Ripple (XRP) has once again made headlines after a claim made by David Stryzewski, CEO of Sound Planning Group, on FOX Business. The CEO said that Bank of America (BoA) is using XRP for 100% of its internal transactions. However, this claim made by the CEO remains unverified by the Bank of America or Ripple.
David Stryzewski, CEO of Sound Planning Group, claims that BoA uses Ripple’s XRP for 100% of its internal transactions. Source: XBank of America’s Connection with Ripple (XRP)
Bank of America has a history of exploring blockchain technology, including Ripple’s solutions. It has been part of RippleNet, Ripple’s global payments network, which facilitates faster and more secure international money transfers using the blockchain. In 2017, BoA filed a patent for a real-time settlement system referencing a “ripple” distributed ledger. While the patent didn’t directly mention XRP, it demonstrated the bank’s interest in integrating blockchain into its operations.
David Stryzewski also claimed that Bank of America has filed 83 patents related to Ripple’s blockchain technology. He described XRP as a technology that could “run everything” in the future financial ecosystem.
Ripple has been actively promoting its blockchain technology, including launching its RLUSD stablecoin to drive global adoption. The company’s efforts have attracted institutional interest despite ongoing regulatory challenges, including its legal battles with the U.S. Securities and Exchange Commission (SEC).
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Ripple has already partnered with over 200 financial institutions worldwide. Banks like Santander, Standard Chartered, and others have adopted RippleNet for cross-border transactions.
RippleNet Does Not Always Mean XRP Usage
Stryzewski’s claim about BoA’s complete reliance on XRP for internal transactions has not been officially confirmed. Bank of America’s use of RippleNet doesn’t necessarily equate to using XRP, as RippleNet also supports fiat transactions.
One user dismissed the claim outright, calling it a “lie.” Another provided context, stating that the CEO may have referred to Bank of America’s past usage of XRP, mentioning that the bank used XRP for 100% of its internal transactions “before the lawsuit.”
Source: XThis clarification suggests a potential misunderstanding or misrepresentation of the timeline in the claim.
Ripple’s progress aligns with the trends of blockchain adoption in banking. For instance, JPMorgan Chase uses its Onyx blockchain platform for interbank transactions, and Santander employs Ripple’s technology for cross-border payments. Other institutions, like HSBC and Standard Chartered, are also exploring blockchain to enhance transparency and efficiency.
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