Bank of America uses $XRP for “100 percent of its internal transactions. Sound Planning Group CEO David Stryzewski made the statement on FOX Business.
Stryzewski asserted that Bank of America had filed 83 patents about the blockchain technology underlying Ripple, incorporating XRP into its regular business operations. As a result, he voiced his optimism about XRP, emphasizing that it would be a crucial tool in the financial industry.
He highlighted in the FOX Business segment “XRP is going to be the track that everything runs on in the future.”. Additionally, he supported his optimistic assessment of XRP by pointing out that, despite regulatory obstacles, Ripple is making headway in the payment market.
He pointed to Ripple’s recent stablecoin launch as an action that improves its standing in the payment industry.
Bank of America is a member of RippleNet, the company’s global payments network, and sits on its Governance Committee, according to Ripple’s official website. Leading international financial institutions make up this committee, which collaborates to create and uphold standards for international cross-border transactions.
Companies like Standard Chartered, Santander, and Nium are among the other members. Furthermore, Bank of America submitted a patent application in 2017 for a settlement system that uses a “Ripple” distributed ledger.
the system aimed to enable real-time settlements and promote interbank communication using decentralized ledger technology (DLT), which allows both banks to validate transactions.
