Bank of America obtains crypto exchange system patent

08.12.2017

The patent includes a scheme that consists of several parts. The first part is the client's account which is used to store digital currency. In addition, the system has 2 more "incasso" accounts. One of them will be used for depositing the cryptocurrency that the user trades, and the second one will contain the equivalent in the digital currency that he/she acquires. From this account, assets are redirected to the user's account, where it can be withdrawn.

According to this scheme, the system will monitor incoming data on quotations for digital currencies, using external information sources. Based on the information compiled, the most optimal exchange rate will be made.

Also, the system will evaluate transactions for legitimacy. If there is any doubt about legal aspects, the system will block the operation.

Latest news

21.05.2018
Former OKEx CEO Chris Lee Joins Rival Crypto Exchange Huobi Chris Lee, the former chief executive of OKEx, the world’s largest cryptocurrency exchange by volume, has announced he is joining rival platform Huobi as its vice president of global business development just one week after stepping down.
21.05.2018
Japanese Exchange Coincheck Stops Trading Four Privacy-Focused Altcoins Japanese cryptocurrency exchange Coincheck has confirmed that they will stop the trading of four anonymity-centered altcoins in order to comply with the demands of regulators.
21.05.2018
ICORating to Speak at Tokenomics Conference in Tallinn ICORating Business Development Manager Zufar Gatiyatov will be an official speaker at Tokenomics, an emerging token conference set to take place at Tallinn Technological University in Tallinn on May 24 and 25.