During the primary week of December, the second largest financial institution within the U.S., Bank of America (BOA), was awarded a cryptocurrency change patent. The BOA cryptocurrency buying and selling platform’s idea abstract outlines three varieties of accounts the place customers and companies can swap digital belongings immediately.
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Bank of America Receives Approval for a Cryptocurrency Exchange Patent
On December 5 the U.S. Patent and Trademark Office (USPTO) granted the monetary establishment Bank of America a patent to construct a cryptocurrency change. The patent’s abstract describes three varieties of accounts inside the platform’s system. The first account is for patrons to retailer their digital funds. The second and third accounts operated by the enterprise are known as “float accounts” which permit fast digital asset swaps from behind the scenes just like a centralized Shapeshift idea.
BOA is one of essentially the most energetic banks submitting for blockchain and cryptocurrency-related patents over the previous few years. Last summer time the agency utilized for over twenty patents this previous August masking digital asset options to private and non-private blockchain ideas. The digital asset buying and selling platform patent was filed in 2014 through the month of June. The patent known as the “cryptocurrency transformation system” is defined fairly completely inside the abstract.
“The system additional contains a processor communicatively coupled to the reminiscence — The processor might obtain an digital request for a currency change and decide change charges for exchanging a primary currency for a second currency,” explains the BOA patent 9836790. “The processor may also determine an optimal exchange rate.”
In response to figuring out the optimum change fee, the processor might decide a primary quantity of the primary currency and affiliate the primary quantity with the client account. The processor might also switch the primary quantity of the primary currency into the primary float account and decide a second quantity of the second currency. The processor is additional in a position to affiliate the second quantity with the second float account and switch the second quantity of the second currency to the client.
While BOA Captures the Most Cryptocurrency Patents, the Company Also Likes to Close Customer Accounts if They Trade Bitcoin
In addition to BOA attempting to seize rather a lot of blockchain and cryptocurrency patents, the corporate isn’t too pleasant in direction of bitcoin merchants. The monetary establishment has been well-known for closing individuals’s financial institution accounts in the event that they commerce bitcoin. There are many situations the place BOA closed a buyer’s account for buying cryptocurrencies utilizing purposes like Coinbase which deposits cash into checking or financial savings accounts. In truth, this December one buyer was despatched an Eight-page doc asking about his cryptocurrency utilization and was required to fill out the paperwork earlier than his account service was interrupted.
Ironically, the newest patent approval for a BOA managed cryptocurrency change exhibits the financial institution favors digital belongings, and the establishment may very nicely construct the platform within the close to future with its awarded patent.
What do you consider BOA being granted a patent for a cryptocurrency buying and selling platform? Let us know within the comments below.
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