Media: Bank of America tests Ripple technology

by in Blockchain News

Bank of America Ripple

Bank of America, the second-largest US bank, has publicly tested the Ripple distributed ledger technology and may have further plans in this direction.

Related: Head of Ripple predicted disappearance of 99% of cryptocoins

A Ripple spokeswoman did not confirm or deny whether the bank is a client of fintech startups, noting only that the parties conducted a joint pilot project. She did not disclose other details.

As the publication recalls, BoA is part of a coordination group that advises RippleNet partners on legal compliance issues. The news about the pilot demonstrates that the bank’s cooperation with the startup goes beyond the advice, CoinDesk believes.

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 the technical director of the corporation, Katie Bessant, said that the bank did not find technology for use in the financial sector.

Earlier, BoA filed a patent application for a blockchain cash processing system, and also intends to patent a settlement system, in the description of which the distributed Ripple registry is mentioned.

Also, Bank of America recently joined the Marco Polo consortium working on the use of blockchain technology to increase the efficiency of international trade.