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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



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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HitBTC responds to allegations of insolvency, refutes claims made by Redditors




HitBTC responds to allegations of insolvency
Source: Unsplash

HitBTC, a Hong Kong-based exchange has been the center of accusations among users on Reddit, Twitter, and other forums. HitBTC users started complaining about issues regarding withdrawal and extensive procedures after one particular user @ProofofReserach put out a thread alleging insolvency of HitBTC.

To put an end to all the accusations, HitBTC has broken its silence with a blog post explaining their side of the story. According to HitBTC, their systems performed well during the winter of 2017-18, however, HitBTC mentioned that due to overwhelming demand for the services, they experienced bottlenecks at an operational level.

Referring to the BitcoinExchangeGuide article, HitBTC responded:

“A widely quoted article, in its entirety, is based on only 2 AML cases. One of them was initiated as part of the investigation into the December, 2018 BTCP security breach, at the request of the coin’s core team. Unfortunately, there is no clear indication of the nature of the second case that can be discerned from the article. The author of the article failed to track the deposit/withdrawal dynamics that did not uncover any irregularities. A simple block explorer or our public System Monitor would suffice for these purposes”

Additionally, referring to the altcoins being added and removed from the platform, the exchange said that they were honored to work with a diverse range of projects, however, since the crypto sphere was still nascent, there were lapses in their judgment in assessing the integration partners. With the above-mentioned prominent cases, HitBTC also addressed other topics.

@ProofofResearch replied to HitBTC’s blog:

“Is there a reason why you’re unable to tell people us where your Bitcoin storage is at? If what I published is as untrue as you claim it is, then providing a wallet address where your Bitcoin funds are stored will go a long way in *proving that*.”

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