Bank of America Receives Approval for Cryptocurrency Exchange Patent

On December 5 the U.S. Patent and Trademark Office (USPTO) granted the financial institution Bank of America a patent to build a cryptocurrency exchange. The patent’s summary describes three types of accounts within the platform’s system. The first account is for customers to store their digital funds. The second and third accounts operated by the business are called “float accounts” which allow quick digital asset swaps from behind the scenes similar to a centralized Shapeshift concept.

Bank of America Patent 9836790 was invented by James G. Ronca, Joseph B. Castinado, Heather Dolan, Thomas E. Durbin, and Richard H. Thomas. Bank of America applied for the patent on June 16, 2014. Read the full article here.

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