Bank of America to Use Ripple’s ODL Products Following SEC Suit

Once the U.S. Securities and Exchange Commission lawsuit against Ripple Labs Inc. is resolved, Bank of America will partner with the San Francisco-based payments platform, according to The Daily HODL and other media.

Ripple Labs’ Chief Executive Officer, Brad Garlinghouse, allegedly told Linqto Director of Member Sales Nick Burrafato that the bank will use Ripple’s on-demand liquidity (ODL) product once the case is finished, the reports said.

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“[Garlinghouse] made it clear that they’re ready to settle with the SEC as long as they can get clarity on XRP. I asked him if American companies were waiting on the sidelines to jump in the game once clarity happens — he said ‘Absolutely,’” Burrafato told the Daily HODL. XRP, a digital asset, was built for use in the financial services industry.

Ripple Labs named Bank of America a key member of its global payments network in 2020.

“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,” Julie Harris, Bank of America’s Head of Global Banking, said at the time. “These are fintechs that we’re partnering with. They’ve come through all of our rigor of legal and compliance, and we’re able to leverage our banking as a platform to deliver that to you.”

Ripple is a real-time gross settlement system, currency exchange, and remittance network. It was originally named Opencoin when it launched in 2012. Sales of the cryptocurrency XRP have been its primary source of funding.