In a recent statement, Bank of America expressed its admiration for Ripple, a leading blockchain technology company. The financial institution praised Ripple’s groundbreaking solutions and their potential to revolutionize the global financial industry. This endorsement from one of the world’s largest banks highlights the growing recognition of Ripple’s impact on cross-border transactions and its commitment to innovation.
Bank of America recently acknowledged the role of Ripple Labs in the payments sector in the Asia-Pacific region in a separate report. The report emphasizes the importance of blockchain technology in digitizing trade documents and highlights Ripple’s potential in revolutionizing cross-border payments.
The bank’s commendation emphasizes Ripple’s ability to provide real-time settlement services, enhancing the efficiency and transparency of cross-border payments. By leveraging its digital asset XRP, Ripple enables near-instantaneous transfers across borders, eliminating the need for intermediaries and significantly reducing transaction costs. Bank of America recognizes the immense potential of Ripple’s solutions to reshape the traditional banking landscape.
Despite ongoing litigation with the SEC, Ripple’s CEO has suggested that Bank of America would benefit from using Ripple’s On-Demand Liquidity product once the legal issues are resolved.
Ripple already has partnerships with world-leading financial institutions, including SBI Holdings, the Saudi Arabian Monetary Authority, Banco Santander, Western Union, UAE Exchange, and American Express in recent years.
The partnership with Bank of America was confirmed by Julie Harris, the Head of Global Banking at Bank of America, in April 2020. According to Julie Harris, Bank of America aims to integrate new solutions like Ripple and Swift to offer customers the ability to conduct transactions anytime and anywhere.
Recently, TOKI and Progmat have collaborated to bring fully collateralized Japanese stablecoins to the Cosmos ecosystem. Progmat, supported by major Japanese banks and the Japan Exchange Group, is building a platform for regulated financial institutions to issue stablecoins.
Deposits of equivalent fiat currency are made with Mitsubishi UFJ Trust and Banking (MUFG), and Progmat issues corresponding stablecoins. The stablecoins will comply with Japan’s stablecoin law and are expected to be launched in early 2024. TOKI will provide a cross-chain infrastructure using these stablecoins.
On the other hand, between June 22 and June 28, the price of XRP experienced a significant decline of approximately 12%. During this period, whales, which refer to large investors, took advantage of the price drop and purchased 360 million XRP. These XRP tokens were valued at around $170 million, indicating that whales and investors are also showing interest in XRP.
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