Sound Planning CEO on FOX Business

A recent publication from FOX Business News spotlights a statement that Bank of America is conducting “100% of its internal transactions” using XRP.

Specifically, the suggestion came from David Stryzewski, CEO of Sound Planning Group, during a discussion on FOX Business on Monday, January 6. Stryzewski claimed that Bank of America had not only integrated XRP into its daily operations but had also filed 83 patents related to the blockchain technology behind Ripple.

Accordingly, he expressed a bullish sentiment on XRP, stressing that it would serve as a key vehicle in the future of finance.

“XRP is going to be the track that everything runs on in the future,” Stryzewski stated during the segment on FOX Business.

Furthermore, he bolstered his bullish view on XRP by noting that Ripple is progressing in the payment market despite regulatory challenges. He cited Ripple’s recent launch of its stablecoin as a move that strengthens its position in the payment market.

Given these efforts, Stryzewski mentioned in the interview that XRP is the crypto asset market participants should watch.

Meanwhile, Stryzewski’s claim that Bank of America uses XRP for internal transactions has triggered spirited conversations in the XRP community. They view the claim as further confirmation of XRP adoption in the mainstream banking sector by leading financial institutions.

However, Stryzewski’s assertion that Bank of America is conducting 100% of its internal transactions using XRP remains unconfirmed.

Ripple and Bank of America Connections

Yet, Ripple and Bank of America have a history of association. According to Ripple’s official website, Bank of America is part of Ripple’s global payments network, RippleNet, and serves on its Governance Committee. 

This committee consists of leading global financial institutions that work together to develop and maintain standardization in global cross-border transactions. Other members include companies such as Nium, Santander, and Standard Chartered.

Also, in 2017, Bank of America filed a patent for a settlement system that references a “ripple” distributed ledger. The system sought to enable real-time settlements and facilitate interbank communication using decentralized ledger technology (DLT), where both banks can verify transactions.

Although the patent mentions “prefunded ripple settlement,” it does not directly reference Ripple’s payment token, XRP.