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Bank of America Calls Ripple an Innovative Technology

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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.

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Olesia Deineka

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

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