According to a patent filed two years ago, MoneyGram may employ XRP in a future cross-border payments network, according to recent reports. While experts are skeptical, the XRP community is enticed by the possibilities.
XRP Community Reaction
The XRP community has reacted differently to the news. Cowboy Crypto, a Texas-based XRP influencer, initially shared the allegations but then removed them due to inadequate evidence confirming the document’s legitimacy.
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Many people were drawn to one component in particular: Bart van Hoek’s involvement. Van Hoek, who previously served as MoneyGram’s Head of Product Innovation, was involved with the patent during his tenure. Surprisingly, he is currently the Lead Product Manager at Ripple. Although criticism persists, these elements lend credence to the assertions.
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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
Exploring the MoneyGram Patent
Additional evidence has surfaced to support the community’s assertions. The United States Patent and Trademark Office (USPTO) gives an official document confirming MoneyGram’s patent’s existence.
MoneyGram filed the patent (number 11,568,489 B1) on September 15, 2021, and it was authorized by the USPTO on January 31, 2023, according to this document. Supporting data from the Justia legal platform validates the patent’s legitimacy even further.
The patent describes an automated international transaction system that includes two essential components: a commercial network linked to resolution solution networks and an autonomous robot designed to carry out specified instructions. Most importantly, this system is credited to Bart van Hoek.
Furthermore, the patent exposes MoneyGram’s plan to use XRP for international payment settlements. The currency conversion procedure involves converting US dollars (USD) to XRP, and then to Mexican pesos (MXN).
Skeptical Inquiries and MoneyGram’s Relationship with Ripple
Desconcernse developing evidence, several XRP supporters raised concern about the difficulties of locating the patent through a simple search on the USPTO website. However, according to a community member, the search query ‘(“11,568,489”).pn.’ is required to access the patent in the USPTO public advanced search section.
Because of MoneyGram’s broken connection with Ripple, these moves have raised suspicions. Ripple’s CEO, Brad Garlinghouse, said in March 2021 that the MoneyGram-Ripple collaboration agreement would be discontinued.
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Although a March 8, 2021 press release mentioned the possibility of a review, no official statements have followed. Despite recognizing the promise of XRP, MoneyGram has turned its focus to Stellar, Ripple’s major competitor in the crypto industry.
The conjecture surrounding MoneyGram’s possible incorporation of XRP in a cross-border platform has sparked the crypto world’s curiosity. While doubt persists, the legitimacy of the patent, together with Bart van Hoek’s connections to both MoneyGram and Ripple, suggests that these claims may be true.
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