Ripple Adoption: Bank Of America Has Its Eyes On Ripple’s DLT
Ripple has been marking a lot of achievements this year, bagging more partnerships and gaining enhanced recognition.
Now, the San Francisco-based company is in the spotlight again after the Bank of America has filed a new patent application that’s focused on Ripple’s DLT.
The Daily Hodl reports that according to Google Patents, the title of the application is “Real-time net settlement by distributed ledger system.”
The patent is pending approval from the U.S. Patent and Trademark Office
It seems that this was filed on June 6th and is pending approval from the U.S. Patent and Trademark Office.
The patent references Ripple multiple times in a series of images, and describes a Ripple “settlement scheme.”
According to the same online publication, the patent doesn’t reference the digital asset XRP, which is used by Ripple in its cross-border payment solution xRapid.
We recommend that you read the full patent application to learn more details.
Ripple’s stance on regulators
Ripple has been recently in the spotlight again when the global Head of government relations, Michelle Bond, sat down for an interview with Business Insider.
Bond says the fintech industry is still in its youth and regulators need to walk a fine line between protecting consumers and supporting innovation.
“These companies are starting to walk and talk, but we aren’t potty trained yet. The market is immature, and so regulators are playing an important role to make sure no one is getting hurt. At the same time, people will get hurt if innovation doesn’t happen.”
Regulation is a really important issue in the crypto space because it can bring increased trust for investors, especially institutional investors.
We have already highlighted the fact that institutional investors are essential for crypto mass adoption.
Mainstream adoption of cryptos and their underlying technology has been one of the main focuses of 2019.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.