Introduction
David Stryzewski, CEO of Sound Planning Group, revealed that Bank of America leveraged Ripple’s XRP for 100% of its internal transactions. This disclosure, made during a January FOX Business interview, underscores the bank’s deep integration of blockchain technology.
Bank of America’s Blockchain Strategy
Key Claims by Sound Planning CEO
- Full XRP Adoption: Stryzewski stated Bank of America relied entirely on XRP for internal settlements.
- Patent Leadership: The bank filed 83 blockchain-related patents, signaling its commitment to distributed ledger technology (DLT).
- Ripple’s Foundational Role: He described Ripple’s infrastructure as the "bedrock" for future financial and cross-sector operations.
Ripple’s Regulatory Challenges
Despite the SEC’s 2020 lawsuit alleging XRP was an unregistered security, Ripple maintained its market position. Stryzewski noted its pre-existing dominance in digital payments prior to regulatory scrutiny.
Bank of America’s Ties to Ripple
RippleNet Membership
Bank of America is listed on Ripple’s website as a RippleNet member and part of its Governance Committee, alongside institutions like Santander and Standard Chartered.
2017 Patent for DLT Settlement
The bank’s patent application outlined a system using "prefunded ripple settlements" for real-time interbank transactions. While XRP wasn’t named, the terminology aligns with Ripple’s solutions.
Implications for Blockchain Adoption
Stryzewski’s claims highlight:
- Institutional Trust: Major banks are piloting crypto-based systems.
- Efficiency Gains: XRP’s use suggests faster, cost-effective settlements.
- Regulatory Clarity Needed: Wider adoption hinges on resolved legal frameworks.
FAQ Section
Q: Did Bank of America confirm using XRP?
A: No official statement exists, but its RippleNet affiliation and patents suggest involvement.
Q: Why is Ripple’s infrastructure significant?
A: It enables instant cross-border payments with lower fees than traditional systems.
Q: How many patents does Bank of America hold for blockchain?
A: 83, per Stryzewski’s report.
Conclusion
While unverified, Bank of America’s alleged XRP usage reflects growing institutional adoption of blockchain.
👉 Explore how XRP transforms cross-border payments
Content originally reported by Finbold.
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