Bank of America Officially Adopts XRP

Bank of America is now using XRP for “100% of its internal transactions,” David Stryzewski, CEO of Sound Planning Group, told FOX Business.

Stryzewski said that Bank of America has filed 83 patents related to Ripple’s blockchain technology, integrating XRP into the bank’s daily operations. He also expressed optimism about XRP’s potential, asserting that it will become an important tool in the financial industry.

On FOX Business, he emphasized: “XRP will be the platform that everything will run on in the future.” Stryzewski also reinforced his positive assessment of XRP by pointing out that, despite regulatory hurdles, Ripple is still making steady progress in the payments sector.

He also mentioned Ripple’s recent stablecoin launch, seeing it as a move that will help strengthen the company’s position in the payments industry.

According to Ripple’s official website, Bank of America is a member of RippleNet – Ripple’s global payments network – and sits on the network’s Governance Committee. The committee is made up of leading financial institutions around the world, working together to develop and maintain standards for cross-border transactions.

Other companies such as Standard Chartered, Santander, and Nium are also members of RippleNet. Notably, Bank of America filed a patent in 2017 for a payment system that uses the distributed ledger “Ripple.”

The system aims to make real-time payments and facilitate communication between banks, using distributed ledger technology (DLT), which allows banks to verify transactions synchronously.