Nowadays the price of Bitcoin is touching new heights every hour, so the trader and cryptocurrency exchange platforms are adopting new innovative ways to provide safe and secure service to their customers.
In this order Bank of America has owned a very significant patent for its enterprises level consumer. On Dec 5th the U.S. Patent and Trademark Office announced the patent in favor of America’s second-largest bank the ‘BANK OF AMERICA’. In the document issued by the USA, patent authorities awarded a new CRYPTO EXCHANGE SYSTEM for BOA’s corporate clients.
DETAILS OF PATENT
The patent will empower BANK OF AMERICA the rights to convert one cryptocurrency to another digital currency. This service will be fully automated and rate of exchange of crypto coin will depend on the current market rate based on the external data feed.
There are three significant parts of the patent,
- The first one is related to the customer’s own account and other two accounts will be associated with the business which runs the system of enterprises.
- The second and third account, are considered as “float accounts,”. The second account would be the customer’s holding platform of the digital currency to which they want to sell.
- Third would act as a holding area as well as the third account would also contain the same amount of the cryptocurrency the customer wants to change their funds. Basically, the converted funds will be deposited by the third account for the customer original bank account for withdrawal.
The exchange fees of fiat money and cryptocurrencies will be determined by the external market value on which bank can add its own profit margin to give better service to the customer as well and benefits of the bank.
As per the patent, the proposed framework would assess exchanges for potential illegal exchanges, computing the risk factors in view of the measure to cryptographic money being exchanged and some other data accessible about the customer and exchanges. Patent says: if exchanges which look illicit, it would not be permitted to proceed with further process,
According to the patent authorities: “Endeavors may deal with a substantial number of monetary exchanges every day. As innovation progresses, budgetary exchanges including cryptographic money have turned out to be more typical. For a few ventures, it might be attractive to trade monetary standards and digital currencies.”From this, it is clear that now banking systems are more keen to add the cryptocurrency trading to their services looking at the future of digital currency over traditional currency.”
So far Bank of America has more than 20 patents in the block chain space and with the new patent the bank may be preparing for next generation exchange for its customers as cryptocurrency gains more acceptance with time.