Bank of America obtains crypto exchange system patent | News ICORating
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Bank of America obtains crypto exchange system patent

Bank of America obtains crypto exchange system patent

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 From this account, assets are redirected to the user's account, where it can be withdrawn.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.

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