Bank of America Files a Patent For Cryptocurrency Storage System

Bank of America, USA’s second largest bank, has filed another patent application for developing a system for managing cryptocurrency storage specifically in an enterprise environment.

U.S. Patent & Trademark Office (USPTO) made some documents public on Thursday, which stated Bank of America’s intention or furthering their research into effectively storing private keys for institutional investors. The firm’s first attempt at the patent was in April this year.

The patent details the system which would be managing blockchain encryption tags, in continuation of their proposal for a cryptocurrency online vault storage system, which was initiated by Bank Of America in 2014.

Preparing For Future?

The patent clearly states that Bank Of America envisions a future where the people widely accept cryptocurrencies but the consumers, specially institutional ones still prefer to trust custodian services for the safekeeping of their digital assets rather than a bank or themselves managing their private keys.

As per the patent application,

“Enterprises may handle a large number of financial transactions on a daily basis. As technology advances, financial transactions involving cryptocurrency have become more common. For some enterprises, it may be desirable to store cryptocurrency securely.”

This move by Bank of America resonated with its American counterparts like Walmart and IBM, employing a good share of their resources in blockchain research. Bank Of America has been applying for dozens of patents over the last year, with a few partaking to the sphere of cryptocurrency.

Apart from the online vault storage system, the firm has also applied for the development of a cold storage system. BOA has also applied for a system which would facilitate cryptocurrency payments and their real-time conversion.

Cryptocurrency Fever of Fear?

In spite of the cryptocurrency fever of Bank of America, the bank’s public front on Bitcoin hasn’t been bullish. Instead, it’s policies have been accusing Bitcoin to be a “troubling” payment system and the investors shouldn’t be much hopeful of it as the form of an investment. In addition to that, Bank Of America has also prohibited its customers from using their Credit-cards for cryptocurrency payments.
Interestingly, Bank Of America’s stand on cryptocurrency patents could be derived as an eye on the future since in their latest annual report they admitted that cryptocurrency adoption is a direct threat to their business model.

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