Ripple’s Brad Garlinghouse On Bank Of America: ‘I Too Was Surprised By The Patent Application’

  • Ripple CEO Brad Garlinghouse “neither confirm nor kill” the Bank of America filing for a settlement system using Ripple technology
  • While Facebook is a consumer company, Ripple is doing things at the institutional level
  • During the week Libra was announced, Ripple has the best weeks in history

Most recently, Bank of America filed for a patent for a settlement system that will be using a “ripple” distributed ledger. The application for the patent was filed on June 6.

According to the filing on Google Patents, the patent describes a system using distributed ledger technology as an interbank communication tool enabling a real-time settlement.

Ripple's native digital asset and proposed settlement gateway asset XRP is not mentioned in the patent. However, it states,

“[A] need for a flexible and cost-effective accounting treatment and system for implementing the same are needed.”

About this patent, Ripple CEO, Brad Garlinghouse did not confirm or deny but told Bloomberg that they are working with some of the largest banks around the globe.

“I can neither confirm nor kill it,” Garlingouse said. “I too was surprised by the patent application.”

“We are widely known to work with banks around the world and certainly, some of the largest banks around the world are our customers today, we will continue working with banks around the world.”

Facebook’s Libra Plans are a Call to Actions for Banks

Garlinghouse has been very vocal about his stance on Facebook’s new cryptocurrency dubbed “Libra.” This time as well, he reiterated his view about Libra that he says is a

“bold and ambitious effort.”

The US dollar works pretty well, he said and that we don’t need a new fiat currency, though for small markets say Argentina’s peso makes sense (but it’s a longer tail).

Facebook, he said should have had a word with the authorities before going live with their cryptocurrency plans. The social media giant, Garlinghouse says didn't do enough to make them comfortable.

While Facebook is a consumer company as the problem that they are solving includes a lot of those faced by consumers, Ripple he said is doing this at the institutional level and connecting banks.

“We’ve had the best weeks in history, during the week that Libra was announced. It is a call-to-action for banks.”

Garlinghouse has always emphasized on financial regulations, stating that anti-money launderings (AML) and know-your-customer (KYC) are the foundation pieces of the financial system that needs to be followed.

He says future contracts need to keep in mind as legitimate projects in the crypto space can get in crossfires. He pointed out how even the president came out and tweeted ‘I don’t like cryptocurrencies’ though that is a lot like “saying it to the internet companies in 1997.”

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