Ripple adoption speeds up with South Korean Payment Remittance company, Sentbe

  • Bank of America has filed for a patent which proposes for an interbank communication tool.
  • Ripple has also partnered up with South Korean Payment Remittance company, Sentbe through Moneygram.

Bank of America

According to a filing on Google Patents, Bank of America has filed for a patent for a settlement system citing the Ripple Ledger. This patent describes a system that uses distributed ledger technology (DLT) as an interbank communication tool. The planned system would allow real-time settlement with transactions being communicated using a shared, decentralized ledger which would be accessible by both the banks. 

This shared network will verify the identity of the payer and the payee and enable communication between both the parties. The patent encompasses multiple illustrations that explicitly cite Ripple DLT. However, the patent does not mention Ripple's base asset and proposed settlement gateway asset XRP. 


As has been previously reported by FXStreet, Ripple has entered into a monumental partnership with Moneygram. On July 19th, Moneygram integrated the South Korean payment remittance company Sentbe. This implies that now Ripple and Sentbe have also entered into a partnership. 

Yahoo Finance said:

"The collaboration between Sentbe – which has accumulated billions of Korean Won worth of transactions as of July 2019 – and MoneyGram aligns with MoneyGram’s goal of providing consumers with an expanded range of digital money transfer options. Sentbe is a financial technology startup based in South Korea, making cross-border person-to-person money transfer easier, faster, and cheaper through innovative technology. Licensed as a financial institution in South Korea, Sentbe strives to provide financial opportunity and equality through disrupting the inertia of traditional finance."

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin attempts a dead cat bounce amid a descending channel

Bitcoin (BTC/USD), the most dominantly traded cryptocurrency, is seen attempting minor recoveries on the 9900 handle, having extended the recent declines to 9,850.65, in the wake of a symmetrical triangle breakdown on the hourly sticks seen on Saturday.

More Bitcoin News

Top 3 Coins' Price Prediction: Bearish bias intact despite tepid recovery attempts

The world’s no. 1 digital coin, Bitcoin, is seen driving the broader market. However, the third most traded cryptocurrency, Ripple, fails to benefit, as it continues to lose nearly 4% so far this Sunday. 

More Cryptocurrencies News

Bitcoin Cash: Choppy inside falling wedge, with limited upside

Bitcoin Cash (BCH/USD) breached Thursday’s low of 302.41 but managed to hold the 302 handle before staging a comeback.  Despite the latest recovery attempt, the price is down 3% in the last 24 hours.

More Bitcoin Cash News

IOTA technical analysis: Sell the bounce, as bears still eye 0.2550/25

IOTA (IOT/USD), the 17th largest cryptocurrency, risks further downside in the near-term amid bearish technical setups on different time frames. 

More IOTA News


Bitcoin weekly forecast: Let the altcoin season begin

All major altcoins demonstrated strong growth while Bitcoin reluctantly oscillated in a tight range and stayed vulnerable to bearish sentiments. The first digital currency spends the best part of the week hovering around $10,200 level.

Read the weekly forecast