- The Bank of America was on the RippleNet committee, said lawyer Bill Morgan.
- Standard Chartered was also a part of the RippleNet committee.
- Bank of America released a report in 2023 praising Ripple’s efforts in the APAC region.
Lawyer Bill Morgan has spotted a potential connection between Ripple and Bank of America, sparking discussions about the nature of their relationship.
Morgan shared screenshots on X (formerly Twitter) of an image on Ripple’s website that features Bank of America. He noted the only link he could find between the two was Bank of America’s presence on the RippleNet committee.
Morgan also speculated that both Bank of America and Standard Chartered, a leading financial institution, are connected to Ripple through this committee.
However, Morgan said that he wasn’t sure how “current” the information is, adding that remembered coming across the same data years ago when the “RippleNet committee members allocated RippleNet addresses consistent with the IPL.” He also noted a lack of transparency about the exact nature of the relationship between Bank of America and Ripple.
Platform X user “WrathofKahneman,” known for following developments in the XRP ecosystem, added to the discussion by stating that Bank of America is simply on the RippleNet committee. He noted that most of the names on the website are also customers and that “to-date, nothing more than the committee has been announced.”
It is worth noting that in 2023, Bank of America published a report titled “Breaking New Ground: Harnessing Payments Innovation in APAC,” while acknowledging the role played by Ripple in the development of payment systems in the Asia-Pacific region.
The report emphasized on the role played by blockchain technology in digitizing the payment industry while acknowledging the role played by Ripple in revolutionizing the sector as well.
While a Ripple-Bank of America partnership may seem alluring, it is worth remembering that the financial institution, which manages $1.6 trillion in assets under management (AUM) was, in the previous year, slammed for closing the account of a customer who used his money to fund his Coinbase account.
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