Bank of America received a patent for a system of exchange of cryptocurrency

Bank of America received a patent for a system of exchange of cryptocurrency

Bank of America can provide its customers with the service for the exchange of cryptocurrencies, or at least to have these options available on demand.

This is evidenced by a patent issued by the patent and trademark second largest Bank of the United States.

The document describes a system for the exchange of cryptocurrencies, which will allow to translate one digital currency into another. In the future, this process will be automated, the exchange rate between two currencies will be determined on the basis of quotations from external sources.

The proposed system consists of three parts. The first part is the account of the client to store cryptocurrency. The other two parts – accounts owned by the managing companies. This account is a “collection”. One of them is used to Deposit cryptocurrency, which the client intends to sell, the other is to store an equivalent amount of cryptocurrency, which he buys. From this account digital assets can then be transferred to the account of the customer for later withdrawal.

The proposed system will collect data on the exchange rate of cryptocurrency from external sources and use them to determine the best rate of the Bank.

The patent notes that the service is intended for clients on the corporate level, i.e. if the Bank sells the project, then it will be offered to commercial organizations.

The system is misleading:

“Businesses can spend a large number of financial transactions on a daily basis. Technology does not stand still, financial transactions with cryptocurrencies already received more widespread. Some businesses are interested in the possibility of exchange of currencies and crypto-currencies”.

This system will independently evaluate transactions, identifying transactions which may be committed in violation of the law. This will apply the scale of the risk, taking into account the amount of cryptocurrency and other available information. All questionable transactions will be declined.

Bank of America for a long time interested in the possibilities of cryptocurrency. So, in 2014, the Bank issued a patent application on the system of electronic money transfers on the basis of cryptocurrency. In this system, the transfer of the sender in local currency is converted into bitcoin, which is sent to foreign exchange, then converted to the currency of the recipient country.

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