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Bank of America’s CTO claims BOA hasn’t found blockchain use-cases for financial sector; cryptoverse calls bluff

Arijit Sarkar

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Credit: Pixabay

Through a varied mix of good and bad publicity, cryptocurrency today is very close to mainstream acceptance. While the cryptospace has witnessed the recent involvement of several non-financial organizations such as Nike and Jaguar, some industry leaders and government officials have openly discounted cryptos’ utility. A similar discussion was sparked by Bank of America’s CTO, Catherine Bessant, who stated that, “the financial institution is yet to find blockchain use cases for the financial services sector.”

Bessant had shared,

“I believe that there are use cases that makes sense today, we have yet to find them at scale in financial services. We’re experimenting heavily, we have more patents than any other financial institution in the blockchain space, but have yet to find something that makes a difference for our clients or our customer.”

However, Anthony Pompliano, Co-founder & Partner at Morgan Creek Digital, took issue with Bessant’s claim and tweeted that BOA “has filed more patents for blockchain than any other bank.” He further accused the company of being “either confused, lost, or lying” about the situation.

Adding more fuel to the fire, a Twitter user, @ryoro05, shared a screenshot that completely contradicted BOA’s claims. The user tweeted,



“Yet, they are training their employees on cryptocurrency….smh. We 👁️ YOU BOFA!!!”

Credits: @ryoro05

The screenshot suggested the availability of two official crypto-specific training modules for BOA employees, dated January 2019. The tweet quickly gained traction on the web, with several crypto-enthusiasts calling out Bessant for misleading the community. While the information raises more questions and speculations, BOA representatives are yet to comment on the story.

AMBCrypto has reached out to Bank of America for comments on the authenticity of the leaked screenshot. The article will be updated as the story develops.





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Binance Coin [BNB] registers ATH as it surges by over 16,000% since inception

Namrata Shukla

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Binance coin [BNB] registers ATH as it surges by over 16,000% since inception
Source: Pixabay

The cryptocurrency market continued to register massive growth, as the prices of most major cryptocurrencies soared. However, the late entrant to the list, Binance Coin [BNB] is posing to be tough competition for other coins in terms of performance. BNB which entered the crypto market in July 2017, breached its all-time high and was trading at $28.79, at press time.

Source: Trading view

Source: Trading view

Binance Coin started out in July 2017 with a value of $0.1927 and marked its all-time high on May 18 at $31.91, according to the Trading View chart of the coin on Binance. BNB noted the growth of a massive 16,458.31% since 2017. However, until the beginning of 2019, BNB was valued at $6.59, after which the coin noted a surge by 384.15% and peaked at $31.



Source: CoinMarketCap

Source: CoinMarketCap

In the month of May, BNB noted a 28.16% growth, and the coin was valued at $28.66, with a market cap of $4.04 billion. The 24-hour trade volume of the coin was reported to be $551 million as it spiked by over 10% in a day. In the past seven days, the coin grew by 35.97%, but slipped by a minimal 0.25% in an hour.

BNB was highly traded on its native exchange, Binance via the BNB/BTC and BNB/USDT pairs. The BNB/BTC trading volume noted on Binance was $140 million, while the volume reported on the BNB/USDT pair was $132 million. The third place was taken by BKEX via the BNB/USDT pair as it registered a trading volume of $72 million.





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