Bank of America (BoA) Is Not Using XRP for 100% of Its Internal Transactions

A claim made by David Stryzewski, CEO of Sound Planning Group, has put Ripple (XRP) back in the headlines. During an appearance on FOX Business, Stryzewski stated that Bank of America (BoA) is using XRP for 100% of its internal transactions.

However, this claim remains unverified by either Bank of America or Ripple.

Bank of America has explored blockchain technology, including Ripple’s solutions, in the past. The bank was part of RippleNet, Ripple’s global payments network that enables faster and secure international money transfers using blockchain.

In 2017, BoA filed a patent for a real-time settlement system that mentions a “ripple” distributed ledger. While the patent doesn’t explicitly reference XRP, it does show the bank’s interest in integrating blockchain into its operations.

Stryzewski also mentioned in the interview that Bank of America has filed 83 patents related to Ripple’s blockchain technology. He went on to describe XRP as a technology that could “run everything” in the future financial ecosystem.

Ripple has been actively pushing its blockchain technology, including launching its RLUSD stablecoin to drive global adoption. The company’s efforts have seen some institutional interest, despite the ongoing regulatory challenges, such as its legal battles with the U.S. Securities and Exchange Commission (SEC).

Ripple has already partnered with over 200 financial institutions around the world. Banks like Santander, Standard Chartered, and others have adopted RippleNet for cross-border transactions.

However, it’s important to note that Stryzewski’s statement about BoA’s complete reliance on XRP for internal transactions is not officially confirmed.

Bank of America’s use of RippleNet doesn’t necessarily equate to using XRP, as RippleNet also supports fiat transactions.

One user dismissed the claim outright, calling it a “lie.” Another provided context, stating that the CEO may have referred to Bank of America’s past usage of XRP, mentioning that the bank used XRP for 100% of its internal transactions “before the lawsuit.”

This clarification suggests a potential misunderstanding or misrepresentation of the timeline in the claim.

Ripple’s progress aligns with the trends of blockchain adoption in banking. For instance, JPMorgan Chase uses its Onyx blockchain platform for interbank transactions, and Santander employs Ripple’s technology for cross-border payments. Other institutions, like HSBC and Standard Chartered, are also exploring blockchain to enhance transparency and efficiency.