Posted 12 months ago | by Ben Armstrong

OTC XRP Sales Explode in Q2 2020 – Cements Partnership With BofA

OTC sales for Ripple's XRP tokens blasted higher in Q2, reaching a gross sales figure of more than $32 million USD. Q2 sales were over 1,700% higher than Q1 sales which shows a strong demand for fresh XRP tokens in the marketplace.

Ripple has also been confirmed as a partner to Bank of America (BoA), although the specific nature of what that cooperation entails is still something of a mystery. BoA representatives have still been pretty harsh on blockchain in public, despite working with Ripple.

Ripple Gets the Job Done

Unlike Bitcoin, which was not really designed to fulfill a specific role in the markets, XRP was custom built as a global payments platform. Ripple is fast, cheap, and easy to use. It is also used by numerous banks, which makes it a prime contender for future crypto marketplace dominance.

Despite its successful launch into the marketplace, there are still some out there who doubt the efficacy of blockchain.

BoA's chief operations and technology officer offered up this gem in 2019,

“All of the big tech companies will come and say ‘blockchain, blockchain, blockchain.’ I say, ‘Show me the use case. You bring me the use case and I’ll try it’.”

Clearly this person is adept at glossing past reality, as blockchain is being integrated into the global financial system at a frightening pace.

Of course, the established banking system has a lot to lose in this bargain, as blockchain systems like Ripple do the job of a bank's FOREX department at near zero cost – almost instantly.

Bankers are Pathetic

Earlier this year, BoA’s senior executive Julie Harris had this to say about the bank's cooperation with Ripple,

“It’s not about our platform and our capabilities, it’s about you as a client and the infrastructure you have and the ability for us to integrate, whether that’s with platforms and capabilities that we built or partnerships that we have with the likes of Ripple or Swift”

While Ripple can't quite eliminate the modern bank yet, the Ripple/Ethereum/DeFi ecosystem is getting pretty close to a system that could wipe modern banking off the face of the earth.

New technology poses an existential threat to commercial banks like BoA, but also to the central banking apparatus that bestows an unbelievable amount of power to entities like BoA.

Money is digital, and information can be moved quickly. If the existing system wants to hold on to any amount of power in the 21st century, it is probably time to start taking a new approach to money and banking.

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About Ben Armstrong

ef4f73e9ddeb61becab57469962fa946?s=90&d=blank&r=g OTC XRP Sales Explode in Q2 2020 – Cements Partnership With BofABen Armstrong is a YouTuber, podcaster, crypto enthusiast, & creator of BitBoyCrypto.com. Better known as BitBoy Crypto, he works hard to educate and inform the crypto community.

Ben has been involved with the world of cryptocurrency since 2012 when he first invested in Bitcoin. He used Charlie Shrem's BitInstant & lost Bitcoin in the Mt. Gox hack.

In 2018, Ben decided to go "full-time crypto" and focus all of his time and energy into expanding the reach of crypto.

If you have any questions or comments please feel free to email him at BitBoy@BitBoyCrypto.com or contact him on Twitter @BitBoy_Crypto.