- Legal professional Invoice Morgan mentioned Financial institution of America sat on the RippleNet committee.
- Normal Chartered Financial institution was additionally a member of the RippleNet committee.
- In 2023, Financial institution of America launched a report praising Ripple's efforts within the Asia-Pacific area.
Legal professional Invoice Morgan has uncovered potential ties between Ripple and Financial institution of America, sparking debate over the character of their relationship.
Morgan shared a screenshot of a picture that includes Financial institution of America on Ripple's web site on Twitter, noting that the one connection he might discover between the 2 photos is Financial institution of America's participation within the RippleNet committee.
Morgan additionally speculated that two main monetary establishments, Financial institution of America and Normal Chartered, have ties to Ripple by the committee.
Nevertheless, Morgan mentioned he was not sure how “up-to-date” this info was, including that he remembers coming throughout the identical information a number of years in the past when “RippleNet committee members had been assigned RippleNet addresses that matched IPLs.” He additionally identified the shortage of transparency concerning the precise nature of Financial institution of America's relationship with Ripple.
Platform X person “WrathofKahneman,” identified for following the XRP ecosystem, weighed in, saying that Financial institution of America is solely a member of the RippleNet committee. He famous that most people named on the web site are additionally prospects, and “nothing has been introduced to date apart from the committee.”
It’s value noting that in 2023, Financial institution of America launched a report titled “Breaking New Floor: Leveraging Funds Innovation in Asia-Pacific,” recognizing Ripple’s position in creating the Asia-Pacific cost system.
The report highlights the position that blockchain know-how has performed within the digitization of the funds business and likewise acknowledges the position of Ripple in revolutionizing the sector.
Whereas Ripple's partnership with Financial institution of America could seem engaging, it's value remembering that the monetary establishment, which manages $1.6 trillion in belongings underneath administration (AUM), was criticized final yr for closing the accounts of consumers who had used their very own cash to fund their Coinbase accounts.
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