Rumors about a probable collaboration between Ripple and Bank of America have been doing the rounds for many months. Now, an alleged email seems to have confirmed the development that the American ban is in fact, working with crypto-giant Ripple for real-time settlements. However, no official confirmation has come from either of the parties.
Got an email by #Ripple. It is now 100% confirmed that Bank of America is a Ripple partner and RippleNet member. Banorte bank is also a new addition and it's the 4th largest bank of Mexico. $XRP #XRP pic.twitter.com/SsYf1rqzC6
— Panos (@panosmek) August 7, 2020
The alleged email sheds light on the mysterious partnership between Ripple and Bank of America. Ripple, a blockchain-powered payments and settlements firm, provides a wide range of cross-border transaction services. In 2018, Ripple executives were delivering a presentation to the International Monetary fund and mentioned the American bank as a partner.
Ripple and Bank of America working on payments maechanism
In 2019, a patent was filed by the bank that mentioned a worldwide payment system built on the Ripple system. Also, Julie Harris, the global banking head of Bank of America, heaped praises for Ripple while talking on a podcast.
The email has been shared by user Panosmek on Twitter. It mentions that the Bank of America has joined RippleNet in 2020. It further mentions that RippleNet now also features Banorte Bank and D-Local. This is a direct reference with regard to the probable relationship that the two brands share. No further details are found in the email that can shed light on the scale of their collaboration.
Banks finally getting on the crypto bandwagon
Earlier, traditional banks were quick to express their hatred for crypto. However, the rise of crypto has turned the disdain into a ‘FOMO’ trend where they feel left out. Most conventional financial institutes are warming up to cryptocurrencies. Institutional investors are also integrating crypto in their portfolios. Whether it is JP Morgan Chase or Goldman Sachs, large banking brands are sharing the stage with crypto bigwigs.
The rather complex relationship that many banks shared with crypto in its early days has now changed into acceptance. The email showing Ripple and Bank of America relationship go on to show that banks have accepted the crypto way to do things. Traditional finance has finally given its go-ahead to crypto assets.