- One of the largest banks on the U.S. tested the distributed ledger developed by Ripple.
- The bank did not confirm the decision to implement Ripple’s technology at this stage.
Bank of America, the second-largest U.S. bank, has publicly announced the tests of the technological solutions developed by cryptocurrency startup Ripple. The bank is considering further steps towards the adoption of the distributed ledger technology. CoinDesk reports.
However, it is worth noting, that Ripple’s spokeswoman neither confirmed nor denied that the bank had become a client of the fintech startup. She only said that they had launched a joined pilot project. No other details were disclosed at this stage.
Notably, BoA is part of a coordination group that advises RippleNet partners on legal compliance issues. The pilot project may be considered as a signal that their partnership goes beyond legal consulting services.
Despite the fact that in recent years, Bank of America has been quite active in the field of patents for blockchain-based solutions, in May technical director of the financial institution Katie Bessant said that the bank did not find the technology useful for the financial sector.
“Bank of America has been part of Ripple’s Global Payment Steering Group since 2016 and we did a pilot with them,” she said in the interview with CoinDesk.
Earlier, BoA filed a patent application for a blockchain cash processing system. apart from that, the bank aims to patent a settlement system pontetially based on Ripple’s distributed ledger technology.
In addition, the Bank of America recently joined the Marco Polo consortium working on the blockchain solutions that may be used to improve the efficiency of global trade.