Bank of America receives patent to store Cryptocurrencies

Blockchain takes the next step towards everyday suitability. The major US bank Bank of America (BoA) has successfully secured patent rights for a system that will store the crypto deposits of private customers in the future. This was announced yesterday by the US Patent and Trademark Office.

The patent, first filed in June 2014, describes a technology designed to enable bank customers to store and manage crypto currencies. Based on a proposed process, the accounts would be able to execute transactions on their own. In addition, the system is to store private keys securely, provide public keys for regular transactions, and create highly secure “safe keys”.

The patent also includes an integration to a crypto exchange server with which all customer accounts are to be connected. Through this interface one can not only determine the current price of a crypto and compare it against FIAT currencies, but also buy or sell crypto currencies directly. The Bank of America expects this to lead to possible cost savings. OKCoin and Bitstamp im are named as potential candidates for the connected crypto exchange servers.

The Bank of America is one of the first banks to try to integrate blockchain technology into its own accounts. So far, according to a report by Cointelegraph, the bank has filed more than 50 patents relating to blockchain and crypto currencies. The bank’s initial critical attitude towards Bitcoin seems to be changing all the time.

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