Bank Of America Is Given A Patent To Store Crypto | News ICORating
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Bank Of America Is Given A Patent To Store Crypto

Bank Of America Is Given A Patent To Store Crypto

The U.S. Patent and Trademark Office awarded the Bank of America with patent which describes how entreprise-level corporations may be able to store their clients’ crypto in case of its mass adoption.

The patents states: “Enterprises may handle a large number of financial transactions on a daily basis. As technology advances, financial transactions involving cryptocurrency have become more common. For some enterprises, it may be desirable to aggregate cryptocurrency deposited by customers in an enterprise account.”

There are also descriptions of how the bank’s system, which includes a processor and memory to keep private keys, will store the holdings and facilitate transactions when authorized. The new system will use less bandwidth and memory, while also economizing on computational and power resources.

The Bank of America has already received a patent for means of storing cryptographic keys on a hardware device, including keys tied to crypto assets.

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