Fintech giant Ripple (XRP) confirmed its claim to partner with Bank of America with an update on its website. Bank of America, one of the largest banks in the USA, now uses RippleNet technology, which includes XRP like hundreds of other financial institutions.
Ripple, one of the largest blockchain companies in the world, has confirmed the partnership rumor that has been spoken for months but remains only a claim . The company added the Bank of America logo to its partners with an update on its website . Ripple, which has partnerships with giant banks such as Standard Chartered and Santander, also provides technological infrastructure to Bank of America.
Bank of America also uses RippleNet
There were several hints that Bank of America may be working with Ripple. At the Swell event organized by the company this year, it was announced that Bank of America uses xCurrent technology. The bank also named Ripple in a patent application filed last year. However, these were not enough to confirm the alleged partnership between Bank of America and Ripple.
The information on Ripple’s site shows that the partnership between these two names is now publicly shared. Adding the bank’s logo to its website, Ripple confirmed that Bank of America is also included in the RippleNet platform.
What does RippleNet technology do?
Ripple’s own RippleNet platform enables financial institutions to transact between each other faster and cheaper . This technology, which is especially used for international payments , offers banks a more effective alternative to traditional payment systems.
Fintech giant uses XRP coins to provide liquidity to transactions made through RippleNet. This is why transactions are happening faster than normal. But that doesn’t mean RippleNet partners are using XRP directly. Likewise, it’s worth noting that Bank of America uses RippleNet, not XRP .
XRP hits high in the last 16 months
Ripple continues to increase the number of partners in talks with many banks and financial institutions around the world. Meanwhile, XRP price started to move up again after a long hibernation.
XRP, which has spent most of the past year below $ 0.30 , has started climbing above $ 0.25 in recent days . XRP price managed to break the $ 0.40 threshold with the effect of the general bull rally in the cryptocurrency market . The XRP / USD pair is currently being traded at $ 0.46 .