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Ripple CEO Expresses His Surprise at Bank of America’s Patent Application Referencing Ripple’s Technology

According to the latest reports, the CEO of Ripple, Brad Garlinghouse, has expressed his surprise at reports suggesting that a patent application has been filed by the Bank of America which references Ripple’s DLT more than one time. In his interview with Bloomberg, the CEO has stated that he can neither confirm the speculation with regards to the patent nor kill it.

Continuing further, he said that Ripple is renowned for working with multiple banks across the globe and some of the world’s most prominent banks are already their clients. They’ll also continue working with banks globally. He added that he was surprised as well by the patent application as there has been no announcement from their side.

The patent has been filed on 6th June and is still awaiting the U.S. Patent and Trademark Office’s approval. As per Google Patents, the bank’s application is titled as “Real-time net settlement by distributed ledger system.”

Interestingly, the patent does reference Ripple in a string of images, but not it’s crypto XRP. It also chronicles a ‘settlement scheme’ of Ripple.

Apart from that, the CEO also shared his views on Facebook’s cryptocurrency project Libra. He said that even though Facebook had informed regulators about their project prior to announcing it, they failed to do enough for mitigating the regulatory concerns. This, he feels, may have a complex consequence on the crypto community at large.

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Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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