How The Bank Of America Is Silently Entering The Blockchain Industry

Bank of America had recently posted a job notice on the social media site LinkedIn. Here’s what the crypto-related job said:

“This role leads the product management team for the Ripple Project, a decentralized ledger technology based solution to cross border payments marketed to GTS clients.”

In short: Bank of America was hiring Treasury Product Manager for the Ripple (XRP) project.

This ad was posted two months ago and the company is no longer accepting new applications.

What does it indicate? It goes without saying: America’s second-largest bank has entered the blockchain and cryptocurrency space. It wasn’t always this way though.

Bank Of America Has Now Turned Soft Towards Crypto

The increased interest of Bank of America in blockchain and cryptocurrency comes as a surprise since they have held negative stance towards cryptocurrency in general.

Bank of America’s own technology officer, Cathy Bessant, also mentioned in an interview that she found cryptocurrency payments really “troubling.”

However, in the next few months, the bank’s sentiments changed: 

  • In November 2018, Bank of America acquired a patent that outlines how enterprise-level institution can store cryptocurrencies owned by their customers.
  • In June 2019, Google Patents published a patent application from Bank of America which highlights a “digital wallet security” method that is supposed to work on Ripple’s blockchain technology.
  • In September 2019, Bank of America joins Marco Polo — A Blockchain Consortium.
  • Bank of America recently announced a new “real-time payment” product powered by Ripple will be rolled out over the next year.

Though Bank of America has been quite tight-lipped about this, they still own a large number of patents around blockchain — about 82 to be precise.

This has helped Bank of America lead the “informal” patent race, bypassing other players such as IBM and Alibaba by a wide margin.

Even though Bank of America tried to be silent about its blockchain affair, everything is out there. We just showed you a glimpse of what’s happening and we expect several other banks to embrace blockchain into their operations.

Related post

Leave a Reply

Your email address will not be published. Required fields are marked *