Experts Remains Doubtful As Patent Shows How MoneyGram Aims To Use XRP For Cross-Border PAyment
Crypto experts remain doubtful even when the Patent disclosed how XRP would be used for cross-Border payment by MoneyGram.
Cases of MoneyGram possibly utilizing XRP for an impending proprietary cross-border payment platform have as of late gotten momentum. These cases refer to a circulating patent that was filed by MoneyGram almost two years ago. Notwithstanding, experts have scrutinized the honesty behind it.
Skepticism Of The XRP Community
A Texas-based XRP influencer Cowboy Crypto, earlier retweeted one of these cases. However, he mentioned that he had withdrawn the move as he was unable to find significant proof supporting the record’s credibility.
🚨🚨🚨🚨🚨🚨
I deleted my retweet of the MoneyGram XRP Patent document because I could not find enough evidence to support the actual document itself. I will say though, the “inventor” of so-called Patent No: 11568489 is Bart van Hoek. His LinkedIn profile states he was Head of… pic.twitter.com/OVkLKwAevc— Cowboy.Crypto (@cowboycrypto313) June 28, 2023
Cowboy, however, recognized a captivating part of the alleged patent: the contribution of Bart van Hoek. A Texas-based enthusiast of Machine Learning, van Hoek worked at MoneyGram as the organization’s Head of Products Development from the period of September 2018 to November 2021.
This suggests that he worked at MoneyGram when the organization documented the patent in September 2021. What’s more, is that van Hoek’s position as Head of Product Development further proposes that he is the rightful person to concoct such an item for the organization.
A seriously fascinating point of interest is that Bart van Hoek presently fills in as Lead product Director at Ripple. While Cowboy Crypto has doubts about the genuineness of the patent, these subtleties propose that the claim could have a trace of validity in them.
Read Also: US Presidential Candidate Patrick Riley Gathers Support From Ripple And Crypto Enthusiast
MoneyGram Patent
As of the time of reporting, the members of the community have offered more proof that tries to establish the claims. An official report from the US Patent and Trademark Office (USPTO) supports the validity of the actual patent.
Building on the data from the archive, MoneyGram documented the patent, with the number 11,568,489 B1, on Sep. 15, 2021. However, the USPTO supported the patent on Jan. 31, 2023. Information from the US-based legal forum likewise proposes the authenticity of the patent.
The patent envelops an automated global transaction framework. The system comprises two essential parts: a business network connected to a more extensive resolution solution and a self-governing robot to do explicit orders. The patent notes that Bart van Hoek is the innovator.
Also, the patent data certifies MoneyGram’s aim to use XRP for worldwide payment. Fundamentally, the currency conversion process includes a succession from the US dollar (USD) to XRP and afterward to the Mexican peso (MXN).
Read Also: Ripple Case May End September 6 Acccording To Deaton
Some XRP proponents still had doubts since they couldn’t get up the patent by just searching for it on the USPTO site. Nonetheless, a community enthusiast uncovered that the inquiry would have to include the query ‘(“11,568,489”).pn.’ on the USPTO public advanced search segment.
Ties between MoneyGram And Ripple Severed
Part of the purpose for the distrust is the cut-off connection between MoneyGram and Ripple. Note that Ripple’s CEO, reported in March 2021 that MoneyGram and Ripple would cut off its partnership.
MoneyGram recorded the patent a half year after this declaration from Ripple. While the official statement from March. 8, 2021 says that the two firms might want to return to their arrangement, but there has been no official declaration. Instead, MoneyGram has gone to Stellar, Ripple’s adversary, regardless of recognizing XRP’s true potential.
Follow us on Twitter, Facebook, Telegram, and Google News.
Meet Daniel Abang: Crypto guru, content creator, and analyst. With a deep understanding of blockchain, he simplifies complex concepts, guiding audiences through the ever-changing crypto landscape. Trusted for his insightful analysis, Daniel is the go-to source for staying informed and empowered in the world of cryptocurrency.
