Cryptocurrency

Bank of America to Leverage Ripple ODL Services Once XRP Lawsuit Ends, Garlinghouse Affirms

Ripple, the crypto solutions company which offers cross-border payment services is also known for its On-Demand Liquidity (ODL) merchandise. Whereas numerous fintechs have partnered with Ripple to use its ODL services, the ongoing XRP lawsuit has hindered more enterprises from joining forces with the San Francisco-based crypto firm.

Among the financial companies halting their adoption of Ripple’s ODL product because of the Ripple-SEC case is the Bank of America. Nonetheless, Ripple’s ODL products continue to grow significantly despite the enduring court battle involving XRP. 

Bank of America is a top American multinational investment bank and financial services provider headquartered in North Carolina. According to Linqto Director of Member Sales, Nick Burrafato, Ripple CEO Brad Garlinghouse said at the Ripple Swell 2022 summit that Bank of America is waiting for the XRP lawsuit to end before it starts leveraging Ripple’s ODL services. 

Related: Brad Garlinghouse States What Would Make Ripple Accept Settlement in XRP Lawsuit

Garlinghouse added that the banking firm stands to gain big if a settlement happens between the SEC and Ripple. He believes that adopting the On-Demand Liquidity products would give Bank of America a huge competitive advantage over its competitors.

Nick Burrafato narrated:

“[Brad 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.’

“He specifically said Bank of America. Bank of America is a huge partner of Ripple. And he said Bank of America stands to gain really big when the settlement happens because [Bank of America is] going to have a huge competitive advantage over their competitors by using ODL on the marketplace. So Brad is very, very bullish.”

It bears mentioning that the Bank of America is currently a member of the RippleNet committee. The top bank aligned with Ripple way back in 2020.

Read Also: Brad Garlinghouse: Ripple Will Continue to Lead in Terms of Trust and Transparency

In response to being named as a member of Ripple’s global payment network, Julie Harris, the then Bank of America’s head of global banking said;

“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. 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.”


Follow us on Twitter, Facebook, Telegram, and Google News

Ndianabasi Tom

Ndianabasi Tom joined the crypto and blockchain industry in late 2018. He is an all-rounded crypto journalist and content writer. At TimesTabloid, he covers the industry's latest news, developments, and other educational content. He is a graduate of Petroleum Engineering.

Recent Posts

Terra Classic’s TerraCasino Now Accepts FLOKI Deposits. Here’s the Significance

Terra Casino, a decentralized gambling platform on the Terra network, recently announced that users can…

16 mins ago

ETFSwap (ETFS) Named As Leading Altcoin To Overtake XRP In Crypto Top 10 After Surging 25,000% In 2 Months

The ETFSwap (ETFS) token has emerged as a standout altcoin, threatening the position of established…

4 hours ago

SEC vs. Spot Exchange-Traded Funds (ETFs) In 2025? 3 Safe Investments You Should Do Before Market Pumps Like 2021

Speculation about the SEC’s 2025 approval of Spot Exchange-Traded Funds (ETFs) has excited investors for…

7 hours ago

This History Teacher Hit His $1M Dream By Investing In These Low-Cap Altcoins; Last One Could Explode 50x This December

One right investment choice could change an investor's life, especially in cryptocurrencies, which are rapidly…

8 hours ago

Qubetics Projected to Hit $10-$15 While Cardano and Zignet Develop Blockchain Strategies

As blockchain continues to evolve, one major challenge remains: how can projects ensure security while…

11 hours ago

PropiChain Quickly Rises to the Top of Token Presales in 2024, Why it Became a Must-Have for Crypto Investors

Recently, unfavorable market conditions have led crypto investors to seek new token presales for a…

12 hours ago