How Bank of America’s SWIFT System Might Benefit From Ripple Lab’s Blockchain Technology
Bank Of America To Eventually Implement The Ripple (XRP) Technology?
Ripple has been attracting several financial institutions in recent times, as the company has been working towards implementing blockchain technology to conduct efficient, inexpensive and timely international transactions.
Of all the recognition that Ripple managed to gain, that of Banco Santander was highlighted, as it is known as one of the world’s superior banks. In particular, Banco Santander made an announcement that it would welcome the XRP’s xCurrent platform for the sole purpose of conducting transactions across the EU and USA.
Many Reddit users believe that Bank of America might follow suit, however, no official confirmations have been made yet. The supposed hints found in Reddit post suggests that Ripple is ideal for eliminating difficulties in cross-currency payments. The statement made goes as follows:
While it is still unclear as to whether or not the Bank of America will embrace the Ripple tech, if they choose to, it could be mainly for its international transactions services.
Despite the great news and partnerships that Ripple was capable of building, its native token, XRP, is yet to experience soaring prices. This could be partly due to the fact that Ripple’s platform is given more importance to rather than its token. Similarly, real life applications of XRP is quite lacking.
Another reason for Ripple’s slowed growth could be due to Bitcoin’s fluctuating prices. Most investors and giants strongly support Bitcoin as the “Ruler of all cryptos”, hence a drop-in price can strongly affect existing alt coins.
Regardless, Ripple has a great deal of accomplishments worth mentioning, as it works with several reputable customers like that of MoneyGram, Mizuho Financial Group, Western Union and Credit Agricole, which are just a small fraction of 120 customers. With their continuous efforts in building sound partnerships, its price can easily rise in the months to come.