Bank of America has won a patent for a system for enterprises to store customers’ crypto deposits

One of the major USA banks has been approved the patent for a system of saving crypto assets. In the application for a patent describes a method for safekeeping cryptocurrency assets of users of the system. It also stated that the bank will cooperate only with major corporations.

The popularity of using cryptocurrency has turned into a trend that many companies are aiming for. The biggest part of major corporations serve their clients with the help of cryptocurrency. Because of this, there is a need to convert the cryptocurrency into any currency deposit, which is has to be placed in a storage.

It is possible to improve the security and safety of deposit funds with the help of a single corporate accounts that maintain cryptocurrency storage.
At the same time the clients will receive credit funds, the amount of which  is equal to the crypto deposit. This concept was introduced by Bank of America.

The patent spelled out a storage system specially designed for the banking system, which processes and stores the secret key. The system is demanding to high throughput of a channel and the amount of calculation capacities.

When required to complete a transaction,  the system will provide customers with access  to Member’s personal account.

It should be reminded, that previously Bank of America approved the patent for close system private keys, that supports remote management.

Also read: Thai SEC has told a crypto exchange to cease advertising and warned citizens not to use it due to legal uncertainty

Source: https://thecoinshark.net/bank-of-america-has-officially-patented-a-system-for-saving-crypto-actives-for-significant-corporations/