Bank of America won a patent for the system of exchange of encryption

Bank of America may be seeking to exchange services of crypto-currency for its corporate customers, or at least keep its options open if they become interested.


A system of three components

In a patent issued Tuesday by the u.s. Bureau of patents and trademarks, the second largest bank in the United States has described a system for the exchange potential of crypto-currency that would convert a digital currency into another. In addition, this system would be automated, establishing the exchange rate between two currencies on the basis of flows of external data. The patent describes a potential system in three parts, where the first part would be the account of a customer and the other two would be accounts belonging to the company that operates the system. The user would store the crypto-currency selected in the customer account. The second account, called the “account floating” be the queue area for the crypto-currency that the customer sells while the third account is also an account floating.


A system that evaluates the risks of illegal transactions

The proposed system would collect data from sources of information external on the exchange rate of the crypto-currency, and use these data to establish its own optimal flow rate. According to the patent : “The companies can manage a large number of financial transactions on daily basis. As technology progresses, the financial transactions involving crypto-currencies have become commonplace. For some companies, it may be desirable to exchange currency and crypto-currency. “Furthermore, the proposed system may also assess the illicit trading potential, by calculating a risk score based on the amount of crypto-currencies transferred, and any other available information, still according to the patent.

Bank of America is studying the crypto-currency for years, and has filed another patent in 2014 to create a system of bank transfer powered by the crypto-currencies. This system would allow users to transfer funds by converting the local currency of the sender’s crypto-currency, sending it to an exchange of currency, and then converting it into the currency of the country of destination.

Source : Coindesk