Ripple’s XRP is again in the headlines, with an audacious new claim sending the cryptocurrency world abuzz. The CEO of Sound Planning Group, David Stryzewski, recently appeared on FOX Business to reveal that Bank of America is now using XRP for 100% of its internal transactions. That would be one of the largest steps toward general adoption within larger financial institutions, if true.
Although the claim has not been officially confirmed yet, it has already caused ripples of excitement among the XRP community and beyond. If this is the case, it may usher in XRP as one of the significant components of global banking systems.
This is not news between Bank of America and Ripple. BoA has been long associated with the RippleNet-the global payments network based on the blockchain technology used for fast international money transfers as securely as they are. It had been long touted as that game-changer in the banking world.
In fact, Bank of America has been looking into blockchain since at least 2017, when it filed for a patent on a real-time settlement system that referenced a “ripple” distributed ledger. While the patent didn’t reference XRP directly, it made it clear that BoA was looking into ways of ingesting the technology created by Ripple into its operations.
He added during the interview that Bank of America has already filed 83 patents about Ripple’s blockchain technology. Thus, it seems pretty clear on their commitment to including this new tech in its infrastructure. Stryzewski believed that XRP would play a central role in global finance for years to come. He refers to it as the technology that “will run everything” for years to come.
He also pointed to Ripple’s recent successes, including the launch of its stablecoin RLUSD, as signs that the company is continuing to push ahead, despite the regulatory challenges it faces.
Although it is not clear how Bank of America is using XRP internally, the signs of a deeper partnership between the two are unmistakable. Ripple’s official website lists Bank of America as a member of RippleNet, and it’s clear the bank has been actively exploring blockchain solutions for years.
If Stryzewski’s claim is true, it would be a landmark moment for cryptocurrency adoption within traditional banking systems and could inspire other financial institutions to follow suit. With Ripple pushing forward and XRP showing potential to change the way financial transactions work, the future of crypto in banking looks brighter than ever.
