Bank of America has cited utilizing the Ripple blockchain in a recent patent for a settlement system.
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The patent published on June 6 uses a blockchain-based system to communicate with other banks.
The new system would allow for real-time settlements, shared on a decentralized blockchain ledger for both banks to have access to.
Utilizing the Ripple blockchain, the network will verify the identity of both the payer and the payee and facilitate the transaction between the two institutions.
While XRP, Ripple’s base token, was not specifically mentioned in the patent, it will be used as a settlement gateway asset.
In June, Thailand’s largest commercial bank, Siam Commercial Bank, tweeted an “XRP system will be announced soon,” but quickly walked the statement back denying any plans to start utilizing Ripple’s XRP token.
Earlier this month, Ripple announced Xpring, the company’s investment arm, had distributed $500 million to over 20 XRP projects since its May 2018 launch.
According to Ripple, the goal of the Xpring initiative is to fund the development of potential XRP use cases.