In today’s competitive world, cryptocurrencies pose an advantage for any company. Bank of America knows it very well, which is why it would be working with Ripple.
With the passing of time, Bitcoin and other crypto assets have ceased to be a mere curiosity for computer geeks. Now, cryptocurrencies are a competitive advantage for any company that knows how to implement them correctly. Therefore, it is not surprising to see large companies like Bank of America working with crypto companies like Ripple.
The Role of Cryptocurrencies
Bitcoin, along with other cryptocurrencies, was originally conceived as a means to boost the process of economic decentralization worldwide. It allows democratizing finances and giving independence to the monetary policy of governments and their bad administration.
Therefore, cryptocurrencies had from the beginning a core of values related to Blockchain technology, as well as to postulates such as freedom, autonomy and a certain anti-establishment trend within the crypto community, which attacks large companies and governments alike.
However, cryptocurrencies have not limited themselves only to their original mission of decentralizing economy. They have gone further and have become instruments of the very same companies that are part of the power structures opposed by BTC.
Of course, the best expression of this trend is Ripple, the financial technology company dedicated to the development of solutions based on Blockchain. It has become a space among the world’s largest financial companies, offering revolutionary capabilities thanks to the use of blockchains.
Ripple and Bank of America
It should be noted that Ripple and its cryptocurrency XRP allow international financial operations to be conducted at a rate not previously seen in the sector. Until now, cross-border transactions had been complex processes that required many intermediaries and, therefore, charged very high fees for their conduction.
Ripple has come to solve this problem, using its blockchain as a means of sending fiat money. Thus, operations that previously took several days to execute can now be performed in less than five (5) seconds for very small fees.
Therefore, it is not surprising that Bank of America, one of the most prestigious financial institutions in the world, is now working with Ripple. According to a report, the American bank would be conducting tests with the Ripple platform for sending money.
Bank of America had already been part of the Ripple’s Global Payment Steering Group since 2016. However, it is now when the financial institution is beginning to test the ways in which Ripple can be integrated into its business model. It has also been announced that they will continue conducting more tests in the months to come.
It should be noted that this has been chosen as data of the day because of the importance that this operation has in the financial world. The fact that a large traditional company like Bank of America is starting to test Ripple technology shows to what extent Blockchain technology has managed to permeate the financial sector, until becoming a crucial element for any company that seeks to be competitive in the market.
By Willmen Blanco
