Ripple is known for its partnerships and tie-ups in the Cryptocurrency space. The organization had set a milestone during the 2018 Swell Conference when it said Ripple would have crossed the 200 mark in terms of the number of partners by the end of the financial year.
The rumor mills were churning again when Hades, a full-time stock and a cryptocurrency investor, claimed that Ripple was soon planning an acquisition with Bank of America. According to Twitterati, the information was legitimate and came from important sources inside both companies.
Hades ‘tweet said the event will be a massive acquisition between the Bank of America and Ripple in the summer. No details on the so-called acquisition were disclosed with many members of the XRP Army demanding proof. The Twitter user informed the XRP community that more details would be provided prior to the acquisition, as this would help people “but in XRP.”
Bank of American is currently serving as a partner to Ripple, and the rumor mills have been churning news since both of them joined forces. In a recent interview on emerging digital payment technologies, a lead executive at the Bank of America praised Ripple’s capabilities as a partner.Julie Harris, the head of global banking at BoA had said:
“…it’s not about our platform and our capabilities, it’s about you as a client and the infrastructure you have and the ability for us to integrate, whether that’s with platforms and capabilities that we built or partnerships that we have with the likes of Ripple or Swift. These are Fintechs that we’re partnering with. They’ve come through all of our rigor of legal and compliance and we’re able to leverage our banking as a platform to deliver that to you.”
This statement was in line with what Hades claimed, since it also checked another rumor circulating in the cryptocurrency space. Since BoA and Ripple began working together, the industry has been abuzz with speculation that the bank would start using RippleNet. This was given more weight because, in 2019, the Bank of America hired a Ripple specialist without any comments.
Hades’ latest tweet caused a stir in the XRP fan base because it resonated with earlier tweets made by other cryptocurrency Twitteratis. An XRP fan, omniscientAPE said:
“oh ok bud, @AlexCobb_was wayyyyyy ahead of you, and guess what, he didnt need an “insider”
To this, Hades replied:
“Lol Alex Cobb is confused, and he has never said Boa would acquire XRP. Stop making stuff up.”
The rumor is mostly related to the use of RippleNet, but the BoA has not made any official comments on the partnership. If the news turns out to be true, it will have a major impact on its global reach as well as on XRP’s market volume.XRP, Ripple’s naitve cryptocurrency functions as the backbone of the RippleNet network and BoA tie-up will open mainstream doors to the third largest digital asset on the market.