decentralization in more than 150 countries.
Stable: It can backtrack all the transactions made in 2004.
Eco-Friendly: Without energy costs or mining work.