Bank of America/Ripple Enter Talks over a Collaboration

According to several reports, speculation has been rife that the BoA (Bank of America) and Ripple have entered negotiations over the possibility of a collaboration in the near future. Indeed, Ripple has been multifaceted, considering the fact that the cryptocurrency network is not really a retail services provider.

(XRP) Price Today – XRP / USD

Name Price24H (%)
XRP (XRP)
$0.302447
-3.95%

However, there’s no doubt, that the company is looking to develop products that will enhance the operations of the traditional banking system hence making regular banks complete transactions faster and a lot easier.

Speculation About Possible Collaboration Between the Pair

Last week, reports surfaced about a possible strategic partnership. As time passed these rumors began to gather momentum. Indeed, speculation within the digital currency sector suggest that representatives from the two firms have been in closed-door meetings with the aim of reaching a deal.

We can recall earlier that Banco Santander (S.A), the Spanish financial services firm and commercial banking giant, revealed that it had forged a collaboration with Ripple. As reported in Santander’s press release the primary purpose of the partnership with the digital asset was to deploy a certain XRP product-xCurrent to facilitate its worldwide payments network.

Current reports now indicate that the Bank of America is following the footsteps of Banco Santander entering into a collaboration with Ripple.

Ripple Continues to Strengthen its Business Links

It is safe to conclude that XRP is re-positioning itself to remain a force in the future. This is true considering the crypto network’s recent partnerships with a host of banking giants. Some of which include MUFG Bank, Siam Commercial Bank, and SBI, WestPac, to name a few.

One reason why these partnerships have been coming in for Ripple is because the company is at the forefront of simplifying the cross-border payments process. Hence, it is safe to say that this explains why the digital asset is increasingly creating cutting-edge technology-based products to facilitate the transactions in question. Some of these products that simplifies cross-border payments include xCurrent, xRapid and xVia.

It’s important to remember that Ripple’s launch of these products has notably influenced the prices of the digital asset in the cryptocurrency market despite a torrid period for the space in recent weeks. For example, the launch of xRapid ensured that XRP’s price climbed rapidly. Apart from this, the product has attracted cross-border payment giants, including MoneyGram and Western Union.

xRapid is Making an Impact as Well

Similarly, xRapid, one of Ripple’s products targets financial institutions seeking to cut down the cost of liquidity, and has been doing well since its launch. The product helps financial institutions reduce the stress involved in cross-border payments. Hence, there is a possibility that XRP’s price will spike when the news of its collaboration with the BoA gathers pace.

Additionally, Ripple is yet to reveal when it’s partners can start to use xRapid. However, there’s evidence suggesting that many financial institutions are anticipating the launch so that they can test the product. Currently, XRP remains the only Blockchain network to offer this product.

 

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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