Sign Up on MEXCBank of America Exec: Ripple XRP A ‘Possible Exception’ In Payments Space
Crypto Market News: Ripple’s enterprise blockchain and crypto solutions continue to spread reach among mainstream financial companies, with new partnerships. Recently, the company received an in-principle approval to its ‘Major Payments Institution License’ application in Singapore, a key market in the Asia-Pacific region. The payments solution is based on Ripple’s On-Demand Liquidity (ODL) service, which uses XRP token as a bridge to settle payments. Hence, these partnerships could likely have an everlasting impact on XRP price going forward.
Also Read: FBI Raids Home Of Kraken Ex-CEO Jesse Powell
Over the recent years, Ripple had stitched partnerships with many top financial institutions like SBI Holdings, the Saudi Arabian Monetary Authority(SAMA), Banco Santander, Western Union, UAE Exchange and American Express. In a similar development, the Bank of America executives recognized Ripple’s capabilities as a cross border payments provider.
Bank Of America Recognizes Ripple Payments Solution
A recent report showed the Bank of America recognizing blockchain’s role in effecting real time payments in the Asia Pacific region. Venkat ES, Head of Treasury Products at the bank, noted that blockchain technology played an important role in digitizing trade documentation via smart contracts. He remarked that Ripple’s work is a ‘possible exception’ in the payments space although it has a competition in the form of SWIFT gpi. The SWIFT gpi technology, which offers cross-border payments across banking networks, is being favored over Ripple’s solutions, he explained.
“In Cross border payments, the work of Ripple is a possible exception, its impact has been limited.”
Meanwhile, Ripple, and subsequently the XRP token price could get a huge boost by the end of the last quarter of 2023 if Judge Analisa delivers a favorable summary judgement in the lawsuit against the U.S. Securities and Exchange Commission (SEC).
Also Read: LUNC News: Crucial Terra Classic Swap Pair is Just a Few Steps Away
- Grayscale’s XRP, SOL, ADA Fund To Begin Trading Tomorrow Following SEC’s Greenlight
- Donald Trump Petitions Supreme Court To Remove Fed Governor Lisa Cook
- Pi Coin Rises As Pi Network Implements Protocol v23 on Testnet
- Tether-Backed Plasma Stablecoin Blockchain Set to Launch on September 25
- Cathie Wood’s Ark Invest Backs Nasdaq-Listed Solmate To Launch $300M Solana Treasury
- Cardano Price Stays Above Ichimoku Cloud as Grayscale ADA ETF Approval Nears
- HBAR Price Prediction as SEC Approves Generic ETF Framework – Analyst Targets $1.80
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
