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- Bank of America has a documented history with Ripple and XRP, including its membership in RippleNet’s Governance Committee.
- Stryzewski highlighted Ripple’s recent advancements, such as the launch of the RLUSD stablecoin.
David Stryzewski, CEO of Sound Planning Group, recently made a shocking claim about Bank of America’s use of XRP. According to Stryzewski, the financial giant is using XRP for all its internal transactions. He believes that this move puts Ripple’s native token at the forefront of modern financial systems as adoption grows.
Is Bank of America Using XRP?
“XRP is going to be the track that everything runs on in the future,” Stryzewski said in a recent interview on FOX Business on January 6. He also expressed strong optimism for XRP’s role in transforming payments. Stryzewski also highlighted Ripple’s advancements in the blockchain space, including the recent launch of its RLUSD stablecoin in December, per the CNF report.
He noted that these are key factors solidifying the company’s foothold in the financial sector despite ongoing regulatory hurdles. Adding further weight to his bullish view, Stryzewski revealed that Bank of America has put in 83 blockchain-related patents, suggesting this is the level of commitment the institution has set toward Ripple’s underlying technology.
Stryzewski called on market participants to keep an eye out for XRP, saying it was a key asset for the future of finance. Moreover, the XRP community has been quick to respond to comments made by Stryzewski in the sense of validation of the adoption of Ripple within mainstream banks. However, he has yet to substantiate his claim that Bank of America does 100% of its internal operations in XRP.
Ripple & Bank of America: A History of Collaboration
While Stryzewski’s claims lack official confirmation, Bank of America’s association with Ripple is well-documented. The bank is listed as a member of RippleNet’s Governance Committee, a group of global financial institutions tasked with maintaining standards for cross-border payment systems. Other committee members include Santander, Standard Chartered, and Nium.
Bank of America’s interest in Ripple’s technology goes as far back as 2017 when it filed a patent for a decentralized settlement system. The patent detailed a method for real-time interbank communication and transaction verification using distributed ledger technology (DLT). Although the patent refers to “prefunded ripple settlement,” it does not specifically refer to XRP.
Thus, Stryzewski’s remarks have sparked significant debate within the XRP community. It fueled speculation about the potential mainstream adoption of XRP by major financial institutions, reported CNF. Supporters see this as a sign of Ripple’s increasing relevance in global finance. On the other hand, skeptics remain cautious about the unverified nature of the claims.
