Ripple Adds Bank of America as Top RippleNet Member on its Website

August 24, 2024 William Ross Cryptocurrency News 0

Ripple Adds Bank of America as Top RippleNet Member on Website

Ripple, the blockchain behemoth, has updated its website to include Bank of America as a prominent member of the RippleNet network. This move solidifies the partnership between the two financial giants1.

Bank of America Joins RippleNet

Bank of America, one of the largest banks in the United States, has been quietly collaborating with Ripple for several years. During the annual Swell conference hosted by Ripple, Bank of America demonstrated using Ripple’s xCurrent product.

Additionally, the bank filed a patent for a blockchain-based product called “Ripple” in 2019. Despite this long-standing relationship, the information about Bank of America’s involvement was only recently added to Ripple’s website. Now, Bank of America stands alongside other major RippleNet members like Santander and Nium, reports Times Tabloid..

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XRP Movement Surges

As XRP hovers around the $0.46 level, large exchanges—Ripple’s ODL platforms included—have facilitated substantial XRP transfers. Over the past 24 hours alone, over 310 million XRP coins have changed hands. Notably, Bithumb, the largest exchange in South Korea, moved over 140 million XRP in just two transactions1.

XRP Liquidity Index Spikes

The XRP liquidity index on the Mexican exchange Bitso, another Ripple ODL partner, has seen a significant spike. Although it remains 50 per cent below the all-time high, this surge indicates increased activity in XRP trading. The rise in XRP’s exchange rate has likely contributed to this liquidity boost1.

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William Ross
About William Ross 218 Articles
I am a cryptocurrency enthusiast and writer with over five years of experience in the industry. I have been following the development and innovation of Bitcoin and Ethereum since their inception, and I enjoy sharing my insights and analysis with readers. I have written for various reputable platforms, such as CoinDesk, Cointelegraph, and Decrypt, covering topics such as market trends, regulation, security, and adoption. I believe that cryptocurrency is the future of finance and technology, and I am passionate about educating and informing people about its benefits and challenges.

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