Bank of America will use Ripple’s distributed ledger technology

Bank of America will use Ripple’s distributed ledger technology

Ripple XRP: Why Did Ripple Delete RAKBank Tweet & Why Does 22 Keep Surrounding Ripple & XRP?

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Bank of America will use Ripple’s distributed ledger technology

According to Cointelegraph, American financial institution Bank of America has filed a patent application for a settlement system that is supposed to use the Ripple distributed ledger..

The filed patent, which was filed June 6, describes a system using distributed ledger technology (DLT) as an interbank communication tool. The decentralized network will simultaneously verify the identity of the payer and the recipient, as well as provide communication between institutions.Bank of America will use Ripple's distributed ledger technology It should be noted that the XRP token itself is not directly mentioned in the patent..

In June, news emerged that Siam Commercial Bank, Thailand’s largest commercial bank, denied any plans to start using Ripple’s XRP token against previous indications..

As Cointelegraph previously reported, Ripple and their investment department Xpring have committed $ 500 million to over 20 XRP projects, including the blockchain-based gaming platform Forte, since its launch in May 2018. The main goal of investors is to finance the expansion of the areas of use of the Ripple token.

As a reminder, last month Bank of America was granted a patent for a mechanism that allows exchanges, custodial services and large companies to store their clients’ cryptocurrency..