Despite the show of detest for the crypto industry, a recent report has seen American traditional and investment banks making plans for a crypto dominated future. A good example of this can be inferred from the recent actions of the Bank of America. The banks have reportedly secured a patent for a cryptocurrency aggregation system.
Bank of America
With this technology, the bank becomes capable of helping big companies secure and store their customer’s cryptos. This way the companies gets to enjoy a risk-free deposit of funds in an enterprise account involving vaults and offline storage. According to the patents’ document, it was stated that the holder of the patent will have the luxury of allowing its clients have a “deposit accounts at an enterprise, such as a financial institution”. These accounts are then used by customers of the financial institution to deposit funds for safekeeping,
According to the records from the U.S. Patent and Trademark Office, many top-ranking banks have been filing for crypto-related patents in recent time.
With the approval of the cryptocurrency aggregation system patent, it is clear that the Bank of America is carefully placing itself at a competitive advantage.
Cryptocurrency Aggregation System
The Bank of America’s has also made it known that the system it has in place, comprises of a huge memory designed to record its customer and enterprise accounts. The memory will also store and aid processors in their bid to handle cryptocurrency deposits across coins like “Bitcoin, Litecoin, [XRP], Peercoin, or Dogecoin”. It will also help processors with identifying public keys, matching keys with the relevant customer as well as to determine the value of deposits. The bank also stated that: “the processor also harnesses the public key of the business and aggregates the crypto in an enterprise account.”
Based on a previous report, the patent application was filed by the bank in 2014. Going by this, it is clear that the bank has recognised the future rise of crypto values as well as its number of transactions as far back as 2014,