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.
Articles on Bitboy may contain affiliate links that help us to remain profitable. It might come as a surprise, but all these great articles aren't cheap to produce. If you don't mind helping us out, please click on the links!