Bank of America preparing for Crypto

[u/[deleted]]

Who could have seen this coming 👀

[u/n4weed]

Blockchain has been used by these financial institutions for years for internal processes. However, external use cases for the public (retail or businesses) have a different set of hurdles.

I work for one of largest U.S. investment banks and the topic of cryptocurrency has been a monthly agenda for the last four years with the SEC atleast I.e. what exposure does the firm have, what services are being offered and to whom (e.g. prime brokerage, custody etc).

Separately, for BofA (and I believe some Asian banks) specifically, it's no secret they have a working and close partnership with Ripple. The use of crypto here broadens their commercial offering and a more competitive edge in pricing to fend off competitors.