If the information reaching Bittpress is anything to go by, then Bank of America (BoA) may be collaborating with Ripple (XRP) soon. Indeed, Ripple has been multifaceted, given that the platform is not a retail services provider. No doubt, the company seeks to develop products that enhance the operations of traditional banking institutions, making them faster and easier.
Speculations about possible partnership
Last week, news of the strategic partnership gathered momentum. Indeed, speculations in the cryptocurrency industry suggest that the representatives of the two firms are in a closed-door meetings aiming to reach a deal.
Earlier, Spanish commercial banking giant and financial service firm Banco Santander (S.A) forged a business partnership with Ripple. According to Santander’s press release, the aim of the strategic business collaboration is to deploy Ripple’s product, xCurrent, to facilitate its global payments. Today, BoA is reportedly following in the footsteps of the Spanish commercial bank.
Ripple keeps strengthening its business ties
It is safe to say that Ripple is re-positioning itself for the future. This is clear considering Ripple’s recent partnerships with several banking giants. Some of these partners include MUFG Bank, SBI, WestPac, Siam Commercial Bank, and a a host of others.
The company spearheads the simplification process of cross-border payments. Therefore, this explains why the cryptocurrency firm is creating increasingly cutting-edge tech-based products to facilitate such transactions. These products include xCurrent, xRapid and xVia.
It’s imperative to note that the launch of these products influenced the prices of XRP in the cryptocurrency market. For instance, the launch of xRapid saw XRP price climbing rapidly. Besides this, the products attract cross-border payment giants, such as MoneyGram and Western Union.
xRapid is also making an impact
Similarly, xRapid, which targets financial institutions that seek reduce the cost of liquidity, has been doing amazingly well. In truth, the product helps these institutions to reduce the hassles of cross-border payments. Therefore, there is a distinct possibility that the XRP price will spike as the news of Ripple/BoA partnership gathers pace.
Additionally, Ripple has yet to announce when its business partners can start using xRapid. However, it is evident that many financial institutions are gearing up to test the product. Currently, there are no viable blockchain companies that offer similar products. Even if they existed, their products are not as ubiquitous as Ripple’s products.
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