Bank of America obtains license to store cryptos
Bank of America got a blockchain patent for companies to store deposits in their customers' crypts accounts
The license presented by Bank of America in June 2014 describes the background of the invention by stating that as block technology advances, financial transactions involving cryptocurrencies have become more common. Therefore, for some companies it may be desirable to add the digital currency deposited by customers in a business account.
The request describes the different interactions between customer crypto holdings and a business account; the latter works to securely store the deposits. In one of the proposed configurations, the business account itself can perform transactions on behalf of the clients, debiting or crediting the accounts.
The patent describes methods for storing private keys associated with user accounts, determining public keys and generating vault passwords for storage.
Adding customer deposits to a business account may deny the need for the company’s customers to use a third-party exchange to convert assets, thus simplifying purchases, exchanging currencies and reducing commissions.
L.Sáenz
Source: Cointelegraph
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