# Bank of America’s Use of XRP for Internal Transactions Revealed by Sound Planning CEO
## Introduction
David Stryzewski, the CEO of Sound Planning Group, disclosed intriguing insights regarding Bank of America’s utilization of Ripple (XRP) for its internal operations. This revelation sheds light on the banking giant’s significant involvement in blockchain technology, as stated in a recent interview with FOX Business on January 7.
## Bank of America’s Adoption of Ripple Infrastructure
### Bold Claims by Sound Planning CEO
According to Stryzewski, Bank of America had been actively employing XRP for 100% of its internal transactions. Additionally, the bank had filed a total of 83 patents related to blockchain technology. Stryzewski emphasized the groundbreaking potential of Ripple’s infrastructure, referring to it as the fundamental platform for future operations across various sectors.
### Ripple’s Resilience Amid Regulatory Scrutiny
Despite facing regulatory challenges, including a prominent legal dispute with the SEC, Ripple remained steadfast. Stryzewski pointed out that Ripple had established itself as a formidable player in the digital currency space before the SEC investigation.
### Unveiling Bank of America’s Connection to Ripple
While official validation of Bank of America’s exclusive reliance on XRP for internal transactions is yet to be confirmed, the bank’s affiliation with Ripple is well-documented. Bank of America is prominently featured on Ripple’s official website as a member of RippleNet and its Governance Committee, alongside esteemed financial institutions like Nium, Santander, and Standard Chartered.
### Patent Filing and Settlement System
In 2017, Bank of America submitted a patent application for a cutting-edge settlement system incorporating distributed ledger technology. The patent outlined a mechanism utilizing “prefunded ripple settlements” for instantaneous interbank transactions, although it did not explicitly specify XRP as the underlying token.
### Conclusion
The revelations made by Sound Planning CEO regarding Bank of America’s extensive use of XRP highlight the banking industry’s increasing integration of blockchain technology. Despite the absence of official confirmation, Bank of America’s collaboration with Ripple underscores the transformative potential of decentralized platforms in the financial landscape.
*Featured image via Shutterstock*
Watch the full interview below: [Link to the Interview]
*This post was originally published on Finbold.*