U.S.PTO Approves Patent Encryption of Currency Exchange by Bank of America

nBankruptcy commentary: December 5, the second largest bank in the United States – Bank of America (BOA) by the United States Patent and Trademark Office (USPTO) granted encryption currency exchange patent. The patent summary describes three types of accounts in the platform system for fast digital asset transactions. In the past few years, the bank has been quite active in applying for blockchain and cryptocurrency patent applications. Last August, more than 20 patent applications covering the concept of digital asset solutions to the public and private blockchains were submitted. The grant of the patent allows the bank to well build the trading platform described in the patent in the near future.n
nTranslation: Clovern
In the first week of December, the second largest bank in the United States, Bank of America (BOA), was awarded a cryptocurrency trading patent. A summary of concepts in the patent applications of the Bank of America cryptocurrency trading platform outlines three types of accounts that users and businesses can instantly trade digital assets.n
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Bank of America Approves Cryptocurrency Exchange Patentsn
On December 5, the U.S. Patent and Trademark Office (U.S.PTO) granted Bank of America a patent for the financial institution, authorizing it to build a cryptocurrency exchange. This patent summary describes three types of accounts in a platform system. The first type of account is mainly used by customers to store their digital funds. The second and third types of accounts, operated by the business, are called “floating accounts,” similar to the centralized Shapeshift concept that enables rapid digital assets behind the scenes.n
Bank of America is one of the most active banks in the past few years to submit blockchain and cryptocurrency-related patents. Last summer, in August, the company filed more than 20 patent applications covering the concept of digital asset solutions to public and private blockchains. The digital asset trading platform patent was submitted in June 2014. In the abstract, the patent “cryptocurrency conversion system” is explained in great detail.n
Bank of America No. 9836790 patent states:n
nThe system further includes a processor communicatively coupled to the memory that can receive an electronic request for a currency transaction and determine an exchange rate for a second currency of the first currency transaction.The processor can also determine an optimal exchange rate “n
nIn response to the requirement to determine the best exchange rate, the processor may determine a first sum of the first currency and associate the first sum with the client’s account. The processor may also transfer the first amount of the first currency to the first floating account and the second amount of the second currency. The processor is also capable of associating the second total with the second floating account and transferring the second total of the second currency to the customer.n

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Although Bank of America won the most cryptocurrency patent, it tended to close the client accounts that dealt with Bitcoinn
Although Bank of America has been trying to apply for large blockchain and cryptocurrencies, the company’s attitude toward Bitcoin traders is not friendly. As we all know, the financial institution closed many Bitcoin traders’ accounts with the bank. In many cases, Bank of America will shut down the customer’s account that purchases cryptocurrencies using apps like Coinbase and deposits the funds in a check or savings account. In fact, in December this year, a client received an eight-page document asking for its use of cryptocurrencies and was asked to fill in the paperwork, otherwise the account service would be interrupted.n
Ironically, the newly approved US bank-controlled Cryptocurrency exchange patent shows the bank’s support for digital assets, which the agency can build well on its patents in the near future.n

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