Ripple is one company in the blockchain industry that’s been making quite a few headlines of late – and all for good reasons. Now, the company is getting a huge push forward as America’s second-largest bank joins the hundreds of other financial institutions getting interested in Ripple’s new technology.
Word within the crypto community has it that the Bank of America has tested Ripple DLT (Distributed Ledger Technology). As such, it’s not far-fetched to believe that the bank is planning to adopt the technology.
In fact, Ripple mentioned the bank as a “customer” during a presentation in late 2018. However, the bank has conducted the testing rather quietly, something that makes sense given that the institution has been somewhat apathetic to the new blockchain technology.
Another clear sign that the Bank of America is planning to adopt Ripple’s technology came in form of a job opening announced by the bank this month. Apparently, the bank is looking for a good product manager to head an initiative described as a “ripple project.”
According to a spokesperson working for the bank, Ripple and Bank of America have been working together since 2016, something that might have led up to the current blossoming relationship between the two.
What It Means For XRP
First off, it’s fair to note that the Bank of America has not expressed interest in adopting the use of XRP as a base currency for faster cross-border transactions. Rather, the bank is currently interested in the Ripple payment solution dubbed xCurrent. Unlike xRapid, xCurrent doesn’t utilize XRP. Other major banks using the system include Santander, PNC, and American Express.
However, it’s still to assume that the bank won’t want to use XRP sometime in the future. Just a few weeks ago, MoneyGram announced that it would be using XRP – after years of testing Ripple’s technology behind the scenes.