One of the largest banks in the world, Bank of America has applied for a settlement system patent referring to the Ripple ( XRP ) Ledger, according to a file in Google Patent.
Ripple (XRP) patent from Bank of America!
The patent application was published on 6 June. This patent application discloses a system that uses distributed accounting technology (DLT) as a means of interbank communication. The proposed system will provide real-time settlement by transmitting transactions through a common, decentralized book that is accessible to both banks. The decentralized network verifies both the identity of the payer and the creditor and ensures communication between institutions.
In particular, many examples of the patent clearly refer to Ripple DLT. The basic presence of Ripple and the proposed placement gateway presence XRP are not explicitly specified in the patent. In June, Siam Commercial Bank, Thailand’s largest commercial bank, denied any plans to start using Ripple’s XRP token, contrary to previous reports. The denial came after a bank tweet on June 5, stating that “the XRP system will be announced soon.. We will see whether a similar statement from Bank of America will come.
Bank of America’s move could bring Ripple a significant investor base
As Kriptokoin.com reported earlier this month, Ripple and its investment arm, Xpring, have distributed $ 500 million to more than 20 XRP projects, including the Blockchain-based gaming platform Forte, since its launch in May 2018. The goal is to increase the use of Ripple for XRP tokens. Ripple CEO Brad Garlinghouse, on the other hand, emerged to defend Ripple and other cryptocurrencies after statements by US secretary Steve Mnuchin. Ripple CEO XRP is different from other cryptocurrencies and is fully open to regulation, he stressed.
The cryptocurrency project Ripple (XRP), which ranks third in market value, has always been slightly different from other projects in the cryptocurrency market, such as Bitcoin or Ethereum. On the contrary, banks and other traditional companies are more open to using XRP. To be fair, the project can be applied directly to traditional industries compared to other crypto assets. Therefore, according to experts, Bank of America’s new patent application could bring Ripple a significant mass of investors.