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Rumors of Ripple Partnering with Bank of America

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Rumors of Ripple Partnering with Bank of America

ripple

Crypto massacre today dropped Bitcoin below $4,500. And for many, it can be alarming considering how Bitcoin was somewhat stable in the past months at $6,200 to $6,400. It was even thought that the crypto market was finally maturing and investors were holding on to their Bitcoin waiting for the next regulatory adjustment that could trigger the bull run. However, the hard fork of Bitcoin Cash may have don’t the opposite and dropped Bitcoin below $5,500. And now, Bitcoin went even lower.

As for other cryptocurrencies, though Ripple experienced some losses, it experienced minimized losses compared to other top cryptos. One of the reasons seen by experts is that Ripple partnered with institutions. Their xRapid is being used in order to decrease the cost of cross-border transactions. It was even pegged as the “bridge” between crypto and fiat.

Ripple has been able to minimize losses and even continued on building relations with partners. There are also rumors wherein Bank of America is partnering with Ripple soon. Ripple has been developing products that aim to enhance the overall operations of traditional banking institutions. What Ripple team aims is to make transactions faster, cheaper, and more convenient.

The speculation is that the representatives of the two companies are in closed-door meetings trying to make something happen. But this isn’t exactly surprising. Ripple has partnered with Banco Santander. It made use of xCurrent in order to facilitate the global cross-border payments.

Adoption on The Rise?

Ripple is definitely gaining traction. In fact, because of xRapid, it even captured the second spot in the list of top cryptocurrencies based on market capitalization. Now, in terms of adoption, it seems that Ripple is gaining some momentum. If you are going to ask Taavet Hinrikus who is the co-founder and chairman of TransferWise, he believes that it would be amazing to see Ripple become adopted by banks all over the world. However, he also mentioned that “Yet, how many banks are using Ripple today in production? It’s a very short list”.

He added that “In that sense we’re big supporters of Ripple or anything else…and if any of these get enough adoption, and it actually materially helps us do things cheaper and faster we’d love to, but so far we haven’t found one”.

Ripple’s Challenges

However, Ripple also had its share of challenges. In fact, until today, there is still a chance that XRP is actually a security. There were a number of lawsuits that Ripple has been dealing with. These lawsuits claim that Ripple sold them an unregistered security.

Recently, Ripple’s legal team was able to move the case from state court to federal court. It has been viewed by many legal experts as a smart move for a number of reasons. It is believed that Ripple could have a stronger chance if this is the case.

Also, aside from the lawsuits, there is also a hint that Ripple’s product wasn’t that effective. Western Union a few months ago mentioned that Ripple’s product wasn’t able to lessen the cost of a cross-border transaction. Ripple, on the other hand, responded that the sample size was a bit small.

Given the developments, do you think that Ripple and Bank of America are working on something?

Lee Jenkins

Lee is our resident cryptocurrency expert who knows the ins and outs of each coin and the blockchain technology behind them. You’ll find that most of our technical guides are written or overseen by Lee and they are all easily digestible by the new and experienced alike, so there is no better place to learn blockchain 101 than here. Occasionally you may see a news article from him if it’s tech related!

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