nBankruptcy comment: Bank of America has won the United States Patent and Trademark Office issued a patent certificate, can provide business customers encrypted currency trading services. Related transactions are made between two crypto-currencies, and the system automatically collects exchange rate information and generates the best exchange rate internally. The system consists of three accounts, each of which stores, sells and redeems cryptocurrencies. And the system will conduct a risk assessment of the transaction, shielding illegal transactions.n
nTranslation: Annie_Xun
Bank of America may offer corporate customers cryptocurrency trading services or at least provide those options to interested customers.n
In a patent license issued Tuesday by the U.S. Patent and Trademark Office, the nation’s second-largest bank outlined the potential cryptocurrency trading system that can convert one digital currency to another. And the system will be automated, forming an exchange rate between the two currencies based on external data.n
The patent describes the potential system as consisting of three parts, the first part being a client account, and the accounts of two operating system enterprises. The user can store the selected crypto-currency through the client’s account.n
The second account is called a “floating account” and is the storage area for the cryptocurrencies that the client needs to sell. The third account is also a floating account and will contain the same amount of cryptocurrencies exchanged by the customer funds.n
The third account will be redeemed funds stored in the original client account, cash withdrawal.n
The proposed system will collect data from external sources of crypto-currency exchange rates and use it to develop its own optimal exchange rate.n
The patent states that the service will be for enterprise-level customers, that is, if the bank implements the project, it is also enterprise-oriented.n
Patent shows:n
n”The amount of financial transactions a business processes per day may be substantial. As technology advances, financial transactions involving cryptocurrencies are becoming more commonplace, and for some businesses you may want to trade currencies and cryptocurrencies.”n
nThe proposed system can also evaluate potential illegal transactions and calculate the level of risk based on the amount of cryptocurrencies transferred or any other available information.n
Seemingly illegal transactions will not be allowed to process.n
Bank of America has been exploring cryptocurrencies for years, and another patent application in 2014 was to create a wire-based cryptocurrency system.n
The system provides the user with a money transfer service in which the remitter’s local currency is converted into a cryptocurrency, sent to the foreign exchange office, and then converted into the currency of the destination country.n