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- BoA has been rumoured to be linked with one of the top players of the crypto industry, Ripple many times, but it was not cleared whether the two entities have partnered with each other or BofA is a customer of Ripple.
- In mid-February 2020, Ripple announced that BoA had joined RippleNet and will transact with Santander which is a RippleNet member.
- One of the significant community researchers StuartXRP, confirmed the partnership news by sharing a transcript of the latest podcast of the BofA representatives on Twitter.
Bank of America (BofA) is a leading bank of the US and recognized as one of the top 10 banks of the world. With the means of total assets, it is the second-largest bank of the United States.
However, BofA has been rumoured to be linked with one of the top players of the crypto industry, Ripple many times, but it was not cleared whether the two entities have partnered with each other or BofA is a customer of Ripple.
BoA as a member of RippleNet Committee
Since 2016, BofA has been a member of the RippleNet Committee which is also known as the Global Payments Steering Group (GPSG). This group is responsible for RippleNet’s Rulebook, which is a structure that promises the operational consistency and legal clarity for every transaction.
The group advises on upholding and enhancing the guidelines and standards as RippleNet grows. During the same period, BofA conducted a Proof of Concept (POC) with Ripple that was confirmed by BofA’s VP on Emerging Payments Technology from Jun 2017-March 2018, Christopher K. Cumberbatch.
In mid-February 2020, Ripple announced that BofA had joined RippleNet and will transact with Santander which is a RippleNet member. The so association was to regulate efficient cross-border payments including Europe, Latin America, the Middle East, and Asia.
Moreover, both the entities have successfully conducted pilot projects, although it never concerted into full-fledged services or products.
BoA has partnerships with the likes of Ripple or Swift
One of the significant community researchers StuartXRP, confirmed the partnership news by sharing a transcript of the latest podcast of the BoA representatives on Twitter.
https://twitter.com/xrp_stuart/status/1247615977086427136
StuartXRP exposed the statement given by the BofA‘s Head of Global Banking Digital Strategy, Julie Harris that the bank has built or partnerships with the likes of Ripple or Swift. These platforms are Fintech with whom the bank is partnering. These platforms have passed through all rigour legal and compliance, and the bank is going to leverage their banking platform.
This signals that the announcement of a partnership between the third-largest cryptocurrency and the banking giant is soon going to be publicized in the coming future.
