Ripple continues to fight the SEC, claiming XRP is a security. And while there is no verdict, Ripple is steadily racking up victories. Earlier this month, Ripple Labs announced record growth in its on-demand liquidity (ODL) products. Now, it looks like they will get their biggest partner for ODL service after the lawsuit. If the San Francisco company wins, Bank of America will partner with Ripple Labs.
Brad Garlinghouse, CEO of Ripple Labs, made the big statement at Ripple Swell 2022 in London. In a conversation with Nick Burrafato, director of sales at Linqto, Garlinghouse confided that Bank of America was on the line. Suppose Ripple is victorious, and all indications are that it will. In that case, Bank of America will use Ripple's on-demand liquidity products.
Burrafato said that in his conversation with Garlinghouse, Garlinghouse confessed to him that they are willing to settle with the SEC. This deal will only be possible if the SEC is 100% honest about the status of XRP.
Likewise, Bank of America would be a great partner for the San Francisco company. Bank Of America could gain a competitive edge in the market by being the first bank to use services of this type.
This, however, is one of many interactions between the two entities. In 2020, Ripple Labs named the bank a key member of its global payments network.
To see this rumor's impact, we will have to wait for the SEC case to be resolved. If Ripple wins, it will be a remarkable victory; partnering with Bank of America would be the cherry on top.
