USPTO grants cryptocurrency exchange patent to Bank Of America
Last week, the Bank of America (BOA), which is actually the second biggest bank in the US, received a cryptocurrency exchange patent. The BOA's new cryptocurrency exchange will allow customers and businesses to swap digital assets instantly.
Bank of America received a patent to build a cryptocurrency exchange
So, the US Patent and Trademark Office, also known as USPTO, accepted BOA's application for a patent to create a cryptocurrency exchange. This patent includes three types of accounts. The first account will allow users to store their digital funds.
The other two accounts, which are also called “float accounts”, will be operated by businesses to access quick digital asset swaps.
The Bank of America is known as one of the biggest banks when it comes to filing cryptocurrency-related patents in the last couple of years. For example, last year, BOA applied for twenty patents related to private blockchain concepts and digital asset solutions.
The Bank of America explained patent 9836790:
“In response to determining the optimal exchange rate, the processor may determine a first amount of the first currency and associate the first amount with the customer account. The processor may also transfer the first amount of the first currency into the first float account and determine a second amount of the second currency. The processor is further able to associate the second amount with the second float account and transfer the second amount of the second currency to the customer.”
Even though the Bank of America is trying to obtain a lot of cryptocurrency patents, it also seems that this institution is not very friendly when it comes to bitcoin traders. For example, BOA has been accused of closing customers’ bank accounts if they trade bitcoin.
There are many examples in which BOA has decided to close some accounts after users have purchased cryptocurrencies by accessing the Coinbase application.
