The second-largest bank in the United States, Bank of America, could be looking to add Ripple functionality. That is at least if a recent job description is to be believed.
Bank of America developing secret Ripple project?
Specifically, this speculation has arisen since Bank of America recently posted a job description to LinkedIn. The job description states that Bank of America is now no longer accepting job applications for a “Treasure Product Manager” for Ripple.
Furthermore, this news has led some to suggest that Bank of America has been looking for a specialist to implement the blockchain-based Ripple network into its business. Although it is currently unclear exactly what form this implementation would take, the job listing does shed some light:
“This role leads the product management team for the Ripple Project, a decentralized ledger technology based solution to cross border payments marketed to GTS clients.”
Furthermore, the job listing strongly suggests that this Ripple implementation would give rise to new Bank of America “initiatives”, presumably ones leveraging blockchain technology. Namely, the job listing continues:
“The incumbent [the job applicant] will be responsible for driving product strategy and growth, overseeing daily product management routines, and overseeing the development of new initiatives that result in an innovative and highly-competitive product offering.”
Is Bank of America preparing crypto integration?
This news is quite notable, seeing as Bank of America – along with the wider traditional banking sector – has been generally suspicious of the growing usage of cryptocurrencies. Nevertheless, the ease of international payments offered by crypto and blockchain technology is becoming harder to ignore.
As such, it is not impossible that Bank of America is planning a larger Ripple implementation project. Moreover, the bank filed a patent relating to Ripple back in July of this year. Bank of America then also filed a patent for a “multi-tiered digital currency wallet” on August 15th.
Consequently, the banking behemoth appears to be at least exploring crypto and blockchain technology. This would be a major step towards making crypto – and Ripple – more generally accepted, seeing as Bank of America holds significant sway, especially in the US market.
One should also highlight that Bank of America joined R3’s so-called “Marco Polo” blockchain trade platform just this September. However, it appears that Bank of America is taking a relatively broad approach to this project.
For example, while the job listing states that this Ripple “Treasury Product Manager” must have experience within the payment sector, it does not specifically state that cryptocurrency experience is a requirement.
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.