Bank Of America Is Waiting On The Sidelines For Ripple vs SEC Case To Settle

November 22, 2022 6:01 pm Comments

Based on some online sources, there have been some rumors about the fact that there may be a partnership soon between Bank of America and Ripple.

Obviously, such a claim has not been confirmed yet and speculators believe that the bank is still waiting for the lawsuit between Ripple and SEC to conclude first before making any moves.

The rumor has spread due to the observed closeness between Ripple and the bank which has brought optimism to the crypto industry.

Nick Burrafato, the Director of Member Sales at Linqto is reporting that he had met with the Ripple CEO Brad Garlinghouse at Ripple Swell 2022 and reports that the CEO mentioned that he was feeling “very confident”.

Bitcoinist reports:

Burrafato stated that Garlinghouse was “very confident.” In an audio message, Burrafato said:

I met him first in Singapore in 2009, and he’s even more confident today than he was back then. He made it clear that they are ready to settle with the SEC as long as they can get clarity on XRP.

The Linqto employee asked if U.S. companies are waiting on the sidelines to get into the game once clarity is achieved by settling the SEC battle. Garlinghouse allegedly said “absolutely” and specifically mentioned Bank of America.

“Bank of America is a huge partner of Ripple” Garlinghouse reportedly said. Further, Burrafato quoted the Ripple CEO as saying, “Bank of America stands to gain really big when the settlement happens because they are gonna have a huge competitive advantage over their competitors by using ODL and the marketplace.”

This is not the first time where such a rumor had sparked as this has already happened multiple times in the past

With that being said, Bank of America has officially mentioned that they plan to integrate new solutions and technologies in order to keep up with the rapid changes of the world.

This would obviously mean that blockchain and crypto may come into play sometime in the future, but the question remains if it would involve Ripple and its native XRP token.

The rumors date back to even 2016 where there were speculations of a pilot project between the two companies.

Bitcoinist concludes:

On the topic of what will change in the banking sector over the next 10 years, Harris said Bank of America’s first goal is that customers can do anything, anytime, anywhere. To that end, new solutions will be integrated to keep up with the rapid changes in the fintech world:

Harris further elaborated at the time that “these” are fintechs meet all strict legal and compliance requirements.

Initial rumors of a partnership between Ripple and Bank of America date back even further. Chatter first surfaced in 2016, when the two had worked together on a pilot project. However, no details were published at that time.

Also, it did not come to light whether the companies used the cryptocurrency XRP in the process.

The XRP price is currently in a slightly better situation as Bitcoin. While BTC saw a new bear market low yesterday, XRP was able to stay above its low at $0,32. At press time, XRP was trading at $0,36.

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