Type to search

News Ripple

Bank of America Calls Ripple an Innovative Technology

Share

Bank of America (BOA), one of the most famous banks in the world, has recently admitted that Ripple offers a truly innovative approach in the financial system. Nevertheless, it is still debatable whether it will have a positive impact on the XRP value.

A Twitter account named @BankXRP, posted a screenshot from Bank of America’s report, where they call Ripple as an illustration of an innovative technology. The document states:

“Innovation example: Ripple cross‐border solution.

Ripple’s distributed ledger solution remedies legacy correspondent banking infrastructure challenges and provides bi‐directional messaging to enhance payment tracking, data transmission, and enables enhanced certainty in settlement.”

Image via Twitter

Why is Ripple different?

Compared to other cryptos, Ripple does not compete with banks and governments against the current financial system: it does its utmost to blend into it. More than 300 banks and transaction networks have started trialing the xCurrent and On-Demand Liquidity (ODL) of Ripple this year.

The big rival of the platform, like the SWIFT system, (which is believed to be Replaced with Ripple soon) still refuse to launch any kind of collaboration, however.

Remarkably, not long ago BoA openly acknowledged developing a product based on the XRP Ledger from Ripple–it’s simply called’ the Ripple venture.’

BoA’s spokesperson verified the truth. The same person, however, confirmed that the institution does not yet plan to begin using XRP.

Notably, BoA remains resistant to Bitcoin and other cryptocurrencies despite recognizing Ripple.

Join Bitxmi Exchange

Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.

Tags:
Olesia Deineka

Olesya is a freelance journalist for Bitxmi. Relatively new in the cryptocurrency space, she is passionate about journalism and fair, unbiased reporting.

  • 1

Leave a Comment

Your email address will not be published. Required fields are marked *

WP2Social Auto Publish Powered By : XYZScripts.com
bitcoin
Bitcoin (BTC) $ 49,354.00 0.25%
ethereum
Ethereum (ETH) $ 1,548.94 0.01%
cardano
Cardano (ADA) $ 1.20 3.46%
binance-coin
Binance Coin (BNB) $ 240.75 1.88%
tether
Tether (USDT) $ 1.00 0.02%
polkadot
Polkadot (DOT) $ 36.50 2.55%
xrp
XRP (XRP) $ 0.440734 0.47%
litecoin
Litecoin (LTC) $ 185.73 1.82%
chainlink
Chainlink (LINK) $ 29.14 1.97%
bitcoin-cash
Bitcoin Cash (BCH) $ 514.13 3.34%
stellar
Stellar (XLM) $ 0.413495 2.05%
usd-coin
USD Coin (USDC) $ 1.00 0.02%
uniswap
Uniswap (UNI) $ 25.13 3.82%
nem
NEM (XEM) $ 0.746644 11.04%
dogecoin
Dogecoin (DOGE) $ 0.050398 0.96%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 49,322.00 0.02%
cosmos
Cosmos (ATOM) $ 20.72 6.79%
okb
OKB (OKB) $ 18.08 4.69%
aave
Aave (AAVE) $ 386.13 4.39%
theta-token
Theta Network (THETA) $ 3.90 3.94%
monero
Monero (XMR) $ 215.99 2.79%
crypto-com-chain
Crypto.com Coin (CRO) $ 0.151263 4.62%
solana
Solana (SOL) $ 13.75 3.20%
eos
EOS (EOS) $ 3.78 3.27%
tron
TRON (TRX) $ 0.049512 3.10%
bitcoin-sv
Bitcoin SV (BSV) $ 185.82 0.54%
havven
Synthetix Network Token (SNX) $ 23.10 0.44%
vechain
VeChain (VET) $ 0.051505 14.40%
iota
IOTA (MIOTA) $ 1.19 0.53%
huobi-token
Huobi Token (HT) $ 16.57 13.52%
terra-luna
Terra (LUNA) $ 7.27 6.67%
tezos
Tezos (XTZ) $ 3.78 3.37%
binance-usd
Binance USD (BUSD) $ 0.999418 0.18%
neo
NEO (NEO) $ 38.71 0.58%
ftx-token
FTX Token (FTT) $ 30.46 0.41%
cdai
cDAI (CDAI) $ 0.021239 0.04%
dai
Dai (DAI) $ 1.00 0.13%
elrond-erd-2
Elrond (EGLD) $ 142.67 3.44%
filecoin
Filecoin (FIL) $ 41.24 2.38%
the-graph
The Graph (GRT) $ 1.89 0.26%
sushi
Sushi (SUSHI) $ 17.35 5.25%
dash
Dash (DASH) $ 219.03 1.62%
kusama
Kusama (KSM) $ 241.93 1.79%
compound-governance-token
Compound (COMP) $ 479.53 4.68%
avalanche-2
Avalanche (AVAX) $ 26.99 3.01%
compound-usd-coin
cUSDC (CUSDC) $ 0.021739 0.07%
compound-ether
cETH (CETH) $ 31.03 0.01%
maker
Maker (MKR) $ 2,148.14 5.06%
decred
Decred (DCR) $ 145.77 0.42%
leo-token
LEO Token (LEO) $ 1.91 2.04%