Ripple CEO Brad Garlinghouse Is Surprised That The Bank Of America Patent Is Using Ripple’s Tech
Well, it seems that Ripple’s CEO Brad Garlinghouse was taken by surprise lately.
This happened when he learned the reports saying that the Bank of America has filed a brand new patent application that makes references about Ripple’s DLT more than once.
Ripple CEO cannot confirm the speculation regaring the Bank of America
In a new interview with Bloomberg, Garlinghouse said he could neither “confirm nor kill” speculation regarding the patent.
“We are widely known to be working with a lot of banks around the world and certainly some of the largest banks in the world are already customers of ours today,” he said.
Garlinghouse continued and explained that “we’ll continue to work with big banks around the world and I too was surprised by that patent application because we have not announced anything.”
Ripple adoption intensifies
You may recall that it was recently reported that Ripple is enjoying enhanced adoption of its products and we brought up the reports regarding the latest news on the Bank of America.
The bank has reportedly filed a new patent application that’s focused on Ripple’s DLT.
The Daily Hodl reported that, according to Google Patents, the title of the application is “Real-time net settlement by distributed ledger system.”
The online publication also mentioned that this was filed on June 6th and is pending approval from the U.S. Patent and Trademark Office.
The patent references Ripple various times in a series of images, and describes a Ripple “settlement scheme.”
According to the same online publication, the patent doesn’t exactly mention 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 has been doing great this year, and the company marked more partnerships while struggling to boost the adoption of its products.
Garlinghouse is both the CEO and Chairman of Ripple Labs. This year, Ripple surpassed 300 partners, including over 115 banks worldwide. Having launched On-Demand Liquidity (ODL) for cross-border payments, Ripple now has more than 20 partners using XRP for ODL, including Moneygram, Western Union, and American Express.
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.